UPDATE 2-FMC sees 2nd-qtr profit below estimates

* First-qtr net income fell 26 percent from last year

* Q1 adj. earnings $1.22/shr vs. estimate of $1.22/shr

* Sees Q2 earns $1.10-$1.20/shr vs estimate of $1.36/shr

* Lowers 2009 earnings range

* Shares drop 6 percent in extended trade
(Adds outlook, changes dateline, pvs NEW YORK)

LOS ANGELES, May 4 (Reuters) - Chemical maker FMC Corp
(FMC.N) posted a 26 percent drop in quarterly net income and
forecast second-quarter earnings below Wall Street estimates on
weak demand for industrial chemicals and higher raw material
costs, and its shares fell 6 percent in extended trade.

The company also lowered its 2009 earnings forecast.

Net income for the first quarter was $69.1 million, or 94
cents a share, compared with $93.9 million, or $1.23 a share,
last year.

Excluding restructuring charges and other one-time items,
the company earned $1.22 a share compared with $1.19 last year.

Revenue fell 8 percent to $690.5 million from $750.2
million in the year-ago quarter.

Analysts on average were expecting earnings of $1.22 a
share, before special items, on revenue of $790.1 million,
according to Reuters Estimates.

For the second quarter, FMC said it expects earnings before
items of $1.10 to $1.20 per share. Analysts were expecting a
profit of $1.36 per share, according to Reuters Estimates.

The company said earnings in its specialty chemicals and
industrial chemicals units would be down for the quarter,
offsetting a profit rise in its agricultural products segment.

For 2009, earnings are expected to be between $4.40 per
share and $4.80 per share. The company had previously expected
a full-year profit of $4.60 per share to $5 per share.

Shares of the company closed at $51.15 Monday on the New
York Stock Exchange, but fell to $48 in after-hours trade. They
have traded in a range of $28.55 to $80.23 in the last year.
(Reporting by Nichola Groom, editing by Matthew Lewis, Bernard
Orr)