FMC Corp. Up 105% In Net Income Over 2007

Posted by Matt Hopkins|29 April 2008

FMC Corp. reported a record net income of US $93.9 million in the first quarter of 2008 compared to $45.8 million in the first quarter of 2007, reports the South Mississippi Sun Herald.

William G. Walter, FMC chairman, president, and chief executive officer, said, “We had a record quarter with strong performance across all our businesses. Agricultural Products achieved sales gains in Asia, Europe, and Latin America.” He added that “our first quarter results were achieved despite the adverse pressure of higher raw material costs across all of our businesses.”

Revenue in Agricultural Products of $277.5 million was 12% higher than the prior-year quarter. Sales gains driven by buoyant agrochemical market conditions were achieved in Asia, Europe, and Latin America, particularly in Brazil. Segment earnings before interest and taxes of $82.9 million were up 17% vs. 2007 as a result of the higher sales and continued global supply chain productivity improvements, which more than offset higher raw material costs.

Regarding the outlook for balance of 2008, Walter said, “We expect another record year and have raised our outlook for 2008 with earnings before restructuring and other income and charges to $3.90 to $4.10 per diluted share. We look for continued earnings growth in Agricultural Products driven by higher sales and further supply chain productivity improvements.”