FMC (US:FMC)2024-05-06 20:34Financial Performance - First quarter 2024 revenue was $918 million, down 32% compared to Q1 2023, with an organic decline of 31%[3] - The company reported a GAAP net loss of $3 million, a decrease of 102% versus Q1 2023, and adjusted earnings per diluted share of $0.36, down 80% year-over-year[4] - Adjusted EBITDA for Q1 2024 was $161 million, a decrease of 56% from the prior year, primarily due to lower volume and price headwinds[7] - North America sales declined 48%, while Latin America revenue decreased by 20%, and Asia sales fell 29% due to lower volumes[6] - Revenue for the three months ended March 31, 2024, was $918.0 million, a decrease of 32% compared to $1,344.3 million in the same period of 2023[22] - Gross margin decreased to $339.7 million in Q1 2024 from $581.3 million in Q1 2023, reflecting a significant decline in profitability[22] - Income from continuing operations before income taxes was $8.0 million in Q1 2024, down from $248.5 million in Q1 2023, indicating a substantial drop in operational performance[22] - Net loss attributable to FMC stockholders was $2.7 million in Q1 2024, compared to a net income of $196.0 million in Q1 2023[22] - Adjusted after-tax earnings from continuing operations attributable to FMC stockholders (Non-GAAP) were $45.4 million in Q1 2024, down from $223.1 million in Q1 2023[25] - Organic revenue change (Non-GAAP) for Q1 2024 was a decline of 31%, excluding a 1% negative impact from foreign currency fluctuations[36] - Basic earnings (loss) per common share attributable to FMC stockholders was $(0.02) in Q1 2024, compared to $1.56 in Q1 2023, reflecting a significant decline in earnings per share[22] Outlook and Projections - FMC maintains its full-year revenue outlook of $4.50 billion to $4.70 billion, reflecting a 2.5% growth at the midpoint compared to 2023[9] - The adjusted EBITDA outlook for the full year remains unchanged at $900 million to $1.05 billion, essentially flat at the midpoint versus 2023[9] - Free cash flow outlook for 2024 is unchanged at $400 million to $600 million, representing over $1 billion in year-over-year improvement at the midpoint[9] - Second quarter revenue is expected to be between $1.00 billion and $1.15 billion, indicating a 6% increase at the midpoint compared to Q2 2023[10] - The company anticipates a 23% increase in second-half sales and a 91% increase in second-half adjusted EPS compared to the same period last year[11] - FMC expects volume growth in all regions outside of Asia for the second quarter, driven by new product contributions[13] Cash Flow and Investments - Free cash flow (Non-GAAP) for Q1 2024 was a negative $187.8 million, compared to a negative $915.2 million in Q1 2023, indicating an improvement in cash flow management[33] - Capital additions and other investing activities totaled $23.4 million in Q1 2024, significantly lower than $51.3 million in Q1 2023[22] - Cash provided by financing activities of continuing operations was $305.7 million for the three months ended March 31, 2024[41] Balance Sheet and Equity - Total debt increased to $4,335.7 million as of March 31, 2024, compared to $4,212.6 million on December 31, 2023[37] - Total current assets amounted to $5,198.0 million as of March 31, 2024, compared to $5,129.1 million at the end of 2023[40] - Total liabilities and equity stood at $11,978.4 million as of March 31, 2024, consistent with the previous quarter[40] - Inventories decreased to $1,587.1 million as of March 31, 2024, from $1,724.6 million at the end of 2023[40] - Total FMC stockholders' equity increased to $4,311.5 million as of March 31, 2024, from $3,470.7 million a year earlier[37] - Cash and cash equivalents increased to $417.8 million at the end of Q1 2024, up from $302.4 million at the beginning of the period[41] - Operating activities of continuing operations required cash of $142.9 million for the three months ended March 31, 2024, compared to $851.3 million for the same period in 2023[41] Restructuring and Charges - Restructuring and other charges (income) amounted to $40.9 million in Q1 2024, primarily related to the global restructuring plan "Project Focus"[26] - ROIC (using Non-GAAP numerator) was reported at 6.22%[37]