Did you analyze how FMC (FMC) fared in its international operations for the quarter ending June 2024? Given the widespread global presence of this chemical producer, scrutinizing the trends in international revenues becomes imperative to assess its financial strength and future growth possibilities.The global economy today is deeply interlinked, making a company's engagement with international markets a critical factor in determining its financial success and growth path. It has become essential for investo ...

FMC (FMC) reported $1.04 billion in revenue for the quarter ended June 2024, representing a year-over-year increase of 2.4%. EPS of $0.63 for the same period compares to $0.50 a year ago.The reported revenue represents a surprise of +4.33% over the Zacks Consensus Estimate of $995.3 million. With the consensus EPS estimate being $0.50, the EPS surprise was +26.00%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next ...

[Part I - Financial Information](index=3&type=section&id=Part%20I%20-%20FINANCIAL%20INFORMATION) This section provides a comprehensive overview of the company's financial performance and position for the reporting period [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements, including income, balance sheets, and cash flows, highlighting a significant net income increase due to a tax benefit and the classification of the GSS business as held for sale [Consolidated Statements of Income (Loss)](index=3&type=section&id=Consolidated%20Statements%20of%20Income%20%28Loss%29) Consolidated Statements of Income (Loss) (in Millions, Except Per Share Data) | (in Millions, Except Per Share Data) | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | $1,038.4 | $1,014.5 | $1,956.4 | $2,358.8 | | **Gross margin** | $398.1 | $432.8 | $737.8 | $1,014.1 | | **Income (loss) from continuing operations** | $298.0 | $53.9 | $307.4 | $261.3 | | **Net income (loss)** | $295.2 | $32.4 | $292.1 | $228.3 | | **Diluted EPS** | $2.35 | $0.24 | $2.33 | $1.80 | [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheets (in Millions) | (in Millions) | June 30, 2024 (unaudited) | December 31, 2023 | | :--- | :--- | :--- | | **Total current assets** | $5,210.2 | $5,129.1 | | **Total assets** | $12,130.7 | $11,926.2 | | **Total current liabilities** | $3,523.1 | $3,384.6 | | **Total liabilities** | $7,750.0 | $7,492.8 | | **Total equity** | $4,580.7 | $4,433.4 | - Cash and cash equivalents increased to **$471.5 million** from **$302.4 million** at year-end 2023, while inventories decreased from **$1,724.6 million** to **$1,435.0 million**[15](index=15&type=chunk) [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Consolidated Statements of Cash Flows (in Millions) | (in Millions) | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | **Cash provided (required) by operating activities** | $130.4 | $(746.7) | | **Cash provided (required) by investing activities** | $(39.6) | $(78.5) | | **Cash provided (required) by financing activities** | $84.7 | $1,194.6 | | **Increase (decrease) in cash and cash equivalents** | $169.1 | $369.5 | - Cash from operating activities of continuing operations improved significantly to **$149.3 million** in H1 2024 from a use of **$(719.8) million** in H1 2023, mainly due to better working capital management, especially inventory reduction[17](index=17&type=chunk) [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements%20%28unaudited%29) - The Global Specialty Solutions (GSS) business was classified as held for sale, with a definitive agreement signed on July 11, 2024, to sell the business for **$350 million**[33](index=33&type=chunk) - The company initiated a global restructuring plan, "Project Focus," incurring **$117.5 million** in charges in the first six months of 2024, including a **$53.3 million** asset write-off from terminating a third-party manufacturing contract[89](index=89&type=chunk)[90](index=90&type=chunk) - A net tax benefit of approximately **$300 million** was recorded in Q2 2024, resulting from a step-up in the tax basis of certain intellectual property transferred to the company's Swiss subsidiary as part of establishing a new global technology center[151](index=151&type=chunk) - As of June 30, 2024, the company was in compliance with its debt covenants, with a leverage ratio of **5.35** (below the maximum of 6.50) and an interest coverage ratio of **3.13** (above the minimum of 2.50)[107](index=107&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=34&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 2024 revenue growth driven by volume recovery, the "Project Focus" restructuring, updated full-year outlook, and a significant tax benefit, alongside liquidity and capital resource management [Overview](index=35&type=section&id=OVERVIEW) - Q2 2024 revenue increased **2% YoY** to **$1,038.4 million**, with demand improving and sales volume increasing, particularly in the United States and Brazil[205](index=205&type=chunk) - The company initiated a global restructuring plan, "Project Focus," to right-size its cost base and optimize its structure[205](index=205&type=chunk) - A definitive agreement was signed to sell the Global Specialty Solutions (GSS) business for **$350 million**[205](index=205&type=chunk) - The full-year 2024 outlook was updated, with revenue now expected to be **$4.30 billion to $4.50 billion** and adjusted EBITDA between **$880 million and $940 million**[206](index=206&type=chunk) [Results of Operations](index=37&type=section&id=RESULTS%20OF%20OPERATIONS) Revenue Change (YoY) | Revenue Change (YoY) | Q2 2024 | H1 2024 | | :--- | :--- | :--- | | **Total Revenue Change (GAAP)** | 