FMC reports slight earnings increase on stronger sales

29 July 2013 23:04  [Source: ICIS news]

HOUSTON (ICIS)--FMC’s Q2 net earnings increased 1.5% year over year thanks to stronger sales in its agricultural business that counteracted sagging soda ash revenues in its minerals division, the US-based producer announced on Monday.

Net income in the second quarter of 2013 grew to $128.9m (€96.7m) from $126.9m in Q2 2012.

Total revenues for the quarter were up 6% to $959.4m year over year from $905.2m in Q2 2012.

FMC said that sales in its agriculture segment were up 12% on growth in Brazil and Asia, with demand for pre-emergent herbicides also having been strong.

Earnings were flat in the company’s health and nutrition division, although sales were up about 9%. FMC said that acquisition costs ate into Q2 profit for the division but that it expects recent acquisitions to contribute to the bottom line in the third quarter.

Revenues in the company’s mineral division were down about 2% from the year-ago period and profits were down about 21%. The company blamed competition from cheap Chinese soda ash for the decline, although the company said that the lower prices were somewhat offset by higher sales volumes.

The company, based in Philadelphia, has three main business lines: agricultural products, specialty chemicals and industrial chemicals.

($1 = €0.75)

By: Bill Bowen
+1 713 525 2653

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