FMC Corporation Announces Second Quarter Results
Pierre Brondeau, FMC president, chief executive officer and chairman, said, “We delivered another strong quarter as each operating segment achieved double-digit earnings growth. Demand across our businesses and diverse end markets remains very healthy, particularly in rapidly-developing economies. We continue to see rich opportunities for organic growth across our businesses and intend to step up investments in certain growth capital projects.
Aug 2 2011 --- FMC Corporation reported net income of $107.2 million, or $1.49 per diluted share, in the second quarter of 2011, versus net income of $65.7 million, or $0.90 per diluted share, in the second quarter of 2010. Net income in the current quarter included restructuring and other income and charges of $3.3 million after-tax, or charges of $0.04 per diluted share, versus restructuring and other income and charges of $29.9 million after-tax, or charges of $0.40 per diluted share, in the prior-year quarter. Excluding these items in both periods, the company earned $1.53 per diluted share in the current quarter, an increase of 18 percent versus $1.30 per diluted share in the prior-year quarter. Second quarter revenue of $812.2 million increased 9 percent excluding the prior-year impact of exited businesses.
Pierre Brondeau, FMC president, chief executive officer and chairman, said, “We delivered another strong quarter as each operating segment achieved double-digit earnings growth. Demand across our businesses and diverse end markets remains very healthy, particularly in rapidly-developing economies. We continue to see rich opportunities for organic growth across our businesses and intend to step up investments in certain growth capital projects.
“We also continue to make good progress advancing our external growth initiatives with the announcements of an agrochemical joint venture in Argentina that enhances our growth and market access in Latin America’s second largest crop protection market and a peroxygens acquisition in Europe that accelerates the globalization of our specialty peroxygens business.
“Our balance sheet is strong and cash flow robust. In addition to capital investments to support attractive organic growth and focused external initiatives, we intend to repurchase $100 million of our stock in the third quarter. We begin the second half of 2011 ahead of plan toward realizing our Vision 2015 objectives.”
- Second quarter 2011 adjusted earnings of $1.53 per diluted share up 18 percent; Revenue increase of 9 percent excluding prior-year impact of exited businesses
- Agricultural Products’ segment earnings up 18 percent; Specialty Chemicals’ segment earnings up 10 percent; Industrial Chemicals’ segment earnings up 21 percent
- Full-year 2011 outlook for adjusted earnings of $5.60 to $5.80 per diluted share raises midpoint of range versus previous outlook; 2011 outlook for adjusted earnings growth increased to 15 percent at midpoint of range
- Company announces intent to repurchase $100 million in shares in third quarter 2011
