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Sep 30, 2023
FMC Q3 2023 Earnings Report
FMC's Q3 2023 results were significantly impacted by lower sales in Latin America and channel destocking in all regions.
Key Takeaways
FMC Corporation reported a 29% decrease in revenue to $982 million compared to Q3 2022, driven by volume headwinds from channel destocking, particularly in Brazil. The company reported a GAAP net loss of $4 million, or $0.03 per diluted share, and adjusted earnings of $0.44 per diluted share, a 64% decrease year-over-year.
Revenue decreased by 29% to $982 million compared to Q3 2022, with a 29% organic decline.
Consolidated GAAP net loss was $4 million, a 103% decrease compared to Q3 2022.
Adjusted EBITDA decreased by 33% to $175 million compared to Q3 2022.
Adjusted earnings per diluted share were $0.44, a 64% decrease compared to Q3 2022.
Forward Guidance
FMC is forecasting full-year 2023 revenue to be in the range of $4.48 billion to $4.72 billion, full-year adjusted EBITDA is expected to be in the range of $0.97 billion to $1.03 billion, and adjusted earnings range is lowered to $3.57 to $4.13 per diluted share.
Positive Outlook
- Full-year 2023 revenue to be in the range of $4.48 billion to $4.72 billion.
- Full-year adjusted EBITDA is expected to be in the range of $0.97 billion to $1.03 billion.
- Adjusted earnings range is lowered to $3.57 to $4.13 per diluted share.
- Fourth quarter revenue is expected to be in the range of $1.14 billion to $1.38 billion.
- Adjusted EBITDA is forecasted to be in the range of $246 million to $306 million.
Challenges Ahead
- Full-year 2023 revenue reflects a 21 percent decline at the midpoint versus 2022.
- Full-year adjusted EBITDA represents 29 percent decline year-over-year at the midpoint.
- The forecast for the 2023 adjusted earnings range represents a year-over-year decrease of 48 percent at the midpoint.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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