Financial Data and Key Metrics Changes - The company reported third quarter GAAP net sales of $542 million, a 49% decrease year-over-year, primarily due to significant long-term actions taken in India [4][16] - Adjusted EBITDA was $236 million, reflecting a 17% increase year-over-year on an as-reported basis and a 23% increase on a like-for-like basis [9] - Adjusted EPS was $0.89, up 30% from the prior year, driven by higher adjusted EBITDA [9] Business Line Data and Key Metrics Changes - Excluding India, third quarter revenue was $961 million, down 4% year-over-year on a like-for-like basis, driven by a 6% price decline [5] - The company's growth portfolio increased by mid-single digits, with sales of new active ingredients nearly doubling compared to the prior year [5] - Sales in Latin America lagged by 8% year-over-year, attributed to low liquidity and pricing pressure from generics [6][8] Market Data and Key Metrics Changes - The market landscape in Latin America is challenging due to constrained credit for customers in Brazil and Argentina and increased competition from generics [3][6] - Sales improved in North America and EMEA, driven by higher volumes, including contributions from the recent launch of Isoflex™ Active in Great Britain [8] - The company observed generic pressure in Asia and to a lesser extent in North America and EMEA [8] Company Strategy and Development Direction - The company is focusing on being a pure play agricultural sciences company and has a strong pipeline of innovative technologies [3] - A strategic review of the manufacturing footprint is underway to transition production to lower-cost sources [13] - The company aims to become cost-competitive while growing a portfolio of IP-protected products that command higher margins [14] Management's Comments on Operating Environment and Future Outlook - Management expects the challenging conditions observed in Q3 to continue into Q4, with anticipated sales excluding India in the range of $1.12 billion to $1.22 billion [10] - The company is adjusting its full-year guidance to reflect lower sales and EBITDA expectations, with revenue now expected between $3.92 billion and $4.02 billion [11] - Management acknowledges the need for a disciplined approach to cost control and pricing to navigate the current market challenges [9][12] Other Important Information - Free cash flow guidance has been lowered to a range of negative $200 million to $0, driven by lower cash from operations [12][23] - The company has initiated a significant reduction in its quarterly dividend, which will reduce the funding need for the dividend by $250 million in 2026 [24] - The company is taking immediate actions to amend financial covenants to provide additional flexibility [24] Q&A Session Summary Question: Can you talk about the buckets of what's eating up that cash flow? - Management indicated that the primary issue is lower sales leading to reduced collections, compounded by liquidity constraints affecting cash sales [32][34] Question: What do you expect the sale price for the India business might be? - The estimated value of the India business is about $450 million, with strong interest from local and international companies [40][41] Question: How do you remain committed to the investment-grade rating? - Management is focused on reducing cash use for dividends to allow for debt repayment and restructuring costs, aiming to return to healthier metrics over time [49][50] Question: How much of your portfolio is reassessing production costs? - The company is starting to reassess its manufacturing portfolio, with some products being candidates for relocation to lower-cost sources [70] Question: Are you considering partnerships or acquisitions? - Management believes partnerships will be increasingly important, especially in technology, but is not currently considering selling any active ingredients close to commercialization [79][97]

Q3 2025 Financial Performance - GAAP Revenue decreased by 49% from Q3 2024, reaching $542 million[8] - Revenue excluding India decreased by 10%, amounting to $961 million[8] - GAAP Net Income experienced a significant decline of $(634) million, resulting in a loss of $(569) million[8] - Adjusted EBITDA increased by 17% to $236 million, representing 246% of revenue excluding India[8] - Adjusted EPS increased by 30% to $089[8] Regional Revenue Drivers - Lower revenue excluding India was primarily driven by lower pricing[12] - North America revenue was $463 million, a decrease of 8% year-over-year (or -9% excluding FX)[17] - Latin America revenue was $244 million, a decrease of 4% year-over-year[17] - Asia revenue decreased by 47% year-over-year (or -46% excluding FX) to $99 million[17] - EMEA revenue increased by 11% year-over-year (or 7% excluding FX) to $155 million[17] Q4 2025 Financial Outlook - Revenue is projected to be between $112 billion and $122 billion, a decrease of 4% year-over-year[26] - Adjusted EBITDA is expected to be between $265 million and $305 million, a decrease of 16% year-over-year[26] - Adjusted EPS is projected to be between $114 and $136, a decrease of 30% year-over-year[26] FY 2025 Financial Outlook - Revenue is projected to be between $392 billion and $402 billion, a decrease of 7% year-over-year[28] - Adjusted EBITDA is expected to be between $830 million and $870 million, a decrease of 6% year-over-year[28] - Adjusted EPS is projected to be between $292 and $314, a decrease of 13% year-over-year[28] Cash Flow - Free Cash Flow (FCF) was $(233) million in Q3 2025, a decrease of $(365) million compared to Q3 2024[30] - The company expects Free Cash Flow to be between $(200) million and $0 million for FY 2025[30]

