FMC Q3 Earnings Increase, Sales Decline on Lower Prices

Core Insights - FMC Corporation reported a loss of $4.52 per share for Q3 2025, a significant decline from earnings of 52 cents in the same quarter last year. Adjusted earnings per share were 89 cents, up from 69 cents year-over-year. Revenues fell to $542 million, down approximately 49% from the previous year [1][9]. Revenue Performance - The decrease in revenues was primarily due to one-time commercial actions in India related to the business's positioning for sale. Excluding these actions, revenues still declined by 10% year-over-year, driven by a 6% decrease in pricing linked to specific "cost-plus" contracts and increased competition affecting core portfolio volumes [2]. Regional Sales Performance - In North America, sales increased by 4% year-over-year to $244 million, driven by price gains in branded products and higher volumes, surpassing the consensus estimate of $225 million [3]. - Latin American sales decreased by 8% year-over-year to $463 million, impacted by generic competition and a decline in branded product prices, missing the consensus estimate of $516 million [4]. - In Asia (excluding India), revenues fell by 47% year-over-year to $99 million due to lower pricing and reduced volumes, missing the consensus estimate of $153 million [4]. - EMEA saw an 11% year-over-year sales increase to $155 million, fueled by significant volume increases in the growth portfolio, although it lagged behind the consensus estimate of $158 million [5]. Financial Overview - At the end of the quarter, FMC had cash and cash equivalents of $497.7 million, with long-term debt amounting to $3,270.5 million [6]. Q4 Guidance - FMC expects Q4 revenues (excluding India) to range between $1.12 billion and $1.22 billion, indicating a 4% decline at the midpoint compared to 2024. Adjusted EBITDA is forecasted between $265 million and $305 million, reflecting a 16% decline at the midpoint. Adjusted earnings per share are projected to be between $1.14 and $1.36, indicating a 30% year-over-year decrease at the midpoint [7]. Stock Performance - FMC's shares have decreased by 53.9% over the past year, contrasting with a 5.8% decline in the industry [8].