Strong Biopolymer Results Aid FMC

03/12/07 FMC Corporation has reported net income of $37.1 million, or $0.48 per diluted share, in the third quarter of 2007, versus net income of $35.1 million, or $0.44 per diluted share, in the third quarter of 2006. Net income in the current quarter included restructuring and other income and charges of $15.9 million after-tax, or charges of $0.21 per diluted share, versus restructuring and other income and charges of $5.3 million after-tax, or charges of $0.07 per diluted share, in the prior-year quarter. Excluding these items, the company earned $0.69 per diluted share in the current quarter, an increase of 35 percent versus $0.51 per diluted share in the third quarter of 2006. Third quarter revenue of $626.6 million increased 10 percent versus $572.2 million in the prior year.

Revenue in Specialty Chemicals was $164.8 million, an increase of 12 percent versus the prior-year quarter, as a result of higher volumes and selling prices in lithium and strong commercial performance in BioPolymer. Segment earnings of $33.5 million increased 24 percent versus the year-ago quarter, as a result of the higher sales and continued productivity improvements.

Revenue in Agricultural Products of $192.7 million was 7 percent higher than last year's quarter. Sales gains were achieved in all regions, and were particularly strong in Europe, Asia and Brazil. Segment earnings before interest and taxes of $39.2 million were up 38 percent versus the year-ago quarter, driven by the higher sales and continued supply chain productivity improvements.