FMC Corp. (FMC) said Thursday after the markets closed that its fourth quarter profit rose 34% from a year ago, helped by fewer charges, strong sales of agricultural products and a tax benefit. The company's quarterly earnings per share, excluding items, also came in above analysts' expectations.
The Philadelphia-based diversified chemical company reported net income for the fourth quarter of $62.1 million or $0.85 per share, compared to $46.3 million or $0.63 per share for the year-ago quarter.
Income from continuing operations for the fourth quarter was $64.6 million or $0.88 per share, compared to $51.1 million or $0.69 per share in the fourth quarter of last year.
The latest quarter results include restructuring and other income and charges of $6.8 million or $0.09 per share, while the year-ago quarter results included restructuring and other income and charges of $29.1 million or $0.39 per share.
Excluding items, adjusted income from continuing operations for the fourth quarter was $68.9 million or $0.94 per share, compared to $75.4 million or $1.02 per share in the prior year quarter.
On average, 7 analysts polled by Thomson Reuters expected the company to earn $0.90 per share for the fourth quarter. Analysts' estimates typically exclude special items.
The company had an income tax benefit of $21.2 million in the 2009 fourth quarter, compared to income tax expenses of $17.4 million in the fourth quarter of last year.
Revenue for the fourth quarter declined 2% to $722.1 million from $737.7 million in the same quarter last year. Three analysts had a consensus revenue estimate of $715.47 million for the fourth quarter.
Pierre Brondeau, FMC president and chief executive officer, said, "Our fourth quarter results met our expectations. We realized continued strong performance in Agricultural Products and Specialty Chemicals. Industrial Chemicals' demand, though lower than prior year, once again improved on a sequential basis."
The company's fourth quarter revenue in agricultural products segment rose 12% year-over-year to $269.5 million led by sales gains in Latin America, particularly in Brazil due to improved market conditions in several key crops and growth from new products.
Revenue in specialty chemicals segment grew 2% to $194.2 million in the fourth quarter, driven by strong commercial performance in BioPolymer, particularly in food ingredients markets, due to higher volumes and selling prices.
Fourth quarter revenue in industrial chemicals segment fell 16% to $260.1 million, hurt by reduced phosphates selling prices and lower soda ash volumes.
For the full year 2009, the company reported net income of $228.5 million or $3.12 per share, compared to $304.6 million or $4.02 per share for the full year 2009.
Income from continuing operations for the full year 2009 was $246.7 million or $3.37 per share, compared to $329.5 million or $4.35 per share in 2008.
Adjusted income from continuing operations for the full year 2009 was $304.1 million or $4.15 per share, compared to $351.1 million or $4.63 per share the prior year.
Revenue for the full year 2009 fell 9% to $2.83 billion from $3.12 billion in 2008.
Analysts expected the company to earn $4.11 per share on revenue of $2.82 billion for the full year 2009.
Regarding the outlook for 2010, FMC CEO Brondeau said, "Despite the expected tempered, uneven recovery in global markets, we anticipate delivering a year of strong performance."
The company said it expects before restructuring and other income and charges of $1.20 to $1.35 per share for the first quarter and $4.35 to $4.75 per share for the full year 2010.
Analysts currently expect the company to earn $1.25 per share for the first quarter and $4.57 per share for the full year 2010. Among others in the industry, Dow Chemical Co. (DOW) on Tuesday reported a profit for the fourth quarter, compared with a loss last year, favored by growth in emerging markets, the joint venture performance and strong sales at its Health and Agricultural Sciences, Basic Plastics and Basic Chemicals businesses. Fourth quarter net sales grew 15% to $12.47 billion from $10.85 billion a year earlier.
FMC shares, which have trading in a range of $34.90 to $58.13 over the past year, closed Thursday's regular trading session at $50.80, down $2.03 or 3.84% but gained 60 cents or 1.18% in after hours trading.
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