Diversified chemicals maker FMC Corp. (FMC) said Monday after the markets closed that its first quarter profit rose 27% from last year, helped by strong performance of its Agricultural products and industrial chemicals segments.
The company's quarterly earnings per share, excluding items, also handily beat analysts' estimate as did its quarterly revenue.
However, the company gave a slightly down-beat earnings forecast for the second quarter, but raised the low end of its full year earnings forecast range.
Pierre Brondeau, FMC president, chief executive officer and chairman, said, "Our first quarter 2012 results provided a very strong start to what we expect will be another record year for FMC."
FMC shares are currently losing 0.41% in after hours trading after closing the day's regular trading session at $110.45, down $1.60 or 1.43%. the shares trade in a 52-week range of $63.81 to $112.29.
The company's agricultural products revenue rose 32% year-over-year to $454.2 million in the first quarter, as sales increased in all regions.
First quarter revenue in industrial chemicals increased 12% to $272.6 million, driven by higher selling prices across the segment, particularly in soda ash, and volume growth in soda ash and specialty peroxygens.
Specialty chemicals revenue for the quarter grew 3% to $215.9 million, as higher selling prices across all businesses were partially offset by lower volumes related to plant downtimes associated with capacity expansions and plant tie-ins in lithium and, to a lesser degree, in BioPolymer.
For the first quarter, the Philadelphia, Pennsylvania-based company reported net income of $119.1 million or $1.71 per share, compared to $94.0 million or $1.30 per share for the year-ago quarter.
Excluding items, adjusted earnings for the first quarter were $135.4 million or $1.94 per share, compared to $107.6 million or $1.49 per share in the prior year quarter.
On average, 9 analysts polled by Thomson Reuters expected the company to earn $1.86 per share for the first quarter. Analysts' estimates typically exclude special items.
Revenue for the first quarter rose 18% to $940.7 million from $795.0 million in the same quarter last year. Seven analysts had a consensus revenue estimate of $792.68 million for the first quarter.
Looking forward, the company forecast second quarter adjusted earnings of $1.65 to $1.85 per share.
For the full year 2012, the company now expect adjusted earnings of $6.80 to $7.05 per share, compared to its prior guidance of $6.70 to $7.05 per share.
Analysts currently expect the company to earn $1.79 per share for the second quarter and $6.93 per share for the full year 2012.
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