29 October 2012 19:18 [Source: ICIS news]
MEDELLIN, Colombia (ICIS)--US-based FMC reported on Monday a net income of $90m (€69m), up 4% from $86.8m reported for the same time last year, an increase attributed in part to increased sales.
The company reported third quarter sales of $902.4m, a 5% increase year on year.
“Agricultural products showed once again the power of our unique business model, with sales and earnings growth led by Latin America but also supported by strong performance in North America,” said FMC chief executive, Pierre Brondeau.
Industrial Chemicals delivered a smaller than expected increase in earnings, with lower than expected soda ash export prices and poor performance by the zeolites product line in peroxygens, according to FMC.
Revenue in the agricultural products reached $423.6m, up 11% year on year with substantial sales gains in Latin America and North America.
In Latin America, sales increased significantly, reflecting strong market conditions, successful new product introductions and increased planted area for soybeans in Brazil and increased sales in Argentina, the company said.
Revenue in specialty chemicals was $226.3m, up 4% year on year as higher selling prices across all businesses were partially offset by unfavourable exchange rates caused by the weaker euro on the BioPolymer business and lower volumes in the lithium business, according to FMC.
Looking to the fourth quarter, Brondeau expects increased sales and earnings in the agricultural products, BioPolymer and industrial chemicals segments.
"We expect a year-on-year percentage earnings increase in the high single digits with higher volumes and selling prices in soda ash and specialty peroxygens partially offset by the poor performance of the zeolites product," Brondeau said.
FMC released its earnings early because of Hurricane Sandy.
($1 = €0.77)
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