FMC 3Q net income rises on agricultural demand

FMC Corp. posts 4 pct increase in 3rd-qtr net income on jump in agricultural profits

Associated Press

PHILADELPHIA (AP) -- Diversified chemical company FMC Corp. said Monday that its third-quarter net income rose almost 4 percent, boosted by strong results at its agricultural products business.

Philadelphia-based FMC earned $90 million, or 65 cents per share, up from $86.8 million, or 61 cents per share, in the same quarter last year. Excluding one-time items, the company posted an adjusted profit of 79 cents per share for the most recent quarter.

Revenue rose 5 percent to $902.4 million from $862.1 million.

Profit at the company's agricultural services business jumped 23 percent to $99.8 million, boosted by strong demand from Latin America, while specialty chemicals earnings fell 8 percent to $44 billion, partially as a result of problems at its lithium business.

FMC projected an adjusted fourth-quarter profit of 75 cents to 85 cents per share, while analysts expect 78 cents per share.

For the full year 2012, the company backed its previous earnings projection of $3.42 to $3.52 per share, while analysts expect $3.48 per share.

FMC shares finished at $54.28 on Friday. Its shares are just short of their 52-week high of $59.41 in mid-September. The stock markets were closed Monday as Hurricane Sandy moved up the East Coast.

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