US FMC Q2 net income falls 2.1% on higher taxes

31 July 2012 22:34  [Source: ICIS news]

HOUSTON (ICIS)--US-based specialty chemicals producer FMC reported on Tuesday a second-quarter net income of $104.9m (86.0m), down 2.1% from $107.2m reported for the same time last year, a drop attributed in part to higher taxes.

Income taxes were $45.3m, up from $25.7m reported for the same time last year. Second-quarter net income before taxes actually rose 11.5%, as revenues increased faster than costs.

Cost of sales reached $567.4m, up 10.5% from $513.4m reported for the same time last year.

Revenue reached $905.2m, up 11.5% from $812.2m reported for the same time last year, FMC said.

The company attributed the increase in part to a 19% increase in revenues from its Agricultural Products segment. Pre-tax income for the segment reached $111.2m, up from $94.3m for the same time last year.

For FMC's Industrial Chemicals segment, pre-tax income reached $42.8m, up from $36.2m reported for the same time last year. FMC attributed the increase to higher prices and growing volumes.

The Industrial Chemicals segment produces soda ash.

($1 = €0.82)


By: Al Greenwood
+1 713 525 2645



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