FMC has posted a net income of $80.4m for the first quarter of 2010, compared to $70.9m, for the prior year period. Income from operations was $135.9m, compared to $114m for the year ago period.
Revenue in specialty chemicals was $202.6m, up 16% versus the year-ago quarter driven primarily by volume growth across food, pharmaceutical and lithium businesses. Segment earnings of $40.8m were 7% higher than the year-ago quarter, as sales growth and productivity gains were partially offset by the absence of the prior-year benefit of lower cost inventory.
Pierre Brondeau, president and CEO of FMC, said: “The year is off to a good start with our first quarter performance. We realised continued strong sales growth in Agricultural Products and Specialty Chemicals and demand recovery in Industrial Chemicals.
“For the second quarter of 2010, we expect earnings before restructuring and other income and charges of $1.15 to $1.25 per diluted share. In Specialty Chemicals, we expect earnings to increase 25 to 30% compared to the prior-year quarter, driven by continued strong commercial performance in BioPolymer, significant demand recovery in lithium primaries and higher selling prices in lithium specialties.”