FMC Corporation Announces First Quarter 2012 Results
- First quarter 2012 adjusted earnings of $1.94 per diluted share up 30 percent on revenue increase of 18 percent
- Agricultural Products’ segment earnings up 29 percent; Specialty Chemicals’ segment earnings down 1 percent; Industrial Chemicals’ segment earnings up 19 percent
- Second quarter 2012 outlook for adjusted earnings of $1.65 to $1.85 per diluted share, a 14 percent increase at midpoint of range
- Full-year 2012 outlook for adjusted earnings of $6.80 to $7.05 per diluted share, a 16 percent increase at midpoint of range; raises midpoint of range versus previous outlook
PHILADELPHIA, April 30, 2012 – FMC Corporation (NYSE:FMC) today reported net income of $119.1 million, or $1.71 per diluted share, in the first quarter of 2012, versus net income of $94.0 million, or $1.30 per diluted share, in the first quarter of 2011. Net income in the current quarter included charges of $16.3 million after tax, or $0.23 per diluted share, versus charges of $13.6 million after tax, or $0.19 per diluted share, in the prior year quarter. Excluding these items in both periods, adjusted earnings were $1.94 per diluted share in the current quarter, an increase of 30 percent versus $1.49 per diluted share in the prior-year quarter. First quarter revenue of $940.7 million was 18 percent higher than $795.0 million in the prior year.
Pierre Brondeau, FMC president, chief executive officer and chairman, said, “Our first quarter 2012 results provided a very strong start to what we expect will be another record year for FMC. Agricultural Products delivered robust performance driven by broad-based growth in Latin America, North America and Asia. Specialty Chemicals’ results met our expectations with strong commercial performance in BioPolymer offset by higher weather-related operating costs in lithium and plant downtime effects associated with capacity expansion projects as we position both businesses for continued premium growth. Industrial Chemicals realized strong performance driven by higher selling prices across the segment, particularly in soda ash, favorable export mix in soda ash and the continued shift toward specialties in Peroxygens.”