FMC Corporation Reports Second Quarter Results at High End of Guidance Range
FMC Corporation (NYSE:FMC) reported Q2 2025 results with revenue of $1.05 billion, up 1% year-over-year and 2% organically. The company posted adjusted EBITDA of $207 million (up 2%) and adjusted EPS of $0.69 (up 10%). Notably, FMC announced plans to divest its India commercial business while maintaining manufacturing operations there.
The company maintained its full-year 2025 guidance with adjusted EBITDA of $870-950 million and adjusted EPS of $3.26-3.70. Revenue outlook excluding India is set at $4.08-4.28 billion, down 2% at midpoint versus 2024. Free cash flow forecast remains at $200-400 million, reflecting a 51% decline at midpoint from prior year.
Regional performance varied with EMEA showing strong growth (+29%), while Asia declined (-17%) and North America decreased (-5%). The company's growth portfolio increased by high-single digits.
FMC Corporation (NYSE:FMC) ha riportato i risultati del secondo trimestre 2025 con ricavi di 1,05 miliardi di dollari, in crescita dell'1% su base annua e del 2% su base organica. La societ脿 ha registrato un EBITDA rettificato di 207 milioni di dollari (in aumento del 2%) e un utile per azione rettificato di 0,69 dollari (in crescita del 10%). In particolare, FMC ha annunciato l'intenzione di cedere la sua attivit脿 commerciale in India, mantenendo per貌 le operazioni di produzione nel paese.
L'azienda ha confermato le previsioni per l'intero anno 2025 con un EBITDA rettificato compreso tra 870 e 950 milioni di dollari e un utile per azione rettificato tra 3,26 e 3,70 dollari. Le prospettive di fatturato, escludendo l'India, sono stimate tra 4,08 e 4,28 miliardi di dollari, con un calo del 2% al punto medio rispetto al 2024. La previsione del flusso di cassa libero rimane tra 200 e 400 milioni di dollari, riflettendo un calo del 51% al punto medio rispetto all'anno precedente.
La performance regionale 猫 stata variabile: forte crescita in EMEA (+29%), mentre l'Asia ha registrato un calo (-17%) e il Nord America una diminuzione (-5%). Il portafoglio di crescita dell'azienda 猫 aumentato di una cifra alta a una sola cifra percentuale.
FMC Corporation (NYSE:FMC) report贸 resultados del segundo trimestre de 2025 con ingresos de 1.05 mil millones de d贸lares, un aumento del 1% interanual y del 2% de forma org谩nica. La compa帽铆a registr贸 un EBITDA ajustado de 207 millones de d贸lares (un incremento del 2%) y un EPS ajustado de 0.69 d贸lares (un aumento del 10%). De manera destacada, FMC anunci贸 planes para desinvertir en su negocio comercial en India, manteniendo las operaciones de manufactura en ese pa铆s.
La empresa mantuvo su gu铆a para todo el a帽o 2025 con un EBITDA ajustado entre 870 y 950 millones de d贸lares y un EPS ajustado entre 3.26 y 3.70 d贸lares. La perspectiva de ingresos excluyendo India se sit煤a entre 4.08 y 4.28 mil millones de d贸lares, lo que representa una disminuci贸n del 2% en el punto medio frente a 2024. La previsi贸n de flujo de caja libre se mantiene entre 200 y 400 millones de d贸lares, reflejando una ca铆da del 51% en el punto medio respecto al a帽o anterior.
El desempe帽o regional vari贸, con EMEA mostrando un fuerte crecimiento (+29%), mientras que Asia disminuy贸 (-17%) y Norteam茅rica baj贸 (-5%). El portafolio de crecimiento de la compa帽铆a aument贸 en cifras altas de un solo d铆gito.
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歆�鞐硠 鞁れ爜鞚� EMEA 歆�鞐澊 臧曧暅 靹膘灔(+29%)鞚� 氤挫澑 氚橂┐, 鞎勳嫓鞎勲姅 臧愳唽(-17%), 攵侂電� 靻岉彮 臧愳唽(-5%)頄堨姷雼堧嫟. 須岇偓鞚� 靹膘灔 韽姼韽措Μ鞓る姅 雴掛潃 頃� 鞛愲靾� 歃濌皜毳� 旮半頄堨姷雼堧嫟.
