Credit: Shutterstock photoFMC Corp.FMC said that it will increase the prices for its specialty organics products across all global regions. This increase in prices will extend to all grades of butyllithium products.
All standard and non-standard pricing for specialty organics products will increase by 10%. The price rise will be effective Oct 1, 2016, or as contracts permit. The company is raising the prices of butyllithium and other specialty organic products so that they are in sync with the increases realized across its lithium product portfolio.
FMC Corp. reported a profit of $65.2 million or 49 cents per share in second-quarter 2016. The chemical maker's profit (as reported) declined significantly from $742.3 million or $5.52 per share reported in second-quarter 2015.
Barring one-time items including restructuring charges, earnings came in at 69 cents per share in the quarter, exceeding the Zacks Consensus Estimate of 67 cents. However, adjusted earnings fell year over year by a penny.
Revenues slipped 8.7% year over year to $810.3 million in the reported quarter. The figure also missed the Zacks Consensus Estimate of $903 million.
FMC Corp. raised its earnings guidance for 2016 and now sees adjusted earnings in the band of $2.60−$2.90 per share (up from the prior view of $2.55−$2.85 per share) for the year.
While FMC Corp. remains exposed to currency headwinds and faces certain operational challenges, it should gain from its strategic investments, new product launches and cost synergies of the Cheminova buyout.
FMC CORP Price
FMC CORP Price | FMC CORP Quote
FMC Corp. currently carries a Zacks Rank #3 (Hold).
Some better-ranked companies in the chemical space include Innophos Holdings Inc IPHS , Innospec Inc. IOSP and Shin-Etsu Chemical Co., Ltd. SHECY , all sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here .
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
FMC CORP (FMC): Free Stock Analysis Report
INNOPHOS HLDGS (IPHS): Free Stock Analysis Report
INNOSPEC INC (IOSP): Free Stock Analysis Report
SHIN-ETSU CHEM (SHECY): Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
