06 February 2013 23:09 [Source: ICIS news]
HOUSTON (ICIS)--US-based specialty-chemicals and soda-ash producer FMC reported on Wednesday a Q4 net income of $102.2m (€75.6n), up 31% from $77.9m from the fourth quarter of 2011 as sales grew faster than costs.
The company's tax bill also fell.
FMC reported Q4 revenue of $1.0bn, up 10% from $908.6m reported for Q4 2011. Cost of sales were $659.4m, up 7% from $615.5m reported for the same time in 2011.
The provision for income taxes was $22.2m, down 45% from $40.4m from the same time in 2011.
For FMC's industrial chemicals segment, which produces soda ash, pre-tax income was $38.0m, down from $42.0m from the same time in 2011.
"We ended 2012 with a solid fourth quarter, led by the strong performance of the agricultural products segment, which more than offset lower results in specialty and industrial chemicals segments," said FMC President Pierre Brondeau in a company press release.
Looking forward, Q1 2013 adjusted earnings should be $1.02-1.12/share, up 10% year on year, the company said.
For the company's industrial chemicals segment, earnings could fall by more than 20% because of lower export prices for soda ash, Brondeau said.
For 2013, the company expects adjusted earnings of $3.81-4.01/share, up 12%.
Prices for soda ash should begin recovering in the second half of the year, FMC said.
In addition to soda ash, FMC also makes agricultural chemicals and hydrocolloids.
($1 = €0.74)
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