FMC Corporation (NYSE:FMC) a publi茅 ses r茅sultats du deuxi猫me trimestre 2025 avec un chiffre d'affaires de 1,05 milliard de dollars, en hausse de 1 % en glissement annuel et de 2 % en organique. La soci茅t茅 a affich茅 un EBITDA ajust茅 de 207 millions de dollars (en hausse de 2 %) et un b茅n茅fice par action ajust茅 de 0,69 dollar (en hausse de 10 %). Notamment, FMC a annonc茅 son intention de c茅der son activit茅 commerciale en Inde tout en maintenant ses op茅rations de fabrication dans ce pays.
L'entreprise a maintenu ses pr茅visions pour l'ensemble de l'ann茅e 2025 avec un EBITDA ajust茅 compris entre 870 et 950 millions de dollars et un b茅n茅fice par action ajust茅 entre 3,26 et 3,70 dollars. Les perspectives de chiffre d'affaires hors Inde sont fix茅es entre 4,08 et 4,28 milliards de dollars, soit une baisse de 2 % au point m茅dian par rapport 脿 2024. Les pr茅visions de flux de tr茅sorerie disponible restent comprises entre 200 et 400 millions de dollars, ce qui repr茅sente une baisse de 51 % au point m茅dian par rapport 脿 l'ann茅e pr茅c茅dente.
La performance r茅gionale a 茅t茅 variable, avec une forte croissance en EMEA (+29 %), tandis que l'Asie a recul茅 (-17 %) et l'Am茅rique du Nord a diminu茅 (-5 %). Le portefeuille de croissance de l'entreprise a augment茅 de chiffres 茅lev茅s 脿 un seul chiffre.
FMC Corporation (NYSE:FMC) meldete die Ergebnisse f眉r das zweite Quartal 2025 mit Ums盲tzen von 1,05 Milliarden US-Dollar, ein Plus von 1 % im Jahresvergleich und 2 % organisch. Das Unternehmen verzeichnete ein bereinigtes EBITDA von 207 Millionen US-Dollar (plus 2 %) und ein bereinigtes Ergebnis je Aktie (EPS) von 0,69 US-Dollar (plus 10 %). Bemerkenswert ist, dass FMC Pl盲ne zur Ver盲u脽erung seines kommerziellen Gesch盲fts in Indien bekannt gab, w盲hrend die Produktionsaktivit盲ten dort beibehalten werden.
Das Unternehmen best盲tigte seine Jahresprognose 2025 mit einem bereinigten EBITDA von 870 bis 950 Millionen US-Dollar und einem bereinigten EPS von 3,26 bis 3,70 US-Dollar. Die Umsatzprognose ohne Indien liegt bei 4,08 bis 4,28 Milliarden US-Dollar, was am Mittelwert einem R眉ckgang von 2 % gegen眉ber 2024 entspricht. Die Prognose f眉r den freien Cashflow bleibt bei 200 bis 400 Millionen US-Dollar und spiegelt am Mittelwert einen R眉ckgang von 51 % gegen眉ber dem Vorjahr wider.
Die regionale Entwicklung war unterschiedlich: EMEA verzeichnete starkes Wachstum (+29 %), w盲hrend Asien (-17 %) und Nordamerika (-5 %) r眉ckl盲ufig waren. Das Wachstumsportfolio des Unternehmens stieg um hohe einstellige Prozents盲tze.
- Q2 revenue grew 1% to $1.05 billion, with 2% organic growth
- Adjusted EBITDA increased 2% to $207 million
- Adjusted EPS grew 10% to $0.69 per share
- EMEA sales showed strong performance with 29% growth
- Growth portfolio increased by high-single digits
- Strategic decision to divest India commercial business while maintaining manufacturing operations
- GAAP net income declined 77% due to prior year tax incentives
- Free cash flow declined by $241 million versus Q2 2024
- Price declined 3% with significant impact from cost-plus contracts
- North America sales declined 5%
- Asia sales decreased 17%
- Full-year revenue guidance indicates 2% decline at midpoint (excluding India)
Insights
FMC reports modest Q2 growth while divesting India operations; maintains full-year guidance despite headwinds in key markets.
FMC Corporation delivered Q2 revenue of
The company's adjusted EBITDA reached
Regional performance was mixed. EMEA showed exceptional strength with
The most strategic development is FMC's decision to divest its India commercial business while maintaining manufacturing operations there. This strategic retreat from a challenging market will alter financial reporting, with India revenue excluded from guidance going forward but included in reported results until the divestiture concludes.
