Philadelphia chemical company FMC Corp., one of the world“s largest producers of soda ash, said 2 November 2006 that strong prices and demand were behind a 12% gain in 3Q revenue. The company also sa…
Philadelphia chemical company FMC Corp., one of the world“s largest producers of soda ash, said 2 November 2006 that strong prices and demand were behind a 12% gain in 3Q revenue. The company also said the diversity of its chemical products appeared to be insulating it from a weakening national economy. Sales were USD 572.2 million, compared with USD 510 million in the 3Q 2005. Profit was USD 35.1 million, or USD 0.89 a share, compared with a loss of USD 4.4 million, or USD 0.12 a share, in the year-earlier 3Q. William G. Walter, FMC“s chairman, said in a conference call that the gains were made “despite the headwinds of higher energy and raw-material costs”. He added that it had been “a very good year” for the company. Industrial-chemicals revenue rose 16% on higher prices for soda ash and hydrogen peroxide. “Our 3Q performance reflects the benefit we derive from the company“s end-market diversity and relative insensitivity” to gross domestic product cycles, Walter said in a statement. The gross domestic product is the broadest measure of the national economy. In the 3Q 2006, the company repurchased 821,000 shares of its stock for USD 50 million. The share buy-back boosted earnings by USD 0.01 cent a share in the 3Q, the company said.