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FULL YEAR: FMC'S REVENUE DOWN 5%, NET INCOME DOWN 74%: $342 MILLION
Feb. 5, 2025
Source: FMC news release
Philadelphia, PA -- FMC Corporation (NYSE:FMC) today reported fourth quarter 2024 revenue of $1.22 billion, an increase of 7 percent versus fourth quarter 2023 as volume growth, mainly from the company's growth portfolio3, more than offset FX headwinds and lower price. Excluding the impact of foreign currencies, organic revenue increased 12 percent year-over-year.
On a GAAP basis, the company reported a loss of $0.13 per diluted share in the fourth quarter, down 101 percent versus fourth quarter 2023, due to significant one-time tax benefits recorded in the prior year largely driven by tax incentives granted to the company's Swiss subsidiaries as well as higher valuation allowances on those benefits that were recorded in the fourth quarter of 2024. Adjusted earnings were $1.79 per diluted share, an increase of 67 percent versus fourth quarter 2023.
"We delivered solid sales and strong year-on-year adjusted EBITDA growth in the quarter," said Pierre Brondeau, FMC chairman and chief executive officer. "While we saw a good increase in volume, the growth was below our expectations as we learned during the quarter that customers in many countries sought to hold significantly less inventory than they have historically.
"This dynamic, along with more pronounced FX impacts, acted as a headwind to further growth. Over seventy-five percent of our sales growth came from our growth portfolio. This, together with continued cost discipline, was a key factor in delivering a strong year-over-year increase in adjusted EBITDA, which was above our guidance midpoint."
For the full year, FMC reported revenue of $4.25 billion, a decrease of 5 percent compared to 2023. Excluding the impact of FX, year-over-year sales declined 3 percent. Volume growth of 3 percent was more than offset by a 6 percent price decline and a 2 percent FX headwind. Higher volume was driven by the company's growth portfolio, and particularly the new active ingredients Isoflex™ and fluindapyr, which generated sales approaching $130 million.
On a GAAP basis, the company reported full-year net income of $342 million, down 74 percent versus the previous year due to one-time tax benefits reported in the prior year fourth quarter. Consolidated earnings of $2.72 per diluted share represents a year-over-year decrease of 74 percent. Full-year adjusted earnings were $3.48 per diluted share, a decrease of 8 percent compared to 2023.
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