SQM Reports Earnings for the First Quarter of 2008
SANTIAGO, Chile, April 29 /PRNewswire-FirstCall/ -- Sociedad Quimica y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A) reported today earnings for the first quarter of 2008 of US$64.8 million (US$0.25 per ADR), a 50.8% increase over the US$43.0 million (US$0.16 per ADR) reported for the same period of 2007. Operating income for the quarter grew 46.6% to US$86.2 million (26.4% of revenues), as compared to the first quarter 2007 figure of US$58.8 million (24.8% of revenues). Revenues for the period totaled US$326.3 million, representing growth of 37.6% over the US$237.1 million reported in 2007.
"The significant growth in revenues and net income that we have reported for the first quarter has been driven by the favorable pricing scenario in world fertilizer markets," stated Patricio Contesse, the Company's Chief Executive Officer. He continued, "If the pricing trend observed so far this year continues through the end of 2008, we are going to see our Specialty Plant Nutrition and potash businesses substantially increase their contribution to gross margin." Mr. Contesse went on to say, "The positive pricing environment in the fertilizer businesses has more than offset the pressures we face on the cost side. Energy and raw materials prices, as well as the appreciation of the Chilean peso with respect to the U.S. dollar, are the factors that have had the largest impact on our operating costs."
For the complete version of this press release, please visit our Web site: http://www.sqm.com/. For further information, contact: 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. 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. First Call Analyst:
CONTACT: Patricio Vargas, +011-56-2-4252274, patricio.vargas@sqm.com, or Web site: http://www.sqm.com/
2008-04-29 18:19:02 0348450 PRNEWSWIRE
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