FMC Corporation Sees Strong Sales Growth in Third-Quarter 2011, Led by Latin American Agriculture

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Researched by Industrial Info Resources (Sugar Land, Texas)--FMC Corporation (NYSE:FMC) (Philadelphia, Pennsylvania), a diversified chemical company that serves agricultural, industrial and consumer markets worldwide, reported solid companywide gains for the third quarter of 2011 as growing demand, especially in developing economies, strengthened sales volumes and selling prices in each of the company's major segments. Net income for the quarter was reported to be $86.8 million, a 4.7% increase from third-quarter 2010.

Total revenues stood at $862.1 million, an 11.6% increase from the same period last year. The Agricultural Products segment saw the biggest revenue gain, highlighted by especially strong growth in the Latin American region, with high demand for crops such as cotton, soybeans and sugarcane. Higher insecticide volumes boosted the segment in North America, while newly launched products yielded positive results in Asia. The Specialty Chemicals segment benefited from stronger sales and prices for biopolymers and lithium, while the Industrial Chemicals segment had similar success with peroxygens and soda ash.

During the quarter, FMC agreed to acquire BioGroup, a leading Chilean producer of specialty nutrition ingredients and natural colors, for its biopolymer business, and formed Ruralco Soluciones S.A., a joint venture with several well-established agrochemical dealers, to strengthen its agrochemicals presence in Argentina.

Industrial Info is tracking $94 million in active FMC projects, including $9 million in turnarounds at a soda ash plant in Green River, Wyoming. The affected units include coal-fired boiler units 6 and 7, and Steam Turbine Generator nos. 2, 3, 4 and 5. The company also is scheduled to perform a $1 million turnaround at a 120,000 ton-per-year hydrogen peroxide plant in Pasadena, Texas, kicking off in March 2012 and concluding in the following month.

"We saw healthy demand across our businesses and diverse end markets, especially in rapidly developing economies," said Pierre Brondeau, the chairman, president and chief executive officer of FMC, in a conference call. "We see rich opportunities for organic growth and good progress advancing our external growth initiatives. Consistent with our Vision 2015 objectives, we are making focused investments that will raise our growth trajectory."

All three major FMC segments reported stronger revenues and net income, to varying degrees:

• The Agricultural Products segment reported $382.1 million in revenues, a 23.7% increase from third-quarter 2010, and $80.9 million in net income, a 7.72% increase.
• The Specialty Chemicals segment reported $217.9 million in revenues, a 7.76% increase from the same period last year, and $47.6 million in net income, a 1.06% increase.
• The Industrial Chemicals segment reported $264 million in revenues, a 0.61% increase from third-quarter 2010, and $36 million in net income, a 20% increase.

FMC executives are expecting continued gains in the fourth quarter, with ongoing growth in Latin America boosting the Agricultural Products segment, and higher volumes and selling prices boosting the Specialty Chemicals and Industrial Chemicals segments. In Industrial Chemicals, the company is expecting to see 50% earnings growth, partly due to volume growth in soda ash export markets.

"Look for a strong finish to 2011," Brondeau said in the conference call. "Going forward, we see a promising pipeline of small- to mid-size companies to further advance our external growth initiatives. We also continue to evaluate attractive organic growth opportunities to selectively employ chemicals."

For more information, visit Industrial Info's North American Chemical Processing Project Database.

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