29 October 1998: Chemical and machinery maker FMC Corp. said it expected year-long trends to include a strong machinery and performance chemicals business, weaker industrial chemicals sales and a high…
29 October 1998: Chemical and machinery maker FMC Corp. said it expected year-long trends to include a strong machinery and performance chemicals business, weaker industrial chemicals sales and a higher tax rate to continue through the fourth quarter. “The third quarter continued the trends we have seen in the first two quarters,” chairman and chief executive officer Robert Burt said in a statement. “For the year we“ve seen significant growth in EPS (earnings per share) through higher machinery and performance chemicals earnings offset by declines in industrial chemicals, a higher tax rate and a decreased number of shares due to our share repurchase programme,” he said. “We expect these trends will continue in the fourth quarter.” Earlier, the company said its third quarter after-tax income from continuing operations was US$ 55 million, about equal to a year ago. Earnings per share from continuing operations rose to US$ 1.60 on a diluted basis from US$ 1.43 in the 1997 third quarter. Third quarter sales from continuing operations rose to US$ 1.13 billion from US$ 1.07 billion a year earlier. FMC said sales by its machinery and equipment and performance chemicals units rose in the quarter, but were flat in its speciality chemicals business and down in its industrial chemicals unit. The machinery and equipment unit posted third quarter earnings of US$ 50 million, up 16 % from US$ 43 million in last year“s quarter. Profits for the period in FMC“s industrial chemicals fell to US$ 24 million from US$ 34 million. The decline was due in part to volume and price declines in soda ash and continued erosion of hydrogen peroxide prices in the United States, the company said.29 October 1998: Chemical and machinery maker FMC Corp. said it expected year-long trends to include a strong machinery and performance chemicals business, weaker industrial chemicals sales and a higher tax rate to continue through the fourth quarter. “The third quarter continued the trends we have seen in the first two quarters,” chairman and chief executive officer Robert Burt said in a statement. “For the year we“ve seen significant growth in EPS (earnings per share) through higher machinery and performance chemicals earnings offset by declines in industrial chemicals, a higher tax rate and a decreased number of shares due to our share repurchase programme,” he said. “We expect these trends will continue in the fourth quarter.” Earlier, the company said its third quarter after-tax income from continuing operations was US$ 55 million, about equal to a year ago. Earnings per share from continuing operations rose to US$ 1.60 on a diluted basis from US$ 1.43 in the 1997 third quarter. Third quarter sales from continuing operations rose to US$ 1.13 billion from US$ 1.07 billion a year earlier. FMC said sales by its machinery and equipment and performance chemicals units rose in the quarter, but were flat in its speciality chemicals business and down in its industrial chemicals unit. The machinery and equipment unit posted third quarter earnings of US$ 50 million, up 16 % from US$ 43 million in last year“s quarter. Profits for the period in FMC“s industrial chemicals fell to US$ 24 million from US$ 34 million. The decline was due in part to volume and price declines in soda ash and continued erosion of hydrogen peroxide prices in the United States, the company said.