The 10-second takeaway
For the quarter ended March 31 (Q1), FMC missed estimates on revenues and beat expectations on earnings per share.
Compared to the prior-year quarter, revenue grew. Non-GAAP earnings per share increased. GAAP earnings per share increased.
Gross margins were steady, operating margins dropped, net margins expanded.
FMC tallied revenue of $990.2 million. The seven analysts polled by S&P Capital IQ expected revenue of $1.04 billion on the same basis. GAAP reported sales were 5.3% higher than the prior-year quarter's $940.7 million.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at $1.10. The 11 earnings estimates compiled by S&P Capital IQ predicted $1.07 per share. Non-GAAP EPS of $1.10 for Q1 were 13% higher than the prior-year quarter's $0.97 per share. (The prior-year quarter included -$0.05 per share in earnings from discontinued operations.) GAAP EPS of $0.94 for Q1 were 9.3% higher than the prior-year quarter's $0.86 per share. (The prior-year quarter included -$0.05 per share in earnings from discontinued operations.)
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 37.3%, much about the same as the prior-year quarter. Operating margin was 21.1%, 30 basis points worse than the prior-year quarter. Net margin was 13.2%, 50 basis points better than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $987.2 million. On the bottom line, the average EPS estimate is $0.99.
Next year's average estimate for revenue is $4.15 billion. The average EPS estimate is $3.94.
The stock has a three-star rating (out of five) at Motley Fool CAPS, with 402 members out of 420 rating the stock outperform, and 18 members rating it underperform. Among 75 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 73 give FMC a green thumbs-up, and two give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on FMC is outperform, with an average price target of $65.14.
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