FMC Corp. says 3Q profit falls 65 percent

Chemicals company FMC Corp. says 3Q profit fell 65 percent as sales dropped amid recession

• On 11:45 pm EDT, Wednesday October 28, 2009

PHILADELPHIA (AP) -- Chemical company FMC Corp. said Wednesday its third-quarter profit fell 65 percent as the economic slump reduced demand for the company's products.

The Philadelphia-based company earned $28 million, or 38 cents per share, in the quarter that ended Sept. 30. That is down from the $80 million, or $1.05 per share, it earned a year earlier.

The company said restructuring and other one-time costs amounted to $37.3 million during the quarter.

Adjusted profit of 89 cents per share fell a penny short of the 90-cent-per-share prediction of analysts polled by Thomson Reuters.

Revenue fell 13 percent to $713.3 million from $820.8 million, also coming in below analysts $775.1 million average estimate.

The company narrowed its 2009 profit outlook to a range of $4.05 to $4.15 per share. Analysts expect $4.12 per share.

CEO William G. Walter said the economic downturn had hurt demand in parts of the business but he added, "We are confident that most impacts of the global recession are behind us."