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FMC
🇺🇸 NYSE:FMC
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Mar 31, 2021

FMC Q1 2021 Earnings Report

FMC's Q1 2021 financial results were reported, showing revenue in line with expectations and maintaining a strong full-year growth outlook.

Key Takeaways

FMC Corporation reported Q1 2021 revenue of $1.2 billion, a 4% decrease compared to Q1 2020. GAAP net income was $183 million, down 11% year-over-year, and adjusted EBITDA was $307 million, a 14% decrease. The company maintains its full-year revenue forecast of $4.9 to $5.1 billion and raised its adjusted earnings forecast to $6.70 to $7.40 per diluted share.

Revenue was $1.2 billion, a decrease of 4% versus Q1 2020.

Consolidated GAAP net income was $183 million, down 11% versus Q1 2020.

Adjusted EBITDA was $307 million, down 14% versus Q1 2020.

Consolidated adjusted earnings per diluted share were $1.53, down 17% versus Q1 2020.

Total Revenue
$1.2B
Previous year: $1.25B
-4.3%
EPS
$1.53
Previous year: $1.84
-16.8%
Gross Profit
$512M
Previous year: $562M
-8.7%
Cash and Equivalents
$417M
Previous year: $436M
-4.5%
Free Cash Flow
-$354M
Total Assets
$10.4B
Previous year: $10.2B
+2.3%

FMC

FMC

Forward Guidance

FMC continues to forecast full-year 2021 revenue to be in the range of $4.9 billion to $5.1 billion and adjusted EBITDA to be in the range of $1.32 billion to $1.42 billion. 2021 adjusted earnings are now expected to be in the range of $6.70 to $7.40 per diluted share. Second quarter revenue is expected to be in the range of $1.19 billion to $1.26 billion, adjusted EBITDA is forecast to be in the range of $330 million to $360 million, and adjusted earnings per diluted share to be in the range of $1.68 to $1.88.

Positive Outlook

  • Strong volume growth led by Asia, Latin America and North America.
  • Broad-based price increases are forecast across the globe.
  • Full-year revenue to be in the range of $4.9 billion to $5.1 billion.
  • Full-year adjusted EBITDA is expected to be in the range of $1.32 billion to $1.42 billion.
  • Full-year adjusted earnings are now expected to be in the range of $6.70 to $7.40 per diluted share.

Challenges Ahead

  • Increased raw material and logistics costs in the second quarter.
  • FMC revenue decline was driven by a 4 percent volume decline.
  • Sales in EMEA declined 4 percent (down 8 percent organically) driven by Brexit-related orders in Q4 2020 and discontinued registrations.
  • In Latin America, revenue declined 22 percent (down 13 percent organically), driven by proactive channel inventory management as well as reduced cotton planting and FX headwinds.
  • First quarter adjusted EBITDA was $307 million, a decrease of 14 percent from the prior-year period.

Company Overview

Full financial data and analysis

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