FMC Corporation delivers first quarter results at higher end of guidance range, reaffirms full-year outlook

First Quarter 2025 Highlights

• Revenue of $791 million, down 14 percent versus Q1 2024, down 10 percent organically¹
• Consolidated GAAP net loss of $16 million, a decline of $13 million versus Q1 2024
• Adjusted EBITDA of $120 million, down 25 percent versus Q1 2024
• Consolidated GAAP loss of $0.12 per diluted share, down 10 cents versus Q1 2024
• Adjusted earnings per diluted share of $0.18, down 50 percent versus Q1 2024

Full-Year Outlook²

• Maintains revenue outlook of $4.15 billion to $4.35 billion, essentially flat to prior year at the midpoint; growth of 3 percent, excluding the impact of the Global Specialty Solutions (GSS) business divestiture
• Maintains adjusted EBITDA outlook of $870 million to $950 million, an increase of 1 percent versus prior year at the midpoint and an increase of 4 percent excluding the impact from the GSS divestiture
• Embedded in adjusted EBITDA guidance are estimated incremental tariff costs of $15 million to $20 million based on most recent government guidelines
• Adjusted earnings per diluted share outlook unchanged at $3.26 to $3.70, flat at the midpoint to prior year

• Free cash flow forecast remains $200 million to $400 million, reflecting a decline of 51 percent at the midpoint from prior year

PHILADELPHIA, April 30, 2025 – FMC Corporation (NYSE:FMC) today reported first quarter 2025 revenue of $791 million, down 14 percent versus first quarter 2024, and down 10 percent organically.  On a GAAP basis, the company reported a loss of $0.12 per diluted share in the first quarter, a decrease of 10 cents versus first quarter 2024.  First quarter adjusted earnings were $0.18 per diluted share, down 50 percent versus first quarter 2024.

“First quarter sales were largely in line with our expectations,” said Pierre Brondeau, FMC chairman and chief executive officer. Our strong focus on increasing product-on-the-ground³ while controlling sales into the channel allowed us to decrease the level of FMC inventory at our distribution partners and more closely align with customer targets in most countries. A continued prudent approach through Q2 will position us to deliver substantial growth in the second half.”

Lower first quarter revenue was driven by a price decline of 9 percent, over half of which was attributed to price adjustments in certain “cost-plus” contracts with specific diamide partners as a result of lower manufacturing costs. Foreign currency was a headwind of 4 percent. Volume declined 1 percent versus a weak prior year.

Sales in North America declined 28 percent, attributed mainly to lower volumes as customers in the U.S. delayed purchases as expected and was compounded by international trade dynamics.  Latin America sales grew 10 percent, 17 percent excluding currency impacts. Volume improved due to increased direct sales to cotton growers in Brazil, in addition to product-on-the-ground significantly outpacing FMC sales into the channel. In Asia, first quarter revenue was lower by 24 percent, down 21 percent excluding FX. Lower volumes were driven by prudent selling to enable channel destocking. EMEA sales declined 11 percent, 7 percent excluding currency impacts, due to lower volumes, including the expected loss of registration for triflusulfuron. The Plant Health business outperformed the overall portfolio with sales growth of 1 percent, driven by growth in biologicals.

GAAP net income in the first quarter declined $13 million as lower sales and a higher GAAP effective tax rate were partially offset by net cost favorability as well as lower interest and restructuring charges.  FMC first quarter adjusted EBITDA was $120 million, a decrease of 25 percent from the prior-year period, driven by lower pricing, reduced volume and an FX headwind.  Costs were a tailwind as favorability in COGS more than offset increased investment in selling and R&D.

On a GAAP basis, cash from operations was negative $545 million, a decline of $402 million versus 2024 due primarily to a smaller reduction in inventory levels as compared to the prior year period.  Free cash flow was negative $596 million, a decline of $408 million versus Q1 2024 primarily due to lower cash from operations.

Outlook²

The company reaffirms its full-year 2025 revenue, adjusted EBITDA, adjusted EPS and free cash flow guidance ranges. Embedded in the adjusted EBITDA guidance range is a cost headwind of $15 million to $20 million for expected incremental tariff charges that are planned to be offset by additional cost savings and volume.

Second quarter revenue is expected to be in the range of $940 million to $1.10 billion, a decline of 2 percent at the midpoint compared to second quarter 2024. The Company will continue to prudently sell into the channel while maintaining focus on driving product-on-the-ground³. Modest volume growth is expected to be more than offset by a low-to-mid single digit price decline as well as a low single digit FX headwind. Adjusted EBITDA is forecasted to be in the range of $175 million to $205 million, a decline of 6 percent versus the prior year as lower pricing and FX headwinds are partially offset by favorable costs and a modest volume increase.  FMC expects adjusted earnings per diluted share to be in the range of $0.52 to $0.68 in the second quarter, which represents a 5 percent decrease at the midpoint versus second quarter 2024.

The midpoint of first-half guidance implies a 7 percent increase in second-half sales, an 11 percent increase in second-half adjusted EBITDA and a 9 percent increase in adjusted second-half EPS compared to the same period last year.  Sales growth in the second half is expected to come mainly from the company’s growth portfolio as well as from an additional route to market in Brazil put in place during the first half.  Lower costs and increased sales volumes are expected to drive the increase in adjusted EBITDA, partially offset by price and FX headwinds.

^ EPS estimates assume 125.6 million diluted shares for full year and 125.6 million diluted shares for Q2.

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 nearest available GAAP term.

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About FMC

FMC Corporation is a global agricultural sciences company dedicated to helping growers produce food, feed, fiber and fuel for an expanding world population while adapting to a changing environment. FMC's innovative crop protection solutions – including biologicals, crop nutrition, digital and precision agriculture – enable growers and crop advisers to address their toughest challenges economically while protecting the environment. FMC is committed to discovering new herbicide, insecticide and fungicide active ingredients, product formulations and pioneering technologies that are consistently better for the planet. Visit fmc.com to learn more and follow us on LinkedIn®.

Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995:  FMC and its representatives may from time to time make written or oral statements that are “forward-looking” and provide other than historical information, including statements contained in this press release, in FMC’s other filings with the SEC, and in presentations, reports or letters to FMC stockholders.

In some cases, FMC has identified these forward-looking statements by such words or phrases as "outlook", "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words or phrases. Such forward-looking statements are based on our current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. The forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These statements are qualified by reference to the risk factors included in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 Form 10-K"), the section captioned "Forward-Looking Information" in Part II of the 2024 Form 10-K and to similar risk factors and cautionary statements in all other reports and forms filed with the Securities and Exchange Commission ("SEC"). We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.  Forward-looking statements are qualified in their entirety by the above cautionary statement.

We specifically decline to undertake any obligation, and specifically disclaim any duty, to publicly update or revise any forward-looking statements that have been made to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as may be required by law.

This press release contains certain “non-GAAP financial terms” which are defined on our website www.fmc.com/investors. Such terms include adjusted EBITDA, adjusted earnings, free cash flow and organic revenue growth. In addition, we have also provided on our website reconciliations of non-GAAP terms to the most directly comparable GAAP terms.

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.
3. Product-on-the-ground refers to crop protection product currently at farm level expected to be applied.

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