Core Insights - Premarket trading is showing notable activity with significant price movements indicating potential trading opportunities before the market opens [1] Premarket Gainers - Cambium Networks Corporation (CMBM) is up 134% at $6.92 [3] - VCI Global Limited (VCIG) is up 119% at $3.95 [3] - ARB IOT Group Limited (ARBB) is up 29% at $7.78 [3] - VivoSim Labs, Inc. (VIVS) is up 28% at $2.96 [3] - Guardant Health, Inc. (GH) is up 27% at $91.88 [3] - Tectonic Therapeutic, Inc. (TECX) is up 22% at $22.84 [3] - Metsera, Inc. (MTSR) is up 19% at $62.25 [3] - GeoPark Limited (GPRK) is up 18% at $7.84 [3] - Align Technology, Inc. (ALGN) is up 14% at $151.20 [3] - FormFactor, Inc. (FORM) is up 14% at $54.50 [3] Premarket Losers - FMC Corporation (FMC) is down 29% at $20.60 [4] - Sprouts Farmers Market, Inc. (SFM) is down 23% at $79.80 [4] - Veru Inc. (VERU) is down 22% at $2.71 [4] - Wolfspeed, Inc. (WOLF) is down 20% at $25.28 [4] - Chipotle Mexican Grill, Inc. (CMG) is down 17% at $32.86 [4] - Intellia Therapeutics, Inc. (NTLA) is down 15% at $11.06 [4] - TransMedics Group, Inc. (TMDX) is down 10% at $120.48 [4] - eBay Inc. (EBAY) is down 8% at $90.98 [4] - CPS Technologies Corporation (CPSH) is down 8% at $4.00 [4] - Carvana Co. (CVNA) is down 7% at $328.00 [4]

Group 1 - VCI Global Ltd (NASDAQ:VCIG) shares experienced a significant surge of 87.78% in after-hours trading, closing at $3.38 after a regular session decline of 10% to $1.80 [1][2] - The company plans to launch the XVIQ token, a digital asset aimed at supporting AI infrastructure, GPU cloud computing, and real-world asset ecosystems, with its subsidiary, Smart Bridge Technologies Limited, as the exclusive issuer [2][4] - The expected launch of the XVIQ token is set for the first quarter of 2026 [2] Group 2 - Smart Bridge's revenue model includes transaction fees from token issuance and settlements, treasury management returns from reserve allocations and staking programs, and ecosystem utility fees from GPU cloud services and real-world asset tokenization solutions [3] - CEO Henry Chai emphasized the importance of this initiative, stating it marks a pivotal step for Smart Bridge in preparing to launch and manage the XVIQ ecosystem [4] - VCI Global reported first-half earnings of $18.7 million in revenue and $57.08 in earnings per share, although the stock is down 99.82% year to date, with a market capitalization of $2.27 million [4]

Core Insights - FMC Corporation's shares dropped significantly following a $510 million write-down on its India commercial business and a dividend cut [1][2] Financial Performance - The company reported a GAAP net loss of $569.3 million, or $4.52 per diluted share, in Q3, compared to a net income of $65 million in the same quarter last year [2] - Revenue for Q3 was $542 million, down 49% year-over-year, primarily due to one-time commercial actions in India [4] - Excluding India, revenue fell 4% on a like-for-like basis, with pricing dropping 6% due to cost-plus contract adjustments and increased competition [4] Business Write-Down Details - The India business was previously valued at approximately $960 million but was written down to an estimated fair value of $450 million [3] - The formal impairment charge was about $227 million, along with pre-sale commercial adjustments of approximately $282 million [3] Guidance Adjustments - Full-year revenue guidance was reduced by 7% to a range of $3.92 billion to $4.02 billion [5] - Adjusted EBITDA forecast was lowered by 6% to a range of $830 million to $870 million [5] - Free cash flow guidance was adjusted to a range of zero to negative $200 million [6] Dividend and Leadership Changes - The quarterly dividend was reduced to $0.08 per share to prioritize cash generation and debt reduction [7] - President Ronaldo Pereira will step down effective December 15, with an advisory role until then [7][8] Regional Performance - Year-over-year performance varied by region: North America +4%, Latin America -8%, Asia (excluding India) -47% [10] - Adjusted EPS rose 30% to 89 cents compared to the same quarter last year [10] Stock Performance - The stock is down 40.42% year-to-date, with a market capitalization of $3.63 billion [11]

