FMC Q2 revenues up 13% to $987.8mn

31 Jul '14

2 min read

FMC Corporation reported quarterly revenue of $987.8 million in the second quarter, a 13 percent increase over the same period in 2013. The company reported net income of $109.1 million, or $0.81 per diluted share, in the second quarter of 2014, compared to net income of $118.0 million, or $0.86 per diluted share, in the second quarter of 2013.

Second Quarter 2014 Highlights

-Consolidated revenues up 13 percent to $987.8 million

-Agricultural Solutions segment earnings up 5 percent

-Health and Nutrition segment earnings up 11 percent

-Minerals segment earnings up 21 percent

-Consolidated adjusted earnings per share up 9 percent to $1.01 per diluted share

-Full-year 2014 outlook reaffirmed for adjusted earnings of $4.10 to $4.30 per diluted share, an 8 percent increase compared to prior year at midpoint of range

Second quarter results include charges of $26.6 million after tax, or $0.20 per diluted share, compared to charges of $9.9 million after tax, or $0.07 per diluted share, in the prior-year quarter. Excluding these items in both periods, adjusted earnings were $1.01 per diluted share, an increase of 9 percent versus the prior-year quarter.

Segment Results and Outlook

FMC Minerals

Second-quarter segment revenue for FMC Minerals was $249.6 million, an increase of 2 percent from the prior-year quarter. Second-quarter segment earnings of $42.8 million were up 21 percent versus the prior-year quarter. Second-quarter revenue in Alkali Chemicals was flat compared to the prior-year quarter as higher pricing was offset by lower sales volume, driven by shipment timing, and lower freight costs due to a different geographic sales mix.

Higher energy costs were offset by continued progress in manufacturing cost improvements. Export soda ash pricing increased in the second quarter compared to the first quarter of this year. Lithium continued to benefit from higher production rates versus 2013 resulting in higher sales and improved profitability.

Full-year segment earnings in 2014 are expected to be high-teens percent higher than the previous year, primarily driven by improved Lithium operations, soda ash volume increases and more favorable soda ash pricing versus 2013. For Alkali Chemicals, the company has assumed pricing to remain stable for the remainder of the year, and expects the next long-wall move to take place in the fourth quarter.

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FMC Corporation

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