) third-quarter 2012 adjusted earnings (excluding one-time items)
came in at 79 cents per share, beating the Zacks Consensus
Estimate by a penny and exceeding the year-ago earnings of 69
Profit, as reported, rose 3.7% year over year to $90 million (or
65 cents a share) as healthy results from the company's core
Agricultural Products segment led to higher revenues in the
Sales rose 5% year over year to $902.4 million in the quarter on
strength in the agricultural products business. But it missed the
Zacks Consensus Estimate of $929 million.
Revenues from the Agricultural Products division climbed 11% year
over year to $423.6 million, driven by healthy performances
across Latin America and North America. Segment profit jumped 23%
year over year, boosted by higher volumes.
Specialty Chemicals segment's sales rose 4% to $226.3 million in
the quarter. Higher selling prices were offset by unfavorable
currency impact (due to the weak euro) in the BioPolymer business
and lower volume in the Lithium business. Profit, however, dipped
8% due to weakness in the Lithium business.
Revenues from the Industrial Chemicals unit fell 4% to $254.2
million as a decline in volume in Alkali business and negative
currency impact in Peroxygens more than offset higher selling
prices. Profit rose just 1% as higher selling prices were, in
part, masked by lower volumes.
The company exited the third quarter with cash and cash
equivalents of $84.4 million, down 23% year over year. Long-term
debt increased roughly 50% year over year to $811 million.
For the fourth quarter, FMC Corp. expects adjusted earnings to be
in the range of 75 cents to 85 cents per share. For 2012, the
company continues to expect adjusted earnings to be in the band
of $3.42 to $3.52 per share.
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. faces tough competition from companies like
The Dow Chemical Company
E.I. du Pont de Nemours and Company
). It currently retains a short-term Zacks #3 Rank (Hold).
DU PONT (EI) DE (DD): Free Stock Analysis
DOW CHEMICAL (DOW): Free Stock Analysis
FMC CORP (FMC): Free Stock Analysis Report
MONSANTO CO-NEW (MON): Free Stock Analysis
To read this article on Zacks.com click here.