US FMC first-quarter earnings rise by 21% year on year

02 May 2011 22:58  [Source: ICIS news]

HOUSTON (ICIS)--US-based soda ash and specialty chemicals producer FMC reported on Monday first-quarter net earnings of $94.0m (€63.9m), up by 21% from $77.4m reported for the same time last year.

First-quarter revenue was $795.0m, up from $756.5m for the same time last year. Cost of sales were $506.9m, up from $489.5m for the same time last year.

By segment, earnings from agricultural products were $100.5m, up from $92.8m for the same time last year. The segment benefitted from higher sales in North America, Latin America and Asia.

Specialty chemicals was $44.9m, up from $40.8m year on year. FMC attributed the increase to higher volumes and prices for lithium specialties and food ingredients.

Industrial chemicals were $40.3m, up from $34.5m for the same time last year. The segment benefitted from higher prices for soda ash.

Looking forward, FMC chief executive Pierre Brondeau said: "We are very confident that we will deliver another record year for the company."

As such, the company increased its forecasted adjusted earnings per share to $5.50-5.80 for 2011.

For the year, earnings for industrial chemicals should rise by 30% while earnings for agricultural products and speciality chemicals should each rise by 10%.

($1 = €0.68)

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By: Al Greenwood
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