FMC Reports Solid 4Q Earnings; We Maintain Our $75 FVE
In the first earnings update since acquiring DuPont’s divested crop chemicals portfolio, FMC reported strong fourth-quarter results as higher crop chemical volumes and lithium prices drove organic profit growth. With our long-term outlook intact, we’re maintaining FMC’s $75 per share fair value estimate and narrow moat rating.FMC plans to spin off the lithium business by the end of 2018. We think the separation will allow the two management teams to give their full focus on the two dissimilar b...
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