FMC’s agchem revenues up 13% in Q1 2011

Agricultural Products' earnings were driven by broad-based sales growth in North America, Latin America and Asia. Revenue in Agricultural Products of $343.6 million increased 13 percent versus the prior-year quarter. In North America, sales increased significantly due to strong market conditions and earlier season demand, including some shift of sales from the second quarter. In Latin America, the sales increase reflected a strong finish to the crop season, particularly cotton and sugarcane, as well as overall growth in planted acres. In Asia, sales gains were driven by continued strong demand in key markets and favorable weather conditions. As expected, sales in Europe declined as a result of the ongoing re-registration process for bifenthrin. Segment earnings of $100.5 million increased 8 percent versus the year-ago quarter driven by the sales growth, partially offset by higher spending on targeted growth initiatives.

Outlook

Regarding outlook for 2011, Brondeau said, "We are very confident that we will deliver another record year for the company. Our Agricultural Products segment expects to achieve its eighth straight year of record earnings, up approximately 10 percent versus a year ago, driven by expected strong market conditions and growth in new and recently introduced products, while increasing spending on growth initiatives and absorbing higher raw material costs.

"For the second quarter of 2011, agricultural Products' segment earnings are expected to be up approximately 10 percent driven by growth in North America, Europe and Asia, partially offset by higher spending on growth initiatives.