US soda ash producer FMC Q3 profits rise nearly three-fold

27 October 2010 23:01  [Source: ICIS news]

HOUSTON (ICIS)--FMC's third-quarter net profit rose nearly three-fold to $82.9m (€59.7m) compared with $28.0m earned in the same quarter last year on the strength of its sales, the US-based soda ash producer said on Wednesday.

Third-quarter revenue reached $772.5m, an 8% increase from the same period last year, FMC said.

Revenue from FMC’s industrial chemicals segment, which included soda ash, increased 3% to $262.4m compared with the same quarter last year on stronger export markets.

“Segment earnings of $30m increased 45% relative to the year-ago quarter as a result of the volume gains, lower raw material and energy costs and lower plant outage costs,” the company said.

Revenue for the company’s agricultural products segment rose 15% to $308.9m on higher sales in all regions, while segment earnings increased 27% to $75.1m.

Specialty chemicals revenue increased 5% to $202.2m as a result of demand recovery in lithium-related markets and growth in food ingredients businesses. Segment earnings increased 15% to $47.1m.

Looking forward, the company said it expected fourth-quarter earnings for industrial chemicals to fall 20% from the same period last year as a result of planned maintenance outages, including the completion of a boiler repair at the company’s Wyoming soda ash facility.

The company said it expected to see a 20% increase in earnings for its agricultural products segment for the fourth quarter, while specialty chemicals were expected to rise 30%.

($1 = €0.72)

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By: Brian Ford
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