FMC Corporation FMC logged earnings of 52 cents per share in third-quarter 2024. This compares favorably with a loss of 3 cents in the year-ago quarter. Barring one-time items, adjusted earnings per share were 69 cents, topping the Zacks Consensus Estimate of 49 cents.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.Revenues were $1,065.4 million, up around 9% from the year-ago quarter’s level. The top line surpassed the Zacks Consensus Estimate of $1,030.5 million.The top line in the reported quarter was driven by a 17% year-over-year rise in volumes. This was partly offset by a 5% price decline and a 3% currency headwind. The company benefited from volume growth and lower costs from restructuring actions in the reported quarter. FMC saw strong volume growth in Latin America and North America, partly masked by lower pricing driven by Latin America due to challenging market conditions in Brazil and Argentina.
FMC Corporation Price, Consensus and EPS SurpriseFMC Corporation Price, Consensus and EPS Surprise
FMC Corporation price-consensus-eps-surprise-chart | FMC Corporation Quote
FMC’s Regional Sales Performance
In North America, sales climbed 48% year over year to $236 million in the quarter on higher volumes. It was above the consensus estimate of $205.9 million.Latin American sales saw an 8% year-over-year increase to $504 million in the reported quarter, primarily due to higher volumes that more than offset weak pricing in Brazil and Argentina. It beat the consensus estimate of $484.2 million.In Asia, revenues declined 10% compared to the previous year to $187 million, hurt by lower volumes and reduced prices. It was above the consensus estimate of $174.7 million.EMEA saw a 7% year-over-year sales decline to $139 million in the reported quarter due to registration losses. It missed the consensus estimate of $155.5 million.
FMC’s Financials
The company had cash and cash equivalents of $416.7 million, down roughly 12% sequentially. Long-term debt was $3,026.8 million, flat sequentially.The company generated cash from operations of $160 million and free cash flow of $132 million in the third quarter.
FMC’s Guidance
FMC sees revenues between $4.33 billion and $4.44 billion for 2024, indicating a 2% decline at the midpoint compared to 2023. Adjusted EBITDA is expected in the range of $885-$915 million, suggesting an 8% decline at the midpoint compared to the prior year. Adjusted earnings are now forecast in the band of $3.16-$3.52 per share, reflecting a 12% year-over-year decline at the midpoint. Full-year free cash flow is anticipated to be $400-$500 million.FMC also forecasts fourth-quarter revenues to be between $1.3 billion to $1.41 billion, reflecting a 19% increase at the midpoint compared to the fourth quarter of 2023. Adjusted EBITDA is forecast in the band of $321-$351 million, indicating a 32% rise versus the prior-year period’s levels. Adjusted earnings are expected in the range of $1.47-$1.83 in the fourth quarter, calling for a 54% rise at the midpoint compared with fourth-quarter 2023 levels.
FMC Stock’s Price Performance
FMC’s shares have gained 13.1% in the past year against the Zacks Chemicals Diversified industry’s 7.7% rise.
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FMC’s Zacks Rank & Other Key Picks
FMC currently carries a Zacks Rank #4 (Sell).Better-ranked stocks in the Basic Materials space are IAMGOLD Corporation IAG, DuPont de Nemours, Inc. DD and AdvanSix Inc. ASIX, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.IAMGOLD is scheduled to release third-quarter results on Nov. 7. The Zacks Consensus Estimate for IAG’s third-quarter earnings is pegged at 11 cents. IAG beat the consensus estimate in each of the last four quarters with the average surprise being 200%. Its shares have shot up roughly 127% in the past year. DuPont is slated to release third-quarter results on Nov. 5. The consensus estimate for DD’s third-quarter earnings is pegged at $1.03. The company's shares have rallied roughly 15% in the past year. AdvanSix is scheduled to release third-quarter results on Nov. 1. The Zacks Consensus Estimate for ASIX’s third-quarter earnings is pegged at 66 cents. ASIX has gained around 3% in the past year.
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