FMC agrochemical sales up 12% in Q2 of 2011

Date:08-05-2011

Driven by sales gains in Asia, Latin America and EMEA, FMC’s agrochemical sales rose by 12 percent to $329.6 million in the second quarter of 2011.

Sales in Asia improved reflecting continued growth across the region, particularly China, Indonesia and India, enhanced by selective price increases. Sales increased in Latin America, led by Brazil. Sales gains in EMEA were driven by strong herbicide and insecticide volumes. Sales in North America declined reflecting the shift in some herbicide volumes to the first quarter and less favorable weather conditions than a year ago. Segment earnings of $94.3 million increased 18 percent versus the prior-year quarter driven by the broad-based sales growth, partially offset by higher spending on targeted growth initiatives.

FMC’s agricultural products sales results ($ million)
Q2 ended June 30th	Q2 2011	Q2 2010	% change	First half of 2011	First half of 2010	% change
Sales	329.6	293.9	+12.1	673.2	598.5	+12.5
Income from continuing operations before income taxes	94.3	79.6	+18.5	194.8	172.4	+13.0

Regarding the outlook for 2011, Pierre Brondeau, FMC president, chief executive officer and chairman, said, "For the full year 2011, we have raised the midpoint of our previous outlook and now expect adjusted earnings of $5.60 to $5.80 per diluted share, a 15 percent increase above last year at the midpoint of this range. Agricultural Products is expected to deliver its eighth-straight year of record earnings, up approximately 10 percent, while increasing investment in innovation and continuing to deliver high profit margins.

In Agricultural Products, FMC looks for earnings to be level to the year-ago quarter as growth in Latin America is offset by higher raw material costs, increased spending on targeted growth initiatives and lower North American sales due to less favorable weather conditions than last year.