Despite these changes, management maintained its full-year adjusted EBITDA guidance of
Free cash flow guidance remains at
Maintains full year adjusted EBITDA and adjusted EPS guidance; announces sale of
Second Quarter 2025 Highlights
- Revenue of
$1.05 billion - Consolidated GAAP net income of
$67 million - Adjusted EBITDA of
$207 million - Consolidated GAAP net income of
$0.53 - Adjusted earnings per diluted share of
$0.69
Full-Year Outlook2
- Revenue outlook of
$4.08 billion $4.28 billion India , down 2 percent at the midpoint versus 2024 reported results, which includedIndia - Maintains adjusted EBITDA outlook of
$870 million $950 million - Adjusted earnings per diluted share outlook unchanged at
$3.26 $3.70 - Free cash flow forecast remains
$200 million $400 million
FMC Corporation (NYSE:FMC) today reported second quarter 2025 revenue of
Higher second quarter revenue was driven by volume growth of 6 percent as customers in most countries appear to have reached target channel inventory levels for FMC products. Price declined 3 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. 听Foreign currency was a headwind of 1 percent3.听 The company's growth portfolio increased by high-single digits while core portfolio sales were essentially flat.
Sales in
FMC Revenue | Q2 2025 |
Total Revenue Change (GAAP) | 1听% |
Less FX Impact | (1)听% |
Organic1 Revenue Change (Non-GAAP) | 2听% |
GAAP net income in the second quarter declined 77 percent due to gains related to tax incentives recorded in the prior year.听 FMC second quarter adjusted EBITDA was
On a GAAP basis, cash from operations was
Intention to Divest India Commercial Business
In response to challenges in
Outlook2
The
Third quarter revenue excluding
Fourth quarter revenue excluding
Full-Year 2025 | 听厂别肠辞苍诲-贬补濒蹿听 (excludes Q3 and Q4) | Third Quarter (excludes | Fourth Quarter (excludes | |
Revenue | ||||
Growth at | (2)听% | 2听% | (1)听% | 5听% |
Adjusted | ||||
Growth at | 1听% | 8听% | 14听% | 4听% |
Adjusted | ||||
Growth at | 0听% | 5听% | 28听% | (3)听% |
^ EPS estimates assume 125.6 million diluted shares for full year and 125.6 million diluted shares for Q3 and Q4. |
Note that percentages are calculated using whole numbers.听 Minor differences may exist due to rounding.听 |
Supplemental Information
The company will post supplemental information on the web at , 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.
Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. FMC, the FMC logo, Cyazypyr and Isoflex are trademarks of FMC Corporation or an affiliate.
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 鈥� including biologicals, crop nutrition, digital and precision agriculture 鈥� 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庐.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995:听 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.听 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 . Such terms include adjusted EBITDA, adjusted earnings, free cash flow, organic revenue growth and revenue excluding
- Organic revenue growth (non-GAAP) excludes the impact of foreign currency changes.
- 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, our
India held for sale business, and discontinued operations. As a result, no GAAP outlook is provided. Starting with the third quarter 2025 guidance, we provide forecasts for revenue excludingIndia (non-GAAP financial measure). We are not able to forecast the GAAP revenue due to potential actions we may take during the held for sale period to prepare the business for a potential buyer and other uncertainties, including customer reaction to the announcement of our intention to sell ourIndia commercial business. For all outlooks provided, variances are calculated versus 2024 results which includeIndia . - In certain instances, parts included in the variance explanations in the discussion may not sum to the total variance for the financial statement line item due to rounding.
