This summary is based on the first quarter fiscal 2007 earnings call conducted by FMC Corp. (FMC: chart) on May 1, 2007.

Chairman, President and Chief Executive Officer: William G. Walter

Senior Vice President and Chief Financial Officer: W. Kim Foster

Director of Investor Relations: Brennen Arndt

Key Investors Issues

- EPS before charges and other income was $1.83 compared to $1.74 in prior year.
- Sales of $674.1 million were up 13% versus the first quarter of 2006.
- For the second quarter, the company expects earnings of $1.60 to $1.70 per share.

First Quarter Fiscal 2007 Financial Highlights

Earnings before restructuring and other income and charges were $1.83 a share increased 5% over last year’s first quarter of $1.74 per diluted share.

This was significantly above the first quarter guidance of $1.60 to $1.70 of share. Agricultural products had an outstanding quarter with earnings of $70.8 million, up 29% versus a year ago, driven by higher sales across all regions and product lines as well as the benefit of new product introductions and our low-cost supply chain strategy.

On a GAAP basis, the net income was $45.8 million or $1.17 per diluted share. GAAP earnings for the quarter included 24 cents per share charge related to discontinued operations and a 42 cents per share charge for restructuring and other charges, including tax effects, which was primarily related to the settlement of a lawsuit resolution.

Energy and raw material costs were higher than a year ago across the company versus the prior year energy and raw material costs unfavorably impacted earnings by 25 cents a share in the first quarter, while currency translation had only a modest favorable impact of 1 cent per share in the quarter.

The corporate expenses were $13.1 million as compared to $11.3 million a year ago.

Interest expense net was $8.4 million, level to the prior year period. At quarter end, gross consolidated debt was $617.7 million and debt, net of cash was $568.5 million. For the quarter, depreciation and amortization was $34.5 million and capital expenditures were $20.4 million.

On April 2 2007, the company reached a settlement with Solutia whereby FMC will pay Solutia $22.5 million and both parties will release each other from all claims related to the case.

This settlement is contingent upon Bankruptcy Court approval and the payment could occur as early as the second quarter. An item not included in the $180 million free cash flow projection is the proceeds from the sale of Princeton, New Jersey property. The firm still anticipates the sale to close in early 2008 with a modest upside that the sale could occur late 2007. Proceeds from the sale are estimated to be approximately $60 million.

The book tax rate is a combination of US federal and state tax rate of 38% and generally lower tax rates from numerous foreign jurisdictions.

Over the past few years, the tax rate has been increasing as the percentage of overall profits derived from US sourced income has been increasing.

Regarding the intended uses of free cash flow, the firm’s dividend program will use approximately $30 million.

This includes the recently announced plan by the Board to increase regular quarterly dividend from 18 cents per share to 21 cents per share beginning with the July payment.

During the first quarter of 2007, the firm repurchased 268,000 shares of FMC’s stock at a cost of $20 million under the then existing $150 million program. Since authorized by the Board in February of 2006, the firm has repurchased 1.68 million shares at a cost of $110 million in this program.