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FMC Corp. Message Board

  • bluecheese4u bluecheese4u Aug 3, 2012 9:22 AM Flag

    FMC Corporation Announces Second Quarter 2012 Results

    FMC Corporation Announces Second Quarter 2012 Results

    -- Sales of $905.2 million, up 11 percent from the prior-year period

    -- Adjusted earnings of $0.92 per diluted share, up 20 percent from the prior-year period

    -- Agricultural Products' segment earnings up 18 percent; Specialty Chemicals' segment earnings down 6 percent; Industrial Chemicals' segment earnings up 18 percent

    -- Third quarter 2012 outlook for adjusted earnings of $0.70 - $0.80 per diluted share, a 9 percent increase from the prior-year period at midpoint of range

    -- Full-year 2012 outlook for adjusted earnings of $3.42 to $3.52 per diluted share, a 16 percent increase at midpoint of range; raises lower end of range versus previous outlook

    PHILADELPHIA, July 31, 2012 /PRNewswire/ -- FMC Corporation (NYSE:FMC) today reported second quarter sales of $905.2 million, an 11 percent increase over the same period in 2011. The company reported net income of $104.9 million, or $0.76 per diluted share, in the second quarter of 2012, versus net income of $107.2 million, or $0.74 per diluted share, in the second quarter of 2011. This quarter's results include charges of $22.0 million after tax, or $0.16 per diluted share, compared to charges of $3.3 million after tax, or $0.03 per diluted share, in the prior-year quarter. Excluding these items in both periods, adjusted earnings were $0.92 per diluted share in the current quarter, an increase of 20 percent versus the prior-year quarter.

    Pierre Brondeau, FMC president, CEO and chairman, said, "Our second quarter 2012 results continue to demonstrate the strength of FMC's advantaged portfolio. Agricultural Products showed vigorous growth, driven by overall strong conditions in North America and continued robust demand in Latin America. Specialty Chemicals' results were down slightly as expected, with the continuing impacts of the operational issues we faced in our Lithium business in the first quarter offsetting steady performance from our BioPolymer business. Industrial Chemicals delivered another double-digit increase in earnings, driven by higher selling prices across the segment, particularly in soda ash, higher volumes, and the continued shift toward specialties in the Peroxygens business."

    Revenue in Agricultural Products of $393.6 million increased 19 percent versus the prior-year quarter with substantial sales gains in Latin America and North America. In Latin America, sales increased significantly, driven by continued strength in sugar cane, growth in soybeans, and sales from our new market access joint venture in Argentina. In North America, sales also increased significantly due to strong demand for proprietary herbicides, higher insecticide sales, and increased non-crop sales. Asia and Europe/Middle East/Africa sales were marginally down versus the prior-year period. Segment earnings of $111.2 million increased 18 percent versus the year-ago quarter driven by strong volume growth, partially offset by higher spending on targeted growth initiatives.

    Revenue in Specialty Chemicals was $235.4 million, up 3 percent versus the

    http://phx.corporate-ir.net/phoenix.zhtml?c=117919&p=irol-newsArticle&ID=1720602&highlight=

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