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Higher lithium prices drive FMC's Q2 earnings up 14%

U.S. chemical manufacturer FMC Corp. saw earnings for the second quarter climb 14% to US$74.7 million, or 56 cents per share, compared to the same quarter of 2016, largely due to strong growth in lithium segment earnings.

Lithium segment earnings rose to US$24.2 million from US$16.5 million a year ago, while revenue was up 17% at US$74 million.

"Lithium earnings increased by over 45% on higher pricing," President, CEO and Chairman Pierre Brondeau said Aug. 1.

"Our lithium hydroxide expansion began selling product to customers in the second quarter and will be at full run rate by the fourth quarter."

Total second-quarter revenue, meanwhile, increased 7% year over year to US$657 million.

Despite the increase, FMC narrowed its 2017 guidance for adjusted EPS to between US$2.30 and US$2.50 from between US$2.20 and US$2.60 previously.