SANTIAGO, Chile, November 23, 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".
For the complete version of this press release, please visit our Web site: http://www.sqm.com.
SQM is an integrated producer and distributor of specialty plant nutrients, iodine and lithium. Its products are based on the development of high quality natural resources that allow the Company to be leader in costs, supported by a specialized international network with sales in over 100 countries. SQM's development strategy aims to maintain and strengthen the Company's world leadership in its three core businesses: Specialty Plant Nutrition, Iodine and Lithium.
For media inquiries contact: Fabiola Scianca / email@example.com
Statements in this press release concerning the Company's business outlook, future economic performances, anticipated profitability, revenues, expenses, or other financial items, anticipated cost synergies and product or service line growth, together with other statements that are not historical facts, are "forward-looking statements" as that term is defined under Federal Securities Laws.
Any forward-looking statements are estimates, reflecting the best judgment of SQM based on currently available information and involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those stated in such statements. Risks, uncertainties, and factors that could affect the accuracy of such forward-looking statements, are identified in the public filing made with the Securities and Exchange Commission, and forward-looking statements should be considered in light of those factors.
SOURCE Sociedad Quimica y Minera de Chile, S.A.