FMC Corporation announced a 24% rise in revenues in its fourth quarter of 2013, hitting $1.1 billion. For the full year of 2013, the company hit $3.9 billion in revenues, a 14% rise over the previous year. In its earnings release, FMC gave an update on the progress of its Seal Sands omega-3 production facility.
The nutrition segment contributed $189.8 million to fourth quarter revenue, repenting a 13% rise year-over-year. Segment earnings of $40.4 million were also 13 percent higher than the prior-year quarter despite operational disruptions related to two natural disasters near the company's Cebu facility in the Philippines. Business growth was primarily driven by higher volumes of colloidal microcrystalline cellulose and pharmaceutical binders. Earnings growth was lower than previous guidance due to a delayed startup of the Seals Sands omega-3 production facility which is located in a chemical industry park in northeastern England. The plant, which was part of FMC’s $345 million purchase of fish oils refiner EPAX last year, is back on track with final testing and regulatory approvals expected to be completed in February 2014 with initial sales expected in the first quarter.
In addition to nutritional products, FMC, based in Philadelphia, is active in agricultural products and services, which generate the lion’s share of the company’s revenues, and minerals.