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FMC announces Q4 2008 resultsqrcode

Feb. 9, 2009

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Feb. 9, 2009
Record fourth quarter results with earnings up 73 percent to $1.02 per diluted share before restructuring and other income and charges - Full-year 2009 outlook of $4.60 to $5.00 per diluted share before restructuring and other income and charges P -- FMC Corporation today reported net income of $46.3 million, or $0.63 per diluted share, in the fourth quarter of 2008, versus net income of $40.9 million, or $0.53 per diluted share, in the fourth quarter of 2007. Net income in the current quarter included restructuring and other income and charges of $29.1 million after-tax, or charges of $0.39 per diluted share, versus restructuring and other income and charges of $4.3 million after-tax, or charges of $0.06 per diluted share, in the prior-year quarter. Excluding these items in both periods, the company earned $1.02 per diluted share in the current quarter, an increase of 73 percent versus $0.59 per diluted share in the fourth quarter of 2007. Fourth quarter revenue of $737.7 million increased 9 percent versus $674.3 million in the prior year.

William G. Walter, FMC chairman, president and chief executive officer, said, "Our record fourth quarter performance resulted from higher sales and earnings across all three segments. Agricultural Products' results were driven by increased sales in Latin America and North America. Specialty Chemicals benefited from higher sales in both BioPolymer and lithium and the full-quarter inclusion of the recent alginates and food ingredients acquisitions. Industrial Chemicals' exceptional performance was due to higher selling prices in soda ash and phosphates. Our record performance was achieved despite the rapid deterioration of global economic conditions in the quarter."

Revenue in Agricultural Products of $240.8 million was 5 percent higher than the prior-year quarter, as sales increases were realized in Latin America and North America. Segment earnings of $33.6 million also increased 5 percent versus the year-ago quarter, reflecting the sales growth in the Americas and favorable mix, mostly offset by higher raw material and distribution costs.

Revenue in Specialty Chemicals was $190.3 million, an increase of 18 percent versus the prior-year quarter. Strong commercial performance in BioPolymer, the full-quarter inclusion of the ISP acquisition and volume growth in lithium primaries were the drivers of top line growth. Segment earnings of $35.1 million increased 3 percent versus the year-ago quarter, as the higher sales were largely offset by higher raw material and energy costs and export taxes in Argentina.

Revenue in Industrial Chemicals was $308.0 million, an increase of 8 percent from the prior-year quarter. Higher selling prices were achieved in all businesses, particularly in soda ash and phosphates. Segment earnings of $53.3 million increased 85 percent versus the year-ago quarter, as the higher sales and improved power market conditions in Spain more than offset higher raw material costs.
Source: FMC

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