听
FMC CORPORATION CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited and in millions, except per share amounts) | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Revenue | $听听听 1,050.5 | $听听 1,038.4 | $听听 1,841.9 | $听 1,956.4 | |||
Costs of sales and services | 644.2 | 640.3 | 1,118.9 | 1,218.6 | |||
Gross margin | $听听听听听听 406.3 | $听听听听听 398.1 | $听听听听听 723.0 | $听听听听听 737.8 | |||
Selling, general and administrative expenses | 176.8 | 164.8 | 348.8 | 328.7 | |||
Research and development expenses | 66.4 | 75.9 | 135.1 | 136.8 | |||
Restructuring and other charges (income) | 36.7 | 95.1 | 54.5 | 136.0 | |||
Total costs and expenses | $听听听听听听 924.1 | $听听听听听 976.1 | $听听 1,657.3 | $听 1,820.1 | |||
Income from continuing operations before non-operating pension, | $听听听听听听 126.4 | $听听听听听听听 62.3 | $听听听听听 184.6 | $听听听听听 136.3 | |||
Non-operating pension, postretirement, and other charges (income) | 6.6 | 4.2 | 9.8 | 8.5 | |||
Interest expense, net | 61.0 | 63.6 | 111.1 | 125.3 | |||
Income (loss) from continuing operations before income taxes | $听听听听听听听听 58.8 | $听听听听听听听听 (5.5) | $听听听听听听听 63.7 | $听听听听听听听听听 2.5 | |||
Provision (benefit) for income taxes | 14.4 | (303.5) | 27.9 | (304.9) | |||
Income (loss) from continuing operations | $听听听听听听听听 44.4 | $听听听听听 298.0 | $听听听听听听听 35.8 | $听听听听听 307.4 | |||
Discontinued operations, net of income taxes | 23.4 | (2.8) | 16.4 | (15.3) | |||
Net income (loss) | $听听听听听听听听 67.8 | $听听听听听 295.2 | $听听听听听听听 52.2 | $听听听听听 292.1 | |||
Less: Net income (loss) attributable to noncontrolling interests | 1.1 | 0.1 | 1.0 | (0.3) | |||
Net income (loss) attributable to FMC stockholders | $听听听听听听听听 66.7 | $听听听听听 295.1 | $听听听听听听听 51.2 | $听听听听听 292.4 | |||
Amounts attributable to FMC stockholders: | |||||||
听 Income (loss) from continuing operations | $听听听听听听听听 43.3 | $听听听听听 297.9 | $听听听听听听听 34.8 | $听听听听听 307.7 | |||
听 Discontinued operations, net of tax | 23.4 | (2.8) | 16.4 | (15.3) | |||
听 Net income (loss) | $听听听听听听听听 66.7 | $听听听听听 295.1 | $听听听听听听听 51.2 | $听听听听听 292.4 | |||
Basic earnings (loss) per common share attributable to FMC stockholders: | |||||||
听 Continuing operations | $听听听听听听听听 0.34 | $听听听听听听听 2.37 | $听听听听听听听 0.28 | $听听听听听听听 2.45 | |||
听 Discontinued operations | 0.19 | (0.02) | 0.13 | (0.12) | |||
听 Basic earnings per common share | $听听听听听听听听 0.53 | $听听听听听听听 2.35 | $听听听听听听听 0.41 | $听听听听听听听 2.33 | |||
Average number of shares outstanding used in basic earnings per share computations | 125.2 | 125.0 | 125.1 | 125.0 | |||
Diluted earnings (loss) per common share attributable to FMC stockholders: | |||||||
听 Continuing operations | $听听听听听听听听 0.34 | $听听听听听听听 2.37 | $听听听听听听听 0.28 | $听听听听听听听 2.45 | |||
听 Discontinued operations | 0.19 | (0.02) | 0.13 | (0.12) | |||
听 Diluted earnings per common share | $听听听听听听听听 0.53 | $听听听听听听听 2.35 | $听听听听听听听 0.41 | $听听听听听听听 2.33 | |||
Average number of shares outstanding used in diluted earnings per share computations | 125.6 | 125.4 | 125.5 | 125.3 | |||
Other Data: | |||||||
Capital additions and other investing activities | $听听听听听听听听听听 9.8 | $听听听听听听听 14.4 | $听听听听听听听 47.2 | $听听听听听听听 37.8 | |||
Depreciation and amortization expense | 43.4 | 44.3 | 87.1 | 90.0 | |||
听
FMC CORPORATION RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 听 RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO FMC STOCKHOLDERS (GAAP) TO (Unaudited and in millions, except per share amounts) | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Net income (loss) attributable to FMC stockholders (GAAP) | $听听听听听听听听听 66.7 | $听听听听听听听 295.1 | $听听听听听听听听听 51.2 | $听听听听听听听 292.4 | |||
Corporate special charges (income): | |||||||
Restructuring and other charges (income) (a) | 36.7 | 95.1 | 54.5 | 136.0 | |||
Non-operating pension, postretirement, and other charges (income) (b) | 6.6 | 4.2 | 9.8 | 8.5 | |||
Income tax expense (benefit) on Corporate special charges (income) (c) | (6.8) | (13.8) | (11.2) | (23.4) | |||
Discontinued operations attributable to FMC stockholders, net of income taxes (d) | (23.4) | 2.8 | (16.4) | 15.3 | |||
Tax adjustment (e) | 6.9 | (304.3) | 21.2 | (304.3) | |||
Adjusted after-tax earnings from continuing operations attributable to | $听听听听听听听听听 86.7 | $听听听听听听听听听 79.1 | $听听听听听听听 109.1 | $听听听听听听听 124.5 | |||
Diluted earnings per common share (GAAP) | $听听听听听听听听听 0.53 | $听听听听听听听听听 2.35 | $听听听听听听听听听 0.41 | $听听听听听听听听听 2.33 | |||
Corporate special charges (income) per diluted share, before tax: | |||||||
Restructuring and other charges (income) | 0.29 | 0.76 | 0.43 | 1.09 | |||
Non-operating pension, postretirement, and other charges (income) | 0.05 | 0.03 | 0.08 | 0.07 | |||
