Specialty chemical provider FMC declares Q2 results
08 Aug '05
6 min read
Six Months Results
Revenue was $1,118.0 million, an increase of 8 percent as compared with $1,040.0 million in the prior-year period. Net income was $95.7 million, up substantially from $36.2 million in the year-earlier period. Net income in the current period included restructuring and other income and charges of $0.1 million, versus restructuring and other income and charges of $20.3 million in the prior-year period. Excluding these charges, the company earned $95.6 million in the first half of 2005, as compared to $56.5 million in the first half of 2004.
Revenue in Agricultural Products was $394.5 million, an increase of 8 percent versus the prior-year period. The majority of increase resulted from higher insecticide sales in Brazil due to increases in planted acreage and strong pest pressures. Higher herbicide sales in Europe and increased insecticide sales in Asia also contributed to the increase. Revenues in North America were slightly lower compared with the prior-year period due to the impact of generic competition. Segment earnings were $78.2 million, an increase of 16 percent from the first half of 2004 due to higher sales, improved product mix and continued manufacturing productivity improvements.
Revenue in Specialty Chemicals was $285.5 million, an increase of 3 percent versus the prior-year period, driven by stronger BioPolymer demand in the food ingredients market and higher lithium sales to polymer and pharmaceutical synthesis markets. Segment earnings of $60.4 increased 10 percent versus the year-earlier period due to higher selling prices, improved mix and favorable foreign currency translation, partially offset by increased raw material and energy costs.
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