FMC (US:FMC)2025-10-29 20:38Revenue 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]