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Sociedad Quimica y Minera de Chile S.A. (NYSE: SQM) reported earnings for the three months ended March 31, 2014 of US$81.0 million(US$0.31 per ADR).
Sociedad Quimica y Minera de Chile S.A. (NYSE: SQM) reported earnings for the three months ended March 31, 2014 of US$81.0 million(US$0.31 per ADR). This is a decrease from US$151.8 million (US$0.58 per ADR) for the three months ended March 31, 2013. Gross Margin reached US$154.8 million (29.0% of revenues) for the three months ended March 31, 2014; a decrease compared toUS$238.9 million (38.3% of revenues) for the three months ended March 31, 2013. Revenues totaled US$534.1 million for the three months ended March 31, 2014, representing a decrease compared to US$623.4 million reported for the three months ended March 31, 2013.
SQM’s Chief Executive Officer, Patricio Contesse, commented:
Prices of our major business lines declined compared to the first quarter of 2013. As expected, at the end of 2013 and during the first quarter of 2014, iodine prices fell impacting our results. However, we have been able to increase efficiencies and reduce costs company-wide within this price environment. Our gross profit slightly increased when comparing the first quarter of 2014 to the third and fourth quarters of 2013.