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Sep 30, 2021
FMC Q3 2021 Earnings Report
FMC delivered strong third quarter results and confirmed 2021 guidance, reporting significant growth in revenue and profitability.
Key Takeaways
FMC Corporation reported a strong third quarter with revenue of $1.19 billion, a 10% increase compared to Q3 2020. Consolidated GAAP net income was $160 million, up 43% versus Q3 2020, and adjusted earnings per diluted share were $1.43, up 17% versus Q3 2020. The company maintains its full-year guidance and remains confident in its ability to deliver the fourth quarter forecast.
Revenue of $1.19 billion, an increase of 10 percent versus Q3 2020 and up 9 percent organically
Consolidated GAAP net income of $160 million, up 43 percent versus Q3 2020
Adjusted EBITDA of $293 million, up 12 percent versus Q3 2020
Consolidated adjusted earnings per diluted share of $1.43, up 17 percent versus Q3 2020
FMC
FMC
FMC Revenue by Geographic Location
Revenue by Geographic Location
North America Revenue
CapyFin.comLatin America Revenue
CapyFin.comAsia Revenue
CapyFin.comEMEA Revenue
CapyFin.com Forward Guidance
FMC maintains its forecast for full-year 2021 revenue to be in the range of $4.9 billion to $5.1 billion, representing an 8 percent increase at the midpoint versus 2020. Full-year adjusted EBITDA is expected to be in the range of $1.29 billion to $1.35 billion, representing a 6 percent year-over-year growth at the midpoint. 2021 adjusted earnings is now expected to be in the range of $6.59 to $6.99 per diluted share, up 10 percent at the midpoint, reflecting the impact of share repurchases completed year-to-date.
Positive Outlook
- Full-year earnings growth can be attributed to strong volume growth of higher margin products
- Full-year earnings growth can be attributed to the launch of new products including XywayTM fungicide, Overwatch® herbicide and VantacorTM insect control
- Full-year earnings growth can be attributed to price increases.
- Fourth quarter revenue is expected to be in the range of $1.27 billion to $1.47 billion, representing a 19 percent increase at the midpoint compared to fourth quarter 2020 and organic growth of 19 percent.
- FMC expects adjusted earnings per diluted share to be in the range of $1.80 to $2.20 in the fourth quarter, which represents growth of 41 percent at the midpoint versus fourth quarter 2020.
Challenges Ahead
- Full-year free cash flow is expected to be $480 million to $570 million and the company expects to repurchase $350 million to $450 million of FMC shares in 2021, including the $300 million repurchased through September.
- We are maintaining our full-year guidance and remain confident in our ability to deliver the fourth quarter forecast driven by high margin volume growth and accelerating price increases, despite the volatile supply conditions in crop protection and other industries.
- Adjusted EBITDA is forecasted to be in the range of $343 million to $403 million, representing a 29 percent increase at the midpoint versus fourth quarter 2020.
- The company expects to repurchase $50 million to $150 million of FMC shares in the quarter.
- Reiterates free cash flow forecast in the range of $480 to $570 million, reflecting a 4 percent decline at the midpoint versus 2020
Revenue & Expenses
Visualization of income flow from segment revenue to net income