This summary is based on the first quarter of fiscal 2006 earnings call conducted by FMC, Corp. (FMC: chart) on April 27, 2006

Key Investors Issues

- GAAP net income in the quarter was $67.7 million, up from $64.5 million a year ago.
- Sales in the first quarter were $594 million, up 8% from a year ago.
- Non-GAAP earnings were $1.74 per share, up 57% from a year ago.
- Operating profit was $103 million, up 50% from a year ago.
- Operation margin was 17.4%, up 490 basis points from a year ago.

Fiscal 2006 Financial Guidance

- Full-year earnings are expected in the range of $2.35 to $2.55 per share.

Agricultural products full year revenue is expected to be up slightly with full year earnings growth in the mid-teens.

In Specialty Chemicals, full year revenue growth is expected in the low-to-mid single digits as a result of improved volumes and higher selling prices in lithium and BioPolymer. Full year segment earnings growth is expected in the mid-single digits, driven by higher sales and continued productivity improvements.

In Industrial Chemicals, full year revenue growth is expected in the mid teens, driven by higher selling prices across most businesses, most notably in soda ash. Full year segment earnings growth is expected to be 40% to 45% as a result of the higher selling prices offset by higher energy and raw material costs, and the absence of the Astaris earnings.

Second Quarter Financial Guidance

- Earnings before restructuring and other income and charge are expected to be $1.40 to $1.50 per share.
- In Agricultural Products, segment earnings are expected to be flat to slightly down.
- In Specialty Chemicals, earnings growth is expected in the mid-single digits as a result of continued higher selling prices and improved product mix.
- In Industrial Chemicals, earnings growth is expected to be 10%, driven by higher selling prices across the segment, offset by higher energy and raw material costs, a planned longwall move in Green River and the absence of Astaris earnings.

First Quarter Financial Highlights

On February 24, the board of directors approved the initiation of a quarterly cash dividend and declared a dividend of 18 cents per share on April 20, 2006 to shareholders of record on March 31, 2006.

The Board authorized the repurchase of up to $150 million of the common stock. Shares may be purchased through open markets or privately negotiated transactions at the discretion of management based upon its evaluation of market conditions and other factors.

- GAAP earnings for the quarter included a 3 cents per share after tax charge related to discontinued operations and restructuring and other charges.
- With those reconciliations, the non-GAAP earnings were $1.74 per share versus $1.11 a year ago.

- Corporate expense in the first quarter was $11.3 million, flat from a year ago.
- Interest expense net was $8.4 million, down from $17 million a year ago, due to a combination of lower interest rates and lower debt levels.
- On March 31, gross consolidated debt was $726.6 million and debt net of cash was $542 million.

- Depreciation &Amortization was $32.1 million
- Capital expenditure was $17.1 million.
- Higher companywide energy and raw material costs unfavorably impacted earnings by 29 cents per share in the quarter.
- Currency translation had an unfavorable impact of 3 cents per share versus the year ago quarter.

Specialty Chemicals Segment Quarterly Performance

- Sales in the first quarter were $143 million, up 5% from a year ago, as a result of broad based volume growth and higher selling prices.

BioPolymer realized sales growth in its core pharmaceutical and food markets, which was largely offset by lower sales and pet food, industrial and personal care markets and unfavorable foreign currency translation.

Specialty Chemicals earnings were $31.5 million, up 11% from a year ago.