Specialty chemical provider FMC declares Q2 results
08 Aug '05
6 min read
Philadelphia based foremost specialty and diversified chemical companies FMC Corporation reported second quarter 2005 net income of $31.2 million or $0.80 per diluted share as compared with $30.7 million or $0.82 per diluted share in the second quarter of 2004. The company recorded restructuring and other income and charges in the quarter of $21.6 million after-tax or $0.55 per diluted share versus $11.9 million after-tax or $0.32 per diluted share in the prior-year quarter.
Excluding these charges, the company earned $1.35 per diluted share in the second quarter 2005, an increase of 18 percent versus $1.14 per diluted share in the second quarter 2004. Second quarter revenue of $565.6 million increased 6 percent versus $534.3 million in the prior-year quarter.
William G. Walter, FMC Chairman, President and Chief Executive Officer, said: "FMC continues to perform at a high level. They once again delivered a strong quarter and are on track to achieve the goals they have set for the company. Industrial Chemicals was the largest driver of their profit growth in the quarter with income more than double the prior-year results. The Agricultural Products team delivered strong results from Europe and Asia, in advance of seasonal opportunities for its products in North America. Specialty Chemicals results were on plan. In addition, they reached an important financial milestone during the quarter, as their credit profile improved to investment grade."
Revenue in Agricultural Products was $196.4 million, an increase of 2 percent versus the prior-year quarter, driven by higher herbicide sales in Europe and insecticide sales in Asia. As expected, segment earnings before interest and taxes ("segment earnings") declined to $44.6 million from $48.0 million a year ago, as the impact of generic bifenthrin competition in North America more than offset strong performance in Europe.
marketing@alchempro.com
