Specialty chemical provider FMC declares Q2 results
08 Aug '05
6 min read
Revenue in Specialty Chemicals was $148.7 million, an increase of 5 percent versus the prior-year quarter. BioPolymer revenue grew modestly, primarily due to stronger demand in the food ingredients market. Lithium revenue benefited from higher sales in Europe due to the timing of campaigns in the polymer and pharmaceutical synthesis markets. Segment earnings increased 6 percent versus the prior-year quarter to $32.0 million, driven by higher selling prices and favorable foreign currency translation, partially offset by increased raw material and energy costs.
Revenue in Industrial Chemicals was $221.5 million, an increase of 10 percent from the prior-year quarter. The soda ash business accounted for the majority of the increase due to significant improvements in both domestic and export soda ash selling prices. Foret also benefited from higher selling prices, as well as favorable foreign currency translation. Segment earnings of $24.5 million increased substantially over the $11.0 million earned last year, driven by significantly higher domestic and export soda ash selling prices.
Corporate expense of $11.1 million was up $1.3 million versus $9.8 million in the second quarter of 2004. Interest expense, net, was $17.0 million, down from $20.6 million in the prior-year period due to lower interest rates and debt levels. On June 30, 2005, gross consolidated debt was $881.5 million, and debt, net of cash, was $612.4 million. For the quarter, depreciationand amortization was $35.5 million, and capital expenditures were $22.7 million.
marketing@alchempro.com
