FMC (US:FMC) ZACKSยท2024-08-30 16:37Core Insights - FMC Corp reported strong earnings for Q2 2024, with earnings per share of $2.35, significantly up from 24 cents in the same quarter last year, and adjusted earnings of 63 cents, surpassing estimates [2] - Revenues reached approximately $1.04 billion, a 2% increase year-over-year, driven by a 14% rise in sales volumes, despite a 10% decline in prices and a 2% currency headwind [2] - The company has 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 [5] Financial Performance - FMC's cash and cash equivalents stood at $471.5 million, reflecting a 13% sequential increase, while long-term debt remained stable at approximately $3.03 billion [4] - The company forecasts third-quarter revenues between $1 billion and $1.09 billion, suggesting a 6% increase at the midpoint compared to Q3 2023 [5] Regional Sales Performance - North America saw a 24% year-over-year sales increase to $339 million, exceeding the consensus estimate [3] - Latin America reported a 14% increase in sales to $307 million, primarily driven by higher volumes in Brazil, also beating estimates [3] - In contrast, Asia experienced a 28% decline in revenues to $191 million, falling short of expectations due to lower volumes in India [3] Guidance and Estimates - Adjusted EBITDA for 2024 is expected to range from $880 million to $940 million, indicating a 7% decline at the midpoint compared to the previous year [5] - Adjusted earnings per share are forecasted between $3.02 and $3.64, reflecting a 12% year-over-year decline at the midpoint [5] - Consensus estimates have trended downward, with a notable shift of -28.66% in the past month [7] VGM Scores - FMC holds an average Growth Score of C, a Momentum Score of F, and a Value Score of C, placing it in the middle 20% for investment strategy [8]