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 ?xml:namespace>
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)
To discuss issues facing the chemical industry go to ICIS connect
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.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections