S&P 500 (NYSE:SPY) component FMC Corporation (NYSE:FMC) reported its results for the first quarter. FMC is a chemical manufacturing company that offers solutions, applications and products to agricultural, consumer and industrial markets around the world.
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FMC Earnings Cheat Sheet for the First Quarter
Results: Net income for FMC Corporation rose to $119.1 million ($1.71 per share) vs. $94 million ($1.30 per share) in the same quarter a year earlier. This marks a rise of 26.7% from the year-earlier quarter.
Revenue: Rose 18.3% to $940.7 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: FMC Corporation reported adjusted net income of $1.94 per share. By that measure, the company beat the mean estimate of $1.86 per share. It beat the average revenue estimate of $792.7 million.
Quoting Management: Pierre Brondeau, FMC president, chief executive officer and chairman, said, “Our first quarter 2012 results provided a very strong start to what we expect will be another record year for FMC. Agricultural Products delivered robust performance driven by broad-based growth in Latin America, North America and Asia. Specialty Chemicals’ results met our expectations with strong commercial performance in BioPolymer offset by higher weather-related operating costs in lithium and plant downtime effects associated with capacity expansion projects as we position both businesses for continued premium growth. Industrial Chemicals realized strong performance driven by higher selling prices across the segment, particularly in soda ash, favorable export mix in soda ash and the continued shift toward specialties in Peroxygens.”
The company has now topped analyst estimates for the last four quarters. It beat the mark by 20 cents in the fourth quarter of the last fiscal year, by 3 cents in the third quarter of the last fiscal year, and by 2 cents in the second quarter of the last fiscal year.
Revenue has increased for four quarters in a row. Revenue increased 12.1% to $908.6 million in the fourth quarter of the last fiscal year. The figure rose 11.6% in the third quarter of the last fiscal year from the year earlier and climbed 4.6% in the second quarter of the last fiscal year from the year-ago quarter.
Looking Forward: Analysts appear increasingly optimistic about the company’s results for the next quarter. The average estimate for the second quarter has moved up from $1.76 a share to $1.80 over the last ninety days. The average estimate for the fiscal year is $6.96 per share, a rise from $6.57 ninety days ago.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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