2% | (17)% | | **Foreign Currency Impact** | (2)% | (1)% | | **Organic Revenue Change (Non-GAAP)** | 4% | (16)% | - Q2 revenue growth was driven by a **14% volume increase**, partially offset by a **10% decrease** from unfavorable pricing actions and a **2% foreign currency headwind**[216](index=216&type=chunk) - Gross margin percentage fell to approximately **38%** in Q2 2024 from **43%** in Q2 2023, primarily due to product mix and lower prices[225](index=225&type=chunk) - SG&A and R&D expenses decreased by **20%** and **13%** respectively in Q2 2024 YoY, due to cost reduction measures from the Project Focus initiative[227](index=227&type=chunk)[229](index=229&type=chunk) - A net tax benefit of approximately **$300 million** was recorded in Q2 2024 due to corporate structure changes related to establishing a global technology and innovation center in Switzerland[246](index=246&type=chunk)[247](index=247&type=chunk) [Liquidity and Capital Resources](index=45&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) - Cash from continuing operations was **$149.3 million** for H1 2024, a significant improvement from a **$(719.8) million** use of cash in H1 2023, mainly due to better working capital management, especially inventory reduction[269](index=269&type=chunk) - The company expects 2024 free cash flow (Non-GAAP) to be in the range of **$400 million to $500 million**, a significant increase year-over-year[290](index=290&type=chunk) - Total debt increased to **$4,179.1 million** at June 30, 2024, from **$3,957.6 million** at year-end 2023[263](index=263&type=chunk) - Share repurchases under the publicly announced program are suspended until September 30, 2025, per a credit agreement amendment, with **$825 million** remaining authorized[302](index=302&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=52&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages market risks from commodity prices, interest rates, and foreign currency fluctuations, with its debt portfolio primarily fixed-rate and significant foreign currency exposures - The company's debt portfolio at June 30, 2024, is composed of **75% fixed-rate** and **25% variable-rate debt**[318](index=318&type=chunk) - Based on the variable-rate debt portfolio, a **one percentage point increase** in interest rates would have increased gross interest expense by **$5.4 million** for the six months ended June 30, 2024[319](index=319&type=chunk) Net FX Position (in Millions) | (in Millions) | Net Position | Impact of 10% USD Strengthening | Impact of 10% USD Weakening | | :--- | :--- | :--- | :--- | | **Net FX Position at June 30, 2024** | $13.3 | $102.9 | $(102.9) | [Controls and Procedures](index=52&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2024, with no material changes in internal control over financial reporting during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of June 30, 2024[322](index=322&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[323](index=323&type=chunk) [Part II - Other Information](index=54&type=section&id=Part%20II%20-%20OTHER%20INFORMATION) This section covers various non-financial disclosures, including legal proceedings, risk factors, equity security transactions, and exhibits [Legal Proceedings](index=54&type=section&id=Item%201.%20Legal%20Proceedings) This section refers readers to Notes 11 and 18 of the financial statements and Item 5 of the report for updates on legal proceedings previously disclosed in the 2023 Form 10-K - For updates on legal proceedings, the report refers to Notes 11 (Environmental Obligations) and 18 (Guarantees, Commitments, and Contingencies) in the financial statements[332](index=332&type=chunk) [Risk Factors](index=54&type=section&id=Item%201A.%20Risk%20Factors) This section directs readers to the detailed risk factors discussed in the company's 2023 Annual Report on Form 10-K and other SEC filings, without introducing new risk factors - The report directs readers to the Risk Factors section of the 2023 Form 10-K for a comprehensive discussion of business and financial risks[333](index=333&type=chunk) [Issuer Purchases of Equity Securities](index=55&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company suspended share repurchases under its $1 billion program until September 2025 due to a credit agreement amendment, with $825 million remaining authorized - No shares were repurchased under the publicly announced program in Q2 2024[336](index=336&type=chunk)[339](index=339&type=chunk) - A credit agreement amendment restricts the company from making share repurchases (except for those related to equity compensation plans) until September 30, 2025[339](index=339&type=chunk) - As of June 30, 2024, **$825 million** remained available under the board-authorized repurchase program[339](index=339&type=chunk) [Other Information](index=55&type=section&id=Item%205.%20Other%20Information) During the second quarter of 2024, no directors or officers adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements - No directors or officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading plans during the three months ended June 30, 2024[340](index=340&type=chunk) [Exhibits](index=55&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the 10-Q report, including CEO and CFO certifications, an awareness letter from the auditor (KPMG LLP), and new employment and separation agreements related to the CEO transition - Filed exhibits include CEO and CFO certifications, an awareness letter from KPMG LLP, and agreements related to the CEO transition, such as an offer letter for Pierre R. Brondeau and a separation agreement for Mark A. Douglas[342](index=342&type=chunk)

