FMC Corp. (FMC, Financial) filed Quarterly Report for the period ended 2012-09-30.
Fmc Corporation has a market cap of $7.45 billion; its shares were traded at around $53.52 with a P/E ratio of 16.1 and P/S ratio of 2.2. The dividend yield of Fmc Corporation stocks is 0.7%. Fmc Corporation had an annual average earning growth of 7.5% over the past 10 years. GuruFocus rated Fmc Corporation the business predictability rank of 2-star.
Net income attributable to FMC stockholders increased to $90.0 million for the three months ended September 30, 2012, from $86.8 million for the three months ended September 30, 2011. The increase was primarily due to higher operating profits in Agricultural Products, partially offset by the increase in corporate expense, interest expense and non-operating pension and postretirement charges.
Revenue of $1,271.4 million increased approximately 20 percent versus the prior year period as sales gains were achieved in most regions. The increase in revenue for the nine months ended September 30, 2012 was also attributable to acquisitions that closed in the second half of 2011 of approximately $40 million.
Cash and cash equivalents at September 30, 2012 and December 31, 2011, were $84.4 million and $158.9 million, respectively. Of the cash and cash equivalents balance at September 30, 2012, $73.6 million were held by our foreign subsidiaries. Our intent is to reinvest permanently the earnings of our foreign subsidiaries and therefore we have not recorded taxes that would be payable if we repatriated these earnings. In the event that funds from our foreign subsidiaries are repatriated to the U.S., we would be required to accrue and pay U.S. taxes on those amounts.
Energy costs are approximately nine percent of our cost of sales and services and are diversified among coal, electricity, and natural gas. We attempt to mitigate our exposure to increasing energy costs by hedging the cost of future deliveries of natural gas and by entering into fixed-price contracts for the purchase of coal and fuel oil. To analyze the effect of changing energy prices, we have performed a sensitivity analysis in which we assume an instantaneous 10 percent change in energy market prices from their levels at September 30, 2012 and December 31, 2011, with all other variables (including interest rates) held constant. A 10 percent increase in energy market prices would result in a decrease in the net liability position of $4.2 million at September 30, 2012, compared to a $2.5 million decrease of the net liability position at December 31, 2011. A 10 percent decrease in energy market prices would result in an increase of $4.1 million in the net liability position at September 30, 2012, compared to an increase of $2.5 million of the net liability position at December 31, 2011.
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Fmc Corporation has a market cap of $7.45 billion; its shares were traded at around $53.52 with a P/E ratio of 16.1 and P/S ratio of 2.2. The dividend yield of Fmc Corporation stocks is 0.7%. Fmc Corporation had an annual average earning growth of 7.5% over the past 10 years. GuruFocus rated Fmc Corporation the business predictability rank of 2-star.
Highlight of Business Operations:
Revenue of $902.4 million for the three months ended September 30, 2012 increased $40.3 million or five percent versus the same period last year. Included in this increase was approximately $23 million associated with recently completed acquisitions. Revenue increases are primarily associated with our Agricultural Products and Specialty Chemicals businesses. A more detailed review of revenues by segment is discussed under the section titled "Results of Operations". On a regional basis, sales in Asia were up two percent, sales in Latin America grew 18 percent and sales in North America were up 4 percent, while sales in Europe, Middle East and Africa decreased by 13 percent.Net income attributable to FMC stockholders increased to $90.0 million for the three months ended September 30, 2012, from $86.8 million for the three months ended September 30, 2011. The increase was primarily due to higher operating profits in Agricultural Products, partially offset by the increase in corporate expense, interest expense and non-operating pension and postretirement charges.
Revenue of $1,271.4 million increased approximately 20 percent versus the prior year period as sales gains were achieved in most regions. The increase in revenue for the nine months ended September 30, 2012 was also attributable to acquisitions that closed in the second half of 2011 of approximately $40 million.
Cash and cash equivalents at September 30, 2012 and December 31, 2011, were $84.4 million and $158.9 million, respectively. Of the cash and cash equivalents balance at September 30, 2012, $73.6 million were held by our foreign subsidiaries. Our intent is to reinvest permanently the earnings of our foreign subsidiaries and therefore we have not recorded taxes that would be payable if we repatriated these earnings. In the event that funds from our foreign subsidiaries are repatriated to the U.S., we would be required to accrue and pay U.S. taxes on those amounts.
Energy costs are approximately nine percent of our cost of sales and services and are diversified among coal, electricity, and natural gas. We attempt to mitigate our exposure to increasing energy costs by hedging the cost of future deliveries of natural gas and by entering into fixed-price contracts for the purchase of coal and fuel oil. To analyze the effect of changing energy prices, we have performed a sensitivity analysis in which we assume an instantaneous 10 percent change in energy market prices from their levels at September 30, 2012 and December 31, 2011, with all other variables (including interest rates) held constant. A 10 percent increase in energy market prices would result in a decrease in the net liability position of $4.2 million at September 30, 2012, compared to a $2.5 million decrease of the net liability position at December 31, 2011. A 10 percent decrease in energy market prices would result in an increase of $4.1 million in the net liability position at September 30, 2012, compared to an increase of $2.5 million of the net liability position at December 31, 2011.
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