Home / Knowledge / News / Textiles / FMC sees higher soda ash & peroxygens sales
FMC sees higher soda ash & peroxygens sales
05
May '11
FMC Corporation reported net income of $94.0 million, or $1.30 per diluted share, in the first quarter of 2011, versus net income of $77.4 million, or $1.06 per diluted share, in the first quarter of 2010. Net income in the current quarter included charges of $13.6 million after tax, or $0.19 per diluted share, versus charges of $22.7 million after tax, or $0.30 per diluted share, in the prior year quarter.

Excluding these items in both periods, adjusted earnings were $1.49 per diluted share in the current quarter, an increase of 10 percent versus $1.36 per diluted share in the prior-year quarter. First quarter revenue of $795.0 million was 5 percent higher than $756.5 million in the prior year. Excluding the prior-year impact of exited businesses, first quarter revenue increased 10 percent versus the year-ago quarter.

Pierre Brondeau, FMC president, chief executive officer and chairman, said, "The year is off to a good start as each of our business segments delivered strong profit gains. Agricultural Products' earnings were driven by broad-based sales growth in North America, Latin America and Asia. Specialty Chemicals' performance was led by robust earnings gains in lithium. Industrial Chemicals' earnings increased significantly as a result of higher selling prices across the segment. Our first quarter performance once again reflected the benefits we derive from serving diverse end markets with low correlation to economic cycles; our global presence that is biased toward rapidly-developing economies; our diversified raw material structure and sourcing; and our minimal dependence on petrochemical feedstocks."

Revenue in Specialty Chemicals was $210.1 million, up 4 percent versus the year-ago quarter as a result of higher volumes and selling prices for lithium specialties and food ingredients, particularly in dairy and beverage markets in Asia, partially offset by lower lithium primaries volumes. Segment earnings of $44.9 million increased 10 percent driven by the sales gain and operating cost reductions in lithium, partially offset by higher spending on focused growth initiatives in food ingredients and higher specialty wood pulp costs in BioPolymer.

Revenue in Industrial Chemicals of $242.5 million declined 3 percent from the year-ago quarter, as higher selling prices across the segment, particularly in soda ash, and volume growth in peroxygens were more than offset by the absence of sales from phosphates and sulfur derivatives businesses that were exited in the prior year. Excluding the prior-year impact of these exited businesses, segment sales increased 11 percent. Segment earnings of $40.3 million increased 17 percent as a result of higher soda ash and peroxygens sales, augmented by a favorable mix shift in peroxygens toward specialties markets.

Regarding our outlook for 2011, Brondeau said, "We are very confident that we will deliver another record year for the company. For the full-year 2011, we have raised our outlook for adjusted earnings to $5.50 to $5.80 per diluted share, a 14 percent increase above our 2010 adjusted earnings of $4.95 per diluted share at the midpoint of the range.


Must ReadView All

Textiles | On 22nd Jun 2017

Zund unveils cradle feeder roll-feed system for fabrics

Zund Systemtechnik AG, Switzerland’s textile machinery firm that...

Textiles | On 22nd Jun 2017

Hpfabrics opening production facility in Forsyth County

Hpfabrics, manufacturer of raw fabrics, is opening a new production...

Courtesy: Napapijri

Apparel/Garments | On 22nd Jun 2017

Napapijri's Superlight Parka is free of fur and down

Napapijri has introduced the new Superlight Parka, a new lightweight...

Interviews View All

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
June 2017

June 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search