Revenue Performance - Revenue for Q3 2025 was $542 million, down 49% compared to Q3 2024, primarily due to one-time commercial actions in India[3] - For Q3 2025, revenue is forecasted to be $542.2 million, a decrease from $1,065.4 million in Q3 2024, representing a decline of approximately 49.1%[30] - Total revenue for the three months ended September 30, 2025, was $542.2 million, a decrease of 49% compared to the same period in 2024[57] - Revenue excluding the India commercial business (Non-GAAP) for the three months ended September 30, 2025, was $961.3 million, down 10% year-over-year[60] - Organic revenue change (Non-GAAP) for the three months ended September 30, 2025, was a decline of 11% compared to the same period in 2024[60] Financial Metrics - Adjusted EBITDA for Q3 2025 was $236 million, an increase of 17% versus Q3 2024[3] - Adjusted earnings per diluted share were $0.89, up 30% compared to Q3 2024[3] - Adjusted after-tax earnings from continuing operations attributable to FMC stockholders (non-GAAP) for Q3 2025 are $112.4 million, compared to $87.2 million in Q3 2024, an increase of approximately 28.5%[33] - Adjusted EBITDA outlook for the full year is lowered to $830 million to $870 million, a decline of 6% at the midpoint versus prior year[3] - The adjusted return on invested capital (ROIC) using Non-GAAP numerator was 7.60% for the twelve months ended September 30, 2025[64] Loss and Charges - Consolidated GAAP net loss was $569 million, a decline of $634 million compared to Q3 2024, mainly driven by charges related to the India business[3] - Net loss attributable to FMC stockholders for Q3 2025 is $569.3 million, compared to a net income of $65.0 million in Q3 2024, reflecting a significant decline[30] - Restructuring and other charges for Q3 2025 amount to $294.5 million, compared to $22.6 million in Q3 2024, indicating a substantial increase due to ongoing restructuring efforts[30] - The company recorded $509.6 million in charges related to the India held for sale business, which included one-time commercial actions and an asset impairment charge[50] - For the nine months ended September 30, 2025, the company reported a net loss of $516.4 million, compared to a net income of $357.7 million for the same period in 2024[47] Cash Flow and Investments - Free cash flow forecast is lowered to negative $200 million to $0, reflecting a decline of $714 million at the midpoint from prior year[3] - Free cash flow for the nine months ended September 30, 2025, was $(788.5) million, compared to $224.7 million in 2024[53] - Cash provided by operating activities of continuing operations for the nine months ended September 30, 2025, was a negative $663.3 million[70] - The company reported an increase in cash and cash equivalents to $497.7 million as of September 30, 2025, from $357.3 million at the beginning of the period[70] - Capital additions and other investing activities for Q3 2025 total $24.3 million, up from $13.7 million in Q3 2024, representing an increase of approximately 77.5%[30] Business Strategy and Outlook - Full-year revenue outlook is lowered to $3.92 billion to $4.02 billion, a decrease of 7% at the midpoint versus prior year[3] - The India commercial business is being positioned for sale, with an estimated fair value of $450 million after a write-down of approximately $510 million[10] - The company initiated a plan to divest from its commercial business in India, with the sale process expected to conclude within the next twelve months[40] - The company is unable to provide GAAP revenue forecasts due to uncertainties related to the India held for sale business and potential restructuring actions[28] - Adjusted EBITDA and free cash flow forecasts are provided, but GAAP measures remain unpredictable due to various restructuring and acquisition charges[28] Tax and Legal Matters - The income tax expense for corporate special charges included a $34.5 million reduction in the legal reserve due to a decrease in outstanding cases[44] - The company recorded a net tax benefit of approximately $300 million in the nine months ended September 30, 2024, due to changes in its corporate entity structure[46] Assets and Liabilities - Total current assets increased to $5,567.3 million as of September 30, 2025, compared to $4,958.3 million at the end of 2024[67] - Total debt as of September 30, 2025, was $4,542.2 million, up from $4,070.0 million at the end of 2024[64] - The net assets related to the India commercial business classified as held for sale were valued at $450.0 million as of September 30, 2025[68]

