FMC (US:FMC)2025-04-30 20:47Financial Performance - First quarter 2025 revenue was $791 million, down 14% compared to Q1 2024, and down 10% organically[3] - The company reported a GAAP net loss of $16 million, a decline of $13 million versus Q1 2024, with adjusted earnings per diluted share of $0.18, down 50% year-over-year[4] - Adjusted EBITDA for Q1 2025 was $120 million, a decrease of 25% from the prior year, driven by lower pricing and reduced volume[4] - North America sales declined 28%, while Latin America sales grew 10%, and Asia saw a 24% revenue decline[6] - The full-year revenue outlook is maintained at $4.15 billion to $4.35 billion, essentially flat at the midpoint compared to the prior year[4] - Second quarter revenue is expected to range from $940 million to $1.10 billion, reflecting a 2% decline at the midpoint compared to Q2 2024[9] - The company anticipates a 7% increase in second-half sales compared to the same period last year, driven by growth in its portfolio and new market routes[9] - Adjusted EBITDA guidance for the full year is set at $870 million to $950 million, reflecting a 1% increase at the midpoint versus the prior year[4] - The company expects adjusted earnings per diluted share in Q2 to be between $0.52 and $0.68, representing a 5% decrease at the midpoint compared to Q2 2024[9] Cash Flow and Liquidity - Free cash flow forecast remains at $200 million to $400 million, indicating a 51% decline at the midpoint from the previous year[4] - Free cash flow for Q1 2025 was $(595.7) million, significantly lower than $(187.8) million in Q1 2024, indicating increased cash requirements[32] - Cash provided by operating activities of continuing operations was $(545.0) million in Q1 2025, a significant decline compared to $(142.9) million in Q1 2024[42] - Cash and cash equivalents decreased to $315.3 million at the end of Q1 2025 from $357.3 million at the beginning of the period, a decline of 11.8%[42] - Cash provided by financing activities of continuing operations was $552.1 million in Q1 2025, an increase from $305.7 million in Q1 2024[42] - The company reported a cash outflow from investing activities of $(38.0) million in Q1 2025, compared to $(23.7) million in Q1 2024[42] Debt and Equity - Total debt as of March 31, 2025, was $4,003.5 million, down from $4,335.7 million a year earlier, showing a reduction in leverage[37] - Long-term debt remained stable at approximately $3,027.7 million in Q1 2025, compared to $3,027.9 million in Q4 2024[40] - The equity of the company decreased to $4,411.6 million in Q1 2025 from $4,508.8 million in Q4 2024, a decline of 2.2%[40] Operational Efficiency - Adjusted after-tax earnings from continuing operations for Q1 2025 were $22.4 million, down from $45.4 million in Q1 2024, indicating a decrease of 50.7%[22] - Adjusted ROIC for the twelve months ended March 31, 2025, was 7.16%, compared to 3.85% using GAAP net income, indicating improved capital efficiency[37] - Restructuring charges for Q1 2025 amounted to $17.8 million, down from $40.9 million in Q1 2024, reflecting a decrease in restructuring activities[22] - Interest expense for Q1 2025 was $50.1 million, compared to $61.7 million in Q1 2024, indicating a reduction in financing costs[31] Assets and Liabilities - Total current assets increased to $5,077.6 million in Q1 2025 from $4,958.3 million in Q4 2024, representing a growth of 2.4%[40] - Total liabilities increased to $7,003.8 million in Q1 2025 from $6,144.5 million in Q4 2024, reflecting a rise of 14%[40] - The total assets of the company increased to $11,800.9 million in Q1 2025 from $11,653.3 million in Q4 2024, a growth of 1.3%[40] Inventory Management - Inventories rose to $1,374.4 million in Q1 2025, up from $1,201.6 million in Q4 2024, indicating an increase of 14.4%[40] Shareholder Information - The average number of shares outstanding for diluted adjusted after-tax earnings per share in Q1 2025 was 125.5 million, slightly up from 125.2 million in Q1 2024[23] - Tax adjustments for Q1 2025 totaled $14.3 million, with significant contributions from foreign currency remeasurement and other discrete items[27]