(By Balachander) FMC Corp. (NYSE: FMC) posted earnings for the third quarter that increased from last year, as the chemical company benefited from substantial sales gains in Latin America and North America.
On an adjusted basis, earnings per share (EPS) from continuing operations attributable to FMC stockholders increased to 79 cents from 69 cents, versus consensus estimate of 78 cents.
Net earnings grew 3.7 percent to $90.0 million.
Revenue rose 4.6 percent to $902.4 million, yet missed market expectations for a growth of 8.00 percent.
Revenue in Agricultural Products and Specialty Chemicals rose 11 percent and 4 percent, respectively. Revenue in Industrial Chemicals declined 4 percent.
Agricultural Products' segment earnings grew 23 percent, while Specialty Chemicals' segment earnings dropped 8 percent. The company's Industrial Chemicals' segment earnings increased 1 percent.
"Specialty Chemicals' earnings were impacted by the lingering effects of the operational issues we faced earlier in the year in our Lithium business, which continued to reduce segment results," FMC said.
Looking ahead for the fourth quarter, FMC forecasts adjusted EPS between 75 cents and 85 cents, while consensus estimate 81 cents.
For the full year, the company still expects adjusted EPS in the range of $3.42 to $3.52, while analysts expect $3.48.
FMC shares, which have been trading in the 52-week range of $37.51 to $59.41, closed at $54.28 on Friday.