) fourth-quarter 2012 adjusted earnings (excluding one-time
charges) were 81 cents per share, in line with the Zacks
Consensus Estimate and above the year-ago earnings of 79 cents.
Profit, as reported, shot up 31% year over year to $102.2 million
(or 74 cents a share) on the heels of a strong performance of the
company's core Agricultural Products segment.
For full-year 2012, adjusted earnings came in at $3.48 per share,
missing the Zacks Consensus Estimate by penny while surpassing
the year-ago earnings of $2.99. Reported profit jumped 14% year
over year to $416.2 million or $3.00 per share.
Revenues climbed 10% year over year to $1 billion in the reported
quarter on strength in the agricultural products business. It
beat the Zacks Consensus Estimate of $993 million.
For the full year, revenues climbed 11% year over year to $3.7
billion, meeting the Zacks Consensus Estimate.
Revenues from the Agricultural Products division surged 20% year
over year to $492.4 million in the reported quarter on the back
of continued momentum in Latin America. Segment profit soared 51%
year over year, boosted by higher volumes in Latin America,
acquisition of fungicides in Asia and demand in North America.
Specialty Chemicals segment's sales rose 6% to $236.2 million in
the quarter on higher selling prices and volume across the board.
Profit, however, dipped 5% due to higher costs in the Lithium
Revenues from the Industrial Chemicals unit fell 2% to $272.2
million. Profit fell 10% year over year to $38 million as a
decline in export pricing in soda ash more than offset higher
domestic soda ash pricing and higher volumes.
The company exited 2012 with cash and cash equivalents of $77.1
million, down 51% year over year. Long-term debt increased
roughly 15% year over year to $915 million.
For full-year 2013, FMC Corp. expects adjusted earnings to be in
the range of $3.81 to $4.01 per share. For the first quarter, the
company forecast adjusted earnings in the band of $1.02 to $1.12
per share. The current corresponding Zacks Consensus Estimates
for the first quarter and 2013 are $1.08 and $3.98, respectively.
FMC Corp. is a leading diversified chemical company that serves
agricultural, industrial, environmental and consumer markets
across the globe. It is a leading maker of Lithium-based
materials for primary and rechargeable batteries used in laptops,
cellular phones and electric cars.
FMC Corp. currently retains a short-term Zacks Rank #2 (Buy).
Other companies in the chemical industry worth considering are
). While Arkema retains a Zacks Rank #1 (Strong Buy), both BASF
and Air Products hold a Zacks Rank #2 (Buy).
AIR PRODS & CHE (APD): Free Stock Analysis
(ARKAY): ETF Research Reports
BASF SE (BASFY): Free Stock Analysis Report
FMC CORP (FMC): Free Stock Analysis Report
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