The company reported net income of $17.9 million, or $0.13 per diluted share, in the third quarter of 2013, versus net income of $90.0 million, or $0.65 per diluted share, in the third quarter of 2012.
Third quarter results include charges of $92.3 million after tax, or $0.69 per diluted share, compared to charges of $17.1 million after tax, or $0.12 per diluted share, in the prior-year quarter. Excluding these items in both periods, adjusted earnings were $0.82 per diluted share in the current quarter, an increase of 7 percent versus the prior-year quarter.
Third Quarter 2013 Highlights
- Consolidated revenues up 16 percent to $957.4 million
- Consolidated adjusted earnings per share up 7 percent to $0.82 per diluted share
- Agricultural Solutions segment earnings up 13 percent
- Health and Nutrition segment earnings up 2 percent
- Minerals segment earnings down 20 percent
- Continued strong momentum in Agricultural Solutions expected to deliver 10th consecutive year of record segment earnings
- Robust fourth quarter segment earnings growth in Health and Nutrition driven by organic growth and contributions from acquired businesses
- Improving operational performance in Lithium and continued export price increases in soda ash to provide sequential fourth quarter earnings growth in Minerals
- Full-year 2013 outlook for adjusted earnings of $3.74 to $3.84 per diluted share, a 12 percent increase compared to prior year at midpoint of range
FMC Minerals' third-quarter segment revenues of $237.8 million increased 6 percent from the year-ago quarter. Third-quarter segment earnings of $27.7 million were down 20 percent versus the previous year.
In Alkali Chemicals, higher global soda ash sales volumes were offset by lower export pricing and one-time production factors that impacted costs. Given these conditions, the company elected to perform further maintenance, which resulted in additional costs in the quarter. The Lithium business, despite year-on-year flat financial performance, demonstrated continuous daily production rates that were 25 to 30 percent above pre-expansion rates in the quarter.
FMC anticipates these process improvements will result in improved Lithium performance in the fourth quarter. In Alkali Chemicals, the company saw improvements in Asian soda ash pricing in the third quarter, and expects this trend to continue in the fourth quarter.
For the full year, segment earnings are expected to be down mid- to low-20's percent versus the previous year, as Alkali volume increases will be offset by lower average soda ash export pricing and by the Lithium operational challenges from earlier in the year.
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