FMC Corporation Announces Third Quarter 2011 Results
- Third quarter 2011 adjusted earnings of $1.39 per diluted share up 18 percent; revenue increase of 16 percent excluding prior-year impact of exited businesses
- Agricultural Products’ segment earnings up 8 percent; Specialty Chemicals’ segment earnings up 1 percent; Industrial Chemicals’ segment earnings up 20 percent
- Fourth quarter 2011 outlook for adjusted earnings of $1.30 to $1.40 per diluted share, a 23 percent increase at midpoint of range
- Full-year 2011 outlook for adjusted earnings of $5.70 to $5.80 per diluted share, a 16 percent increase at midpoint of range; raises midpoint of range versus previous outlook
- $100 million in share repurchases completed in third quarter 2011
PHILADELPHIA, October 31, 2011 – FMC Corporation (NYSE:FMC) today reported net income of $86.8 million, or $1.21 per diluted share, in the third quarter of 2011, versus net income of $82.9 million, or $1.13 per diluted share, in the third quarter of 2010. Net income in the current quarter included restructuring and other income and charges of $12.4 million after-tax, or charges of $0.18 per diluted share, versus restructuring and other income and charges of $3.1 million after-tax, or charges of $0.05 per diluted share, in the prior-year quarter. Excluding these items in both periods, the company earned $1.39 per diluted share in the current quarter, an increase of 18 percent versus $1.18 per diluted share in the prior-year quarter. Third quarter revenue of $862.1 million increased 16 percent excluding the prior-year impact of exited businesses.
Pierre Brondeau, FMC president, chief executive officer and chairman, said, “We delivered another quarter of strong performance as demand across our businesses and diverse end markets remains healthy, particularly in rapidly developing economies. We continue to see rich opportunities for organic growth across our businesses and make good progress advancing our external growth initiatives.”