FMC Q3 2023 Earnings Report
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.
FMC
FMC
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.
- The company is lowering full-year free cash flow guidance to a range of negative $860 million to negative $640 million.
- Fourth quarter revenue represents a 22 percent decrease at the midpoint compared to fourth quarter 2022.