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Aug. 1, 2024 Source: FMC news release Philadelphia, PA -- FMC Corporation announces second quarter earnings at higher end of guidance range; updates full-year outlook Second Quarter 2024 Highlights *Revenue of $1.04 billion, up 2 percent versus Q2 2023 and up 4 percent organically1 *Consolidated GAAP net income of $295 million *Adjusted EBITDA of $202 million, up 8 percent versus Q2 2023 *Consolidated GAAP income of $2.35 per diluted share Adjusted earnings per diluted share of $0.63, up 26 percent versus Q2 2023 *GAAP cash from operations of $292 million, an increase of $161 million versus Q2 2023 *Free cash flow of $280 million, an improvement of $187 million versus Q2 2023 Full-Year Outlook *Updates revenue outlook to range of $4.30 billion to $4.50 billion, reflecting a 2 percent decline at the midpoint versus 2023 *Reduces adjusted EBITDA range to $880 million to $940 million, a decline of 7 percent at the midpoint versus 2023 *Lowers adjusted earnings per diluted share outlook to a range of $3.02 to $3.64, a decline of 12 percent at the midpoint versus 2023 *Increases restructuring benefit target to a range of $75 million to $100 million of adjusted EBITDA net benefit *Updates free cash flow range to $400 million to $500 million FMC Corporation (NYSE:FMC) today reported second quarter 2024 revenue of $1.04 billion, up 2 percent versus second quarter 2023, and up 4 percent organically. On a GAAP basis, the company reported income of $2.35 per diluted share in the second quarter, an increase of 879 percent versus the second quarter of 2023 due to additional benefits related to tax incentives granted to the company's Swiss subsidiaries in late 2023. Second quarter adjusted earnings were $0.63 per diluted share, up 26 percent versus second quarter 2023. "Demand improved during the second quarter, resulting in a pronounced increase in our sales volumes, most notably within the United States and Brazil, despite customers continuing to actively manage inventory," said Pierre Brondeau, FMC chairman and chief executive officer. "Higher sales, as well as cost benefits from our ongoing restructuring, led to adjusted EBITDA toward the high end of our guidance range." Second quarter revenue growth was driven by a 14 percent increase in volume versus the prior year period when global destocking was first observed. Volume growth was partially offset by 10 percent lower price and a foreign currency headwind of 2 percent. Lower price was driven by competitive pressure as demand returned and one-time incentives to customers to help them lower the cost of inventory in the channel. North America sales increased 24 percent due to higher volume, mainly in herbicides. Sales of new products introduced (NPI3) in the last five years grew strongly including contributions from new diamide insecticide formulations and fluindapyr-based fungicides. In Latin America, revenue grew 14 percent (up 15 percent, excluding FX) due to higher volumes, almost entirely in Brazil. Volume growth was partially offset by lower price and an FX headwind. Branded diamides and NPI3 both delivered strong growth in the region. Asia sales declined by 28 percent (down 24 percent, excluding FX) due to lower volumes, primarily in India, from ongoing channel destocking and lower price. Sales in EMEA declined 3 percent (flat to the prior year, excluding FX). The region's revenue grew in the low-teens percent, excluding sales made to diamide partners, driven by higher volume. Plant Health revenue was flat to the prior year with growth in biologicals. To read the entire report click here. Tweet |
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