Core Points - Ronaldo Pereira, president of FMC Corporation, will step down effective December 15, 2025, after 28 years with the company [1][2] - The decision for Pereira's departure was made by mutual agreement with Pierre Brondeau, chairman and CEO [1][2] - Pereira will assist in an advisory role until his departure to ensure a smooth transition [2] Company Overview - FMC Corporation is a global agricultural sciences company focused on providing solutions for food, feed, fiber, and fuel production [3] - The company emphasizes innovative crop protection solutions, including biologicals, crop nutrition, and digital agriculture [3] - FMC is committed to developing new active ingredients and technologies that are environmentally friendly [3]

Core Insights - The materials sector has several oversold stocks, presenting potential buying opportunities for undervalued companies [1] - The Relative Strength Index (RSI) is a key indicator for identifying oversold conditions, with a value below 30 indicating potential buying opportunities [1] Company Summaries - **FMC Corp (NYSE:FMC)**: - Current RSI Value: 22.7 - Recent Price Action: Shares fell 2.5% to close at $30.34 - Stock Performance: Fell around 18% over the past month, with a 52-week low of $30.15 - Analyst Ratings: UBS and Citigroup maintained a Neutral rating, lowering price targets from $44 to $36 and $42 to $34 respectively [8] - **Corteva Inc (NYSE:CTVA)**: - Current RSI Value: 29.8 - Recent Price Action: Shares fell 3.8% to close at $63.11 - Stock Performance: Fell around 13% over the past month, with a 52-week low of $53.40 - Analyst Ratings: Mizuho maintained an Outperform rating, lowering the price target from $85 to $78 [8] - **Graphic Packaging Holding Co (NYSE:GPK)**: - Current RSI Value: 25.9 - Recent Price Action: Shares fell 1% to close at $18.79 - Stock Performance: Fell around 9% over the past month, with a 52-week low of $18.76 - Analyst Ratings: UBS and Citigroup maintained a Neutral rating, lowering price targets from $24 to $20 and $23 to $21 respectively [8]

Core Insights - The materials sector has several oversold stocks that present potential buying opportunities for undervalued companies [1][2] Group 1: Oversold Stocks - FMC Corp (NYSE:FMC) has an RSI of 22.7, with a recent stock price of $30.34, down 18% over the past month, and a 52-week low of $30.15 [8] - Corteva Inc (NYSE:CTVA) has an RSI of 29.8, with a recent stock price of $63.11, down 13% over the past month, and a 52-week low of $53.40 [8] - Graphic Packaging Holding Co (NYSE:GPK) has an RSI of 25.9, with a recent stock price of $18.79, down 9% over the past month, and a 52-week low of $18.76 [8]

Core Viewpoint - Bragar Eagel & Squire, P.C. is investigating potential claims against FMC Corporation due to a class action complaint alleging breaches of fiduciary duties by the board of directors during the specified Class Period [1] Summary by Sections Class Action Complaint - The class action complaint alleges that FMC Corporation made materially false and misleading statements and failed to disclose adverse facts about its business and operations during the Class Period from November 16, 2023, to February 4, 2025 [2] - Specific allegations include: 1. The company's channel management initiatives were not progressing as represented 2. The company chose not to compete on prices due to pricing pressure, leading to missed sales opportunities 3. There was inflated inventory in channels across LATAM, Asia, Canada, and Eastern Europe 4. Positive statements made by the defendants regarding the company's business lacked a reasonable basis and were materially misleading [2] Next Steps for Shareholders - Long-term stockholders of FMC Corporation are encouraged to reach out for more information regarding the claims or any questions about their rights or interests [3] About the Law Firm - Bragar Eagel & Squire, P.C. is a law firm recognized nationally, representing investors in various complex litigations across state and federal courts [4] Contact Information - Shareholders can contact the firm via email or phone for inquiries related to the investigation [6]