Financial Data and Key Metrics Changes - Revenue increased by 2% with volume growth of 14%, driven by strategic pricing actions despite a 10% price decline due to competitive pressure and inventory adjustments [10][11][12] - EBITDA was $202 million, an 8% increase year-over-year, attributed to volume growth, cost benefits from restructuring, and favorable foreign exchange [14][15] - Full year revenue guidance was revised to $4.3 billion to $4.5 billion, reflecting a 2% decrease at the midpoint compared to the prior year [16][17] Business Line Data and Key Metrics Changes - North America sales rose 24%, primarily from volume growth in herbicides [12] - Latin America sales increased by 14%, with strong gains from new products [13] - Asia sales decreased by 28%, largely due to volume declines in India [13] Market Data and Key Metrics Changes - Channel inventories are normalizing, particularly in the Americas, which is expected to support revenue growth in Q3 and Q4 [7][8] - The company anticipates continued improvement in most geographies, except for India, where inventory issues are expected to persist until at least 2025 [16][17] Company Strategy and Development Direction - The company is focused on leveraging its Diamides portfolio and new product introductions to capitalize on demand recovery [8][39] - A restructuring program is expected to yield $75 million to $100 million in cost benefits for 2024, with a target of over $150 million in gross run rate savings by 2025 [15][27] - The company plans to maintain a disciplined approach to pricing and cost management while pursuing growth through innovation and new product launches [22][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand recovery and the company's ability to achieve growth targets for Q3 and Q4, despite challenges in certain markets [21][44] - The company believes it has reached the bottom of the cycle and expects a gradual recovery in demand, particularly in non-Asia regions by early 2025 [75] Other Important Information - The company announced the sale of its global specialty solutions business for $350 million, expected to close by year-end [15][27] - Free cash flow for Q2 was $280 million, a significant improvement from the prior year, with expectations of $400 million to $500 million for the full year [28][29] Q&A Session Summary Question: Insights on the cadence between Q3 and Q4 - Management highlighted improved visibility in Latin America and North America, with a significant portion of growth expected from new product introductions [49][52] Question: Cost side dynamics and expectations - Management noted that Q3 would experience headwinds from unabsorbed fixed costs, but Q4 is expected to see a more favorable cost environment [58][60] Question: Foreign exchange impact on revenue and EBITDA - Management clarified that while Q3 would see revenue headwinds from foreign exchange, Q4 would have a minor tailwind to EBITDA due to SG&A benefits [62] Question: Personnel changes and go-to-market strategy - Management confirmed no major personnel changes but emphasized the need for improved execution and marketing strategies, particularly for the Diamides franchise [65][66] Question: Industry cycle and pricing outlook - Management believes the industry has reached the bottom of the cycle and anticipates a recovery in pricing and demand starting in early 2025 [75]

Core Viewpoint - FMC Corporation reported significant earnings growth in Q2 2024, with earnings per share rising to $2.35 from 24 cents year-over-year, indicating strong operational performance despite challenges in pricing and currency [1] Financial Performance - Adjusted earnings per share were 63 cents, surpassing the Zacks Consensus Estimate of 50 cents [1] - Revenues reached $1,038.4 million, a 2% increase from the previous year, exceeding the consensus estimate of $995.3 million [1] - The revenue growth was driven by a 14% increase in sales volumes, although this was partially offset by a 10% decline in prices and a 2% negative impact from currency fluctuations [1] Regional Sales Performance - North America saw a 24% year-over-year sales increase to $339 million, outperforming the consensus estimate of $282.2 million [2] - Latin America experienced a 14% increase in sales to $307 million, primarily due to higher volumes in Brazil, exceeding the consensus estimate of $272.7 million [2] - Asia's revenues declined by 28% to $191 million, falling short of the consensus estimate of $228.9 million, mainly due to lower volumes in India [2] - EMEA reported a 3% decline in sales to $201 million, missing the consensus estimate of $214.9 million [2] Financial Position - The company had cash and cash equivalents of $471.5 million, reflecting a 13% sequential increase [3] - Long-term debt remained stable at $3,025.8 million [3] Guidance - FMC updated its full-year 2024 revenue outlook to between $4.30 billion and $4.50 billion, indicating a 2% decline at the midpoint compared to 2023 [4] - Adjusted EBITDA is expected to range from $880 million to $940 million, suggesting a 7% decline at the midpoint compared to the prior year [4] - Adjusted earnings are forecasted between $3.02 and $3.64 per share, reflecting a 12% year-over-year decline at the midpoint [4] - For Q3 2024, revenues are anticipated to be between $1 billion and $1.09 billion, indicating a 6% increase at the midpoint compared to Q3 2023 [4] - Adjusted EBITDA for Q3 is forecasted to be between $165 million and $195 million, representing a 3% rise year-over-year [4] - Adjusted earnings for Q3 are expected in the range of 39 to 67 cents, indicating a 20% increase at the midpoint compared to Q3 2023 [4] Price Performance - FMC's shares have declined by 37.1% over the past year, compared to a 9.1% decline in the industry [5]

