WASHINGTON
,
November 1, 2023
(press release)
–
Third quarter results significantly impacted by lower sales in
Third Quarter 2023 Highlights Revenue of
Consolidated GAAP net loss of
Adjusted EBITDA of
Consolidated GAAP loss of
Adjusted earnings per diluted share of
Full-Year Outlook/2 Revenue of
Adjusted EBITDA of
Lowers adjusted earnings per diluted share outlook to
Reduces free cash flow outlook to a range of negative
* * *
* * * Third Quarter Adjusted EPS versus
-
Adjusted EBITDA -
Interest Expense -
Depreciation & Amortization -
Minority Interest -
Taxes -
Share Count
* * * "Our results were significantly below the prior year driven by volume headwinds from a continuation of channel destocking behavior that began in the prior quarter. Destocking was much worse than anticipated in
Revenue in the quarter was driven by a 26 percent decline in volume. Price increases in
Sales in all regions declined versus the prior-year period as partners, the distribution channel and growers continued to reduce inventory levels. In
* * * FMC Revenue Q3 2023 Total Revenue Change (GAAP) (29%) Less FX Impact 0% Organic1 Revenue Change (Non-GAAP) (29%) * * * Third quarter adjusted EBITDA was
* * * Full-Year 2023 Outlook2 Consistent with the company's release on
* * * Fourth Quarter Outlook2 Fourth quarter revenue is expected to be in the range of
"The global crop protection market remains challenged with severe destocking across the channel impacting volume growth this year. In this environment, we are implementing a company-wide restructuring program to right-size our cost base. At the same time, we are continuing to invest in the development and launch of new products, which are growing and driving market share gains," said Douglas. * * * Full Year 2023 Outlook2 Q4 2023 Outlook2 Revenue
Growth at midpoint vs. 2022* -21% -22% Adjusted EBITDA
Growth at midpoint vs. 2022* -29% -36% Adjusted EPS^
Growth at midpoint vs. 2022* -48% -52% - Adjusted EPS estimates assume 125.7 million diluted shares for Q4 and full year. *Percentages are calculated using whole numbers. Minor differences may exist due to rounding. * * * Supplemental Information The company will post supplemental information on the web at https://investors.fmc.com, including its webcast slides for tomorrow's earnings call, definitions of non-GAAP terms and reconciliations of non-GAAP figures to the most directly comparable GAAP term. * * * Footnotes: 1. Organic revenue growth (non-GAAP) excludes the impact of foreign currency changes. 2. Although we provide forecasts for adjusted earnings per share, adjusted EBITDA and free cash flow (non-GAAP financial measures), we are not able to forecast the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for us to forecast. Such elements include, but are not limited to, restructuring, acquisition charges, and discontinued operations. As a result, no GAAP outlook is provided. * * * Original text here: https://www.fmc.com/en/articles/fmc-corporation-announces-third-quarter-results-and-confirms-full-year-outlook
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