US FMC Q3 profit rises 116% on soda ash

28 October 2008 23:15  [Source: ICIS news]

HOUSTON (ICIS news)--US producer FMC reported on Tuesday net profit of $80m (€64m), up 116% from $37.1m reported for the same time last year, due to higher prices for soda ash and phosphates.

Third-quarter revenue was $820.8m, up from $626.6m reported for the same time last year, FMC said. Cost of sales were $580.8m, up from $440.2m reported for 2007.

By segment, FMC's industrial segment reported third-quarter operating income of $67.3m, up from $24.6m reported for 2007, the company said. The industrial segment produces soda ash and phosphates.

For the segment, higher sales, improved power-market conditions in Spain and favourable currency conversions more than offset higher costs for raw materials, FMC said.

Agricultural products reported a third-quarter operating income of $44.1m, up from $39.2m for the same time last year, the company said.

Specialty chemicals segment reported a third-quarter operating income of $35.9m, up from $33.5m for 2007, the company said.

In other news, FMC raised its 2008 earnings outlook to $4.55/share from $4.45/share. The company expects fourth-quarter earnings to be 85-95 cents/share.

For the company's agricultural products, Brazil should drive earnings growth, FMC said. Industrial chemicals should continue to benefit from higher prices and volumes.

Earnings for specialty chemicals should rise due to the company's BioPolymer product, recent acquisitions and productivity improvements.

"We are confident that we will achieve these results despite the turbulent global environment," according to a statement by William Walter, FMC CEO.

($1 = €0.80)

For more on FMC visit ICIS company intelligence
To discuss issues facing the chemical industry go to ICIS connect

By: Al Greenwood
+1 713 525 2645

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly