A reminder to everyone that our discussion today will include certain statements that are forward-looking and subject to various risks and uncertainties concerning specific factors summarized in FMC’s 2009 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 on these risks and uncertainties. During the conference call, we will refer to certain non-GAAP financial terms. On the FMC website available at fmc.com, you will find the definition of these terms under the heading entitled Glossary of Financial Terms. In addition, we have provided our 2010 outlook statement and a reconciliation to GAAP of the non-GAAP figures that we will use todayIt's now my pleasure to turn the call over to Pierre Brondeau, Pierre? Pierre Brondeau Thank you, Brennen, and good morning, everyone. As you saw in our earnings release, we did strong second quarter performance, better than our expectations. We realized strong sales growth in agricultural products and specialty chemicals and demand recovery in additional chemicals. Our second quarter earnings increased 16% to $1.28 per diluted share before structuring and other income and charges on revenue of $770 million, which increased 11%. In Agricultural Products, sales of $294 million increased 60% while segment earnings of $18 million were down 12%, slightly better than expected. In Specialty Chemical, sales of $215 million increased 11% and earnings of $51 million increased 26%. Industrial chemical, sales of $269 million, increased 5% and earnings of $30 million, more than double up 121%, which was above our expectations. On a GAAP basis, we reported net income of $66 million or $0.90 per diluted share. GAAP earnings in the current quarter included a net charge of $28 million after tax of $0.38 per diluted share versus a net charge of $11 million after tax or $0.16 per diluted share in the prior year quarter.
With that reconciliation our non-GAAP earnings were $1.28 per diluted share in the current quarter, an increase of 16% versus $1.10 per diluted share in the second quarter of 2009. Going forward, our outlook is for the strong performance to continue in the third quarter and for the full year. In the third quarter, we expect earnings of $1 to $1.60 per diluted share before restructuring and other income and charges, 21% increase at midpoint of this range. For the full year, we have raised our outlook to $4.65 to $4.80 per diluted share before restructuring and other income and charges. The 13% increase at midpoint of this range.Let's now take a more detailed look at the second quarter performance in each of the operating segments. First, in Specialty Chemicals, revenue of $215 million was 11% higher than the prior year quarter, driven by a robust demand recovery in Lithium Primaries and higher volumes in selling prices in Biopolymer. Segment earnings of $51 million, increased 26% above the prior year as a result of the strong commercial performance in Biopolymer and higher volume in lithium primaries, partially offset by higher raw material cost. In Lithium, our upstream primaries business continues to experience a V shaped demand recovery, driven largely by growth in battery and metals markets in Asia. Second quarter Lithium Primaries volume increased substantially versus prior year, while selling prices have stabilized in recent months at a level lower than last year. A downstream lithium business contributes to top line growth through higher selling prices. Lithium earnings in the quarter increased substantially versus last year as a result of the sales gain in the margin leverage on this top line growth. Read the rest of this transcript for free on seekingalpha.com