FMC's Earnings and Revenues Surpass Estimates in Q2

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]