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FMC Management Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: FMC

Let me remind everyone that our discussion today will include certain statements that are forward-looking and subject to various risks and uncertainties concerning specific factors that are summarized in FMC's 2011 Form 10-K, our most recent Form 10-Q and other SEC filings. This information represents our best judgment based on today's information. Actual results may vary based upon these risks and uncertainties.

Our discussion today will focus on adjusted earnings for all income statement and EPS references. The definition of adjusted earnings and certain other non-GAAP financial terms that we may refer to during today's conference call are available along -- under the heading of Glossary of Financial Terms on our website, www.fmc.com.

Also, on our website, we posted our current 2012 outlook statement, which provides our guidance for the full year and third quarter 2012, as well as a reconciliation to GAAP for the GAAP -- non-GAAP figures we'll use today.

And finally, share and per share financial data discussed today reflects the 2-for-1 split of FMC's common stock that was completed on May 24, 2012.

It's now my pleasure to turn the call over to Pierre Brondeau. Pierre?

Pierre R. Brondeau

Thank you, Andrew, and good morning, everyone. As you saw in our earnings release last night, we delivered another strong quarter, with earnings per share up 20% versus the prior year period, continuing a trajectory to deliver another record year for FMC.

Let me walk you through the company's overall results for the quarter. We delivered adjusted earnings of $0.92 per diluted share, an increase of 20% versus the year-ago quarter. Total company sales of $905 million increased $93 million, or 11%, versus last year. The strong performance was led by continued robust performance in our Agricultural Products segment and with sales growth in all businesses. Sales grew most rapidly in Latin America, up 32%; followed by Asia, up 13%; and North America, up 9%.

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