SANTIAGO, Chile, Nov. 22, 2011 /PRNewswire/ -- Sociedad Quimica y Minera de Chile S.A (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A) reported today earnings for the first nine months of 2011 of US$386.9 million ( US$1.47 per ADR), an increase of 40.0% with respect to the same period of 2010, when earnings totaled US$276.3 million ( US$1.05 per ADR). Gross margin reached US$638.9 million (39.8% of revenues), 40.6% higher than the US$454.4 million (34.3% of revenues) recorded during the first nine months of 2010. Revenues totaled US$1,606.4 million for the first nine months, representing an increase of 21.3% over the US$1,324.7 reported in the same period of 2010.
The Company also reported quarterly net income of US$143.2 million ( US$0.54 per ADR) compared with the 2010 figure of US$94.8 million ( US$0.36 per ADR). Third quarter gross margin for 2011 reached US$241.7 million, 59.9% higher than the US$151.2 million recorded for the same period of 2010. Revenues for this quarter totaled US$574.7 million, an increase of approximately 25.1% with respect to the third quarter of 2010, when revenues amounted to US$459.5 million.
Patricio Contesse, SQM's Chief Executive Officer, stated, "The first half of 2011 showed strong results for SQM, and the first three months of the second half have proven no different. SQM continues to see significant margin growth in its main business lines when compared to 2010, specifically in the specialty plant nutrition, potassium and iodine business lines. As expected, tight supply in the iodine and specialty plant nutrition markets has positively enhanced results for the third quarter".
Mr. Contesse continued, "Of course, broader financial markets have continued to be volatile, but SQM remains confident in its solid financial position. We continue to invest in development projects and growth opportunities while new uses for our industrial products continue to be created".