Q2 2024 Earnings Presentation August 1, 2024 Q2 2024 Earnings Presentation FMC CORPORATION 1 Safe Harbor Statement Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain statements made in this presentation are forward-looking statements that are based on our current views and assumptions regarding future events, future business conditions and the outlook for our company based on currently available information. In some cases, you can identify these forward-looking stateme ...

FMC (FMC) came out with quarterly earnings of $0.63 per share, beating the Zacks Consensus Estimate of $0.50 per share. This compares to earnings of $0.50 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 26%. A quarter ago, it was expected that this chemical producer would post earnings of $0.35 per share when it actually produced earnings of $0.36, delivering a surprise of 2.86%.Over the last four quarters, the company has sur ...

FMC Corporation announces second quarter earnings at higher end of guidance range; updates full-year outlook Exhibit 99.1 FMC Corporation 2929 Walnut Street Philadelphia, PA 19104 USA 215.299.6000 fmc.com Media contact: Nicole Canning +1.215.299.5916 Nicole.Canning@fmc.com Investor Contact: Curt Brooks +1.215.299.6137 Curt.Brooks@fmc.com Volume growth and restructuring savings drive year-over-year earnings improvement Second Quarter 2024 Highlights Full-Year Outlook 2 PHILADELPHIA, July 31, 2024 – FMC Corpo ...

Core Viewpoint - FMC Corporation reported a year-over-year earnings improvement driven by volume growth and restructuring savings, despite facing pricing pressures and foreign currency impacts [1]. Financial Performance - Q2 2024 revenue reached $1.04 billion, a 2% increase compared to Q2 2023, with a 4% organic growth [2][4]. - Consolidated GAAP net income was $295 million, translating to $2.35 per diluted share, reflecting an 879% increase year-over-year due to tax incentives [2][4]. - Adjusted EBITDA for Q2 2024 was $202 million, an 8% increase from the previous year [2][4]. - Free cash flow improved to $280 million, up $187 million from Q2 2023 [2][4]. Revenue Outlook - The full-year revenue outlook has been updated to a range of $4.30 billion to $4.50 billion, indicating a 2% decline at the midpoint compared to 2023 [3][5]. - Adjusted EBITDA guidance for the full year is now projected between $880 million and $940 million, a 7% decline at the midpoint versus 2023 [3][5]. - Adjusted earnings per diluted share are expected to range from $3.02 to $3.64, reflecting a 12% decrease at the midpoint compared to the previous year [3][5]. Market Dynamics - Demand improved in Q2 2024, particularly in the U.S. and Brazil, with a 14% increase in volume year-over-year [2][4]. - North America sales surged by 24%, driven by higher volumes in herbicides and strong growth from new product introductions [2][4]. - Latin America saw a 14% revenue increase, primarily in Brazil, while Asia experienced a 28% decline due to lower volumes [2][4]. Future Expectations - For the second half of 2024, sales are expected to range from $2.34 billion to $2.54 billion, a 15% increase at the midpoint compared to the previous year [6][7]. - Adjusted EBITDA for the second half is forecasted to be between $518 million and $578 million, representing a 28% growth at the midpoint versus the second half of 2023 [6][7]. - The company anticipates continued demand recovery, albeit slower than initially expected, with restructuring actions supporting earnings growth [8].

PHILADELPHIA, July 19, 2024 /PRNewswire/ -- FMC Corporation (NYSE: FMC) announced today that its board of directors declared a regular quarterly dividend of 58 cents per share, payable on October 17, 2024, to shareholders of record as of the close of business on September 30, 2024.   About FMCFMC Corporation is a global agricultural sciences company dedicated to helping growers produce food, feed, fiber and fuel for an expanding world population while adapting to a changing environment. FMC's innovative cro ...