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FMC REPORTS 41 PERCENT INCREASE IN FIRST QUARTER INCOME BEFORE EXTRAORDINARY ITEMS

 FMC REPORTS 41 PERCENT INCREASE IN FIRST QUARTER
 INCOME BEFORE EXTRAORDINARY ITEMS
 CHICAGO, April 20 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today reported first quarter income of $55 million before extraordinary items, or $1.49 per share, compared with $39 million, or $1.07 per share, in 1991. After extraordinary charges of $9 million related to the early retirement of high-coupon subordinated debt, net income for the first quarter of 1992 was $46 million, or $1.24 per share. Sales rose 6 percent in the quarter to $934 million, with higher sales in all segments except Machinery and Equipment.
 Earnings of $97 million before interest and taxes increased 11 percent from 1991, primarily due to strong results at Performance Chemicals and Defense Systems. Interest expense of $20 million declined $11 million in the quarter, reflecting lower debt levels, favorable interest rates and the benefits of refinancing higher-cost debt.
 Review of Operations.
 Industrial Chemicals sales rose modestly to $248 million, but profits fell as the sluggish worldwide economy continues to affect demand here and in Europe. In addition, a first quarter charge for the shutdown of a plant in Europe contributed to lower profits. Phosphorus Chemicals sales and profits increased on improved pricing and better manufacturing performance.
 Performance Chemicals sales of $187 million jumped 19 percent, and profits increased. Agricultural Chemical results improved substantially in the quarter due to higher international shipments and strong early season demand in the U.S. market. The food and pharmaceutical ingredients businesses recorded modestly higher sales and improved profits in the quarter.
 Precious Metals revenues increased 30 percent to $45 million, and profits improved from last year's quarter. Significantly higher gold production at the Paradise Peak mine more than offset increased operating costs and lower realized gold prices. The increase in gold production at Paradise Peak reflects higher mill throughput, higher- than-expected mill ore grades and increased heap-leach production.
 Defense Systems sales of $268 million increased 7 percent in the quarter,
and profits rose substantially. Sales improved on higher deliveries of the Bradley Fighting Vehicle and Multiple Launch Rocket System, partially offset by lower deliveries of the M113 armored personnel carrier. First quarter results also benefited from royalties and technology fees associated with international units. Defense backlog stood at $1.9 billion at the end of the quarter, unchanged from the beginning of the year.
 Machinery and Equipment sales fell slightly in the quarter, but profits rose. Petroleum equipment sales and profits improved due to higher international shipments and increased demand for the company's subsea
technology. Food Machinery results fell in the quarter as several of the businesses continue to experience soft markets and lower profitability. Machinery and Equipment backlog stood at $410 million at the end of the quarter compared with $343 million at year end, reflecting strong international demand for wellhead and subsea equipment.
 Outlook.
 According to Robert N. Burt, chairman, president and chief executive officer: "First quarter results were better than expected at our gold and defense businesses. Significantly lower interest expense, and continued strong performance and earlier-than-expected shipments in our agricultural chemical business added to our favorable results." He also noted: "Although we see some signs of recovery in the economy, we continue to believe any recovery will be anemic, resulting in sluggish growth in our Industrial Chemical and Machinery and Equipment businesses."
 FMC CORPORATION AND CONSOLIDATED SUBSIDIARIES STATEMENTS OF INCOME
 (Unaudited and in millions, except per share amounts)
 Three months ended March 31, 1992 1991
 Sales $ 933.9 $ 877.4
 Other revenue 4.2 6.2
 Total revenue 938.1 883.6
 Operating costs 845.3 800.3
 Other (income) and expense, net (3.8) (3.5)
 Total costs and expenses 841.5 796.8
 Earnings before interest, taxes
 and extraordinary item 96.6 86.8
 Interest expense (net) 19.5 30.4
 Income before income taxes
 and extraordinary item 77.1 56.4
 Provision for income taxes 22.4 17.7
 Income before extraordinary item 54.7 38.7
 Extraordinary item: Charges related
 to restructuring of long term debt,
 net of taxes 9.2 -
 Net income $ 45.5 $ 38.7
 Earnings per common share:
 Primary:
 Income before extraordinary item $ 1.49 $ 1.07
 Extraordinary item (0.25) -
 Net income $ 1.24 $ 1.07
 Fully diluted:
 Income before extraordinary item $ 1.43 $ 1.07
 Extraordinary item (0.23) -
 Net income $ 1.20 $ 1.07
 Average number of shares used in
 earnings per share computations:
 Primary 36.7 36.0
 Fully diluted 39.6 36.1
 FMC CORPORATION AND CONSOLIDATED SUBSIDIARIES
 Summaries of Sales by Industry Segment
 (unaudited and in millions)
 Three months ended March 31 1992 1991
 Industrial Chemicals $ 248.2 $ 247.1
 Performance Chemicals 186.8 157.5
 Precious Metals 44.9 34.6
 Defense Systems 268.3 250.6
 Machinery and Equipment 187.4 188.3
 Eliminations (1.7) (0.7)
 $ 933.9 $ 877.4
 -0- 4/20/92
 /CONTACT: Pat Brozowski, 312-861-6104, or Chuck Thomas, 312-861-6678, both of FMC/
 (FMC) CO: FMC Corp. ST: Illinois IN: CHM SU: ERN


SH -- NY074 -- 0173 04/20/92 15:09 EDT
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