US FMC posts almost 10% jump in Q1 net income year over year

30 April 2013 22:12  [Source: ICIS news]

HOUSTON (ICIS)--FMC Corporation posted an almost 10% year-on-year increase in net income thanks to strong agricultural products and specialty chemicals revenues, the US-based producer said on Tuesday.

Net income for Q1 2013 was $130.9m (€99.5m), up from $119.1m in Q1 2012.

Gross revenues for the quarter were $990.2m, a more than 5% increase from $940.7m a year before.

Q1 2013 revenue for FMC’s agricultural products sector was $495.2m, up from $454.2m in Q1 2012. The company’s specialty chemicals sector posted revenue of $236.0m, up from $215.9m a year before.

FMC’s industrial chemicals sector had a downturn in revenue, with Q1 2013 coming in at $259.6m, down from $272.6m a year before.

A strong performance in North America drove the increase in agricultural products’ revenue, FMC said in a press release. Specialty chemicals grew due to strong volume growth in the company’s BioPolymer division that was partially offset by lower volumes in its lithium division.

Industrial chemicals were hurt by lower export pricing in soda ash and lower domestic volumes, although higher domestic soda ash pricing and higher export volumes for the product offset that some, FMC said.

FMC CEO Pierre Brondeau said the company expects continued strength in the agricultural products sector in the second quarter, flatness in specialty chemicals and continued weakness in industrial chemicals.

Philadelphia, Pennsylvania-based FMC produces agricultural products and specialty and industrial chemicals.

($1 = €0.76)

By: Jeremy Pafford
+1 713 525 2653

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