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1ST HALF: FMC'S REVENUES UP 1%, NET INCOME EVEN
Source: FMC news release

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FMC Corporation (NYSE: FMC) today reported second quarter 2020 revenue of approximately $1.16 billion, a decrease of 4 percent versus second quarter 2019. Excluding the impact of foreign currencies, organic sales grew 3 percent year over year.

On a GAAP basis, the company reported earnings of $1.41 per diluted share in the second quarter, an increase of 7 percent versus second quarter 2019. Second quarter adjusted earnings were $1.72 per diluted share, an increase of 4 percent versus second quarter 2019, and 6 cents above the midpoint of guidance.

Mark Douglas, FMC president and CEO said: "FMC delivered solid financial performance despite challenging global conditions that included severe headwinds from foreign currencies, impacts from COVID-19, and adverse weather in Europe. FMC's geographic balance, strength in demand for our product portfolio and pricing actions all contributed to earnings growth in the quarter, as did the proactive cost controls implemented at the outset of the pandemic."

FMC revenue decline was driven by a 7 percent headwind from foreign currencies, offset partially by a 2 percent contribution from volume and a 1 percent contribution from price. Latin America sales grew 2 percent year over year, and 24 percent excluding FX headwinds.

Pricing helped offset some of the FX headwinds, while the underlying volume gains came from strong herbicide and insecticide sales in Argentina and robust sales for sugarcane applications in Brazil. In Asia, revenue increased 2 percent year over year, and 8 percent excluding FX. Volume growth in India, Pakistan and Australia, as well as modest pricing across the region, were mostly offset by FX headwinds.

In North America, sales decreased 6 percent year over year, driven primarily by our planned activities to reduce channel inventories of pre-emergent herbicides, partially offset by strong insecticide sales. Sales in EMEA decreased 13 percent year over year and decreased 10 percent excluding FX, due to poor weather conditions in Northern and Eastern Europe as well as forecasted registration losses and product rationalizations.


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