Income tax expense (benefit) on Corporate special charges (income), per diluted share | (0.04) | (0.11) | (0.09) | (0.19) | |||
Discontinued operations attributable to FMC stockholders, net of income taxes per diluted share听 | (0.19) | 0.02 | (0.13) | 0.12 | |||
Tax adjustments per diluted share | 0.05 | (2.42) | 0.17 | (2.43) | |||
Diluted adjusted after-tax earnings from continuing operations per share, | $听听听听听听听听听 0.69 | $听听听听听听听听听 0.63 | $听听听听听听听听听 0.87 | $听听听听听听听听听 0.99 | |||
Average number of shares outstanding used in diluted adjusted after-tax earnings from | 125.6 | 125.4 | 125.5 | 125.3 | |||
____________________ | |
(1) | Referred to as Adjusted earnings. The Company believes that Adjusted earnings, a Non-GAAP financial measure, and its presentation on a per share basis provides useful information about the Company's operating results to management, investors, and securities analysts. Adjusted earnings excludes the effects of corporate special charges, tax-related adjustments and the results of our discontinued operations. The Company also believes that excluding the effects of these items from operating results allows management and investors to compare more easily the financial performance of its underlying business from period to period. |
(a)听 | Three Months Ended June 30, 2025: |
Restructuring and other charges (income) includes restructuring charges of | |
Three Months Ended June 30, 2024: | |
Restructuring and other charges (income) includes restructuring charges of | |
Six Months Ended June 30, 2025: | |
Restructuring and other charges (income) includes restructuring charges of | |
Six Months Ended June 30, 2024: | |
Restructuring and other charges (income) includes restructuring charges of | |
(b) | Our non-operating pension, postretirement and other charges (income) includes those costs (benefits) related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These are excluded from our Adjusted Earnings and are primarily related to changes in pension plan assets and liabilities which are tied to financial market performance and we consider these costs to be outside our operational performance. We continue to include the service cost and amortization of prior service cost in our Adjusted Earnings results noted above. These elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees. The three and six months ended June 30, 2025 also includes other charges of |
(c) | The income tax expense (benefit) on Corporate special charges (income) is determined using the applicable rates in the taxing jurisdictions in which the corporate special charge or income occurred and includes both current and deferred income tax expense (benefit) based on the nature of the non-GAAP performance measure. |
(d) | Discontinued operations includes provisions, net of recoveries, for environmental liabilities and legal reserves and expenses related to previously discontinued operations and retained liabilities. We recorded a |
(e) | We exclude the GAAP tax provision, including discrete items, from the Non-GAAP measure of income, and include a Non-GAAP tax provision based upon the projected annual Non-GAAP effective tax rate. The GAAP tax provision includes certain discrete tax items including, but are not limited to: income tax expenses or benefits that are not related to continuing operating results in the current year; tax adjustments associated with fluctuations in foreign currency remeasurement of certain foreign operations; certain changes in estimates of tax matters related to prior fiscal years; certain changes in the听realizability of deferred tax assets and related interim accounting impacts; and changes in tax law.听In 2024 and 2023, we recorded significant deferred tax assets due to various tax incentives granted to the Company's Swiss subsidiaries (the "Swiss Tax Incentives"). The initial recognition of these Swiss Tax Incentives did not impact our adjusted non-GAAP effective tax rate but will be considered annually as we realize the benefits. Management believes excluding these discrete tax items, as well as the impacts of the Swiss Tax Incentives annually as the related benefits are realized, assists investors and securities analysts in understanding the tax provision and the effective tax rate related to continuing operating results thereby providing investors with useful supplemental information about FMC's operational performance. |
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Three Months Ended June 30, | Six Months Ended June 30, | ||||||
(in Millions) | 2025 | 2024 | 2025 | 2024 | |||
Tax adjustments: | |||||||
Revisions to valuation allowances of historical deferred tax assets | $听听听听听听听听听听听听听 鈥� | $听听听听听听听听听听听听听 鈥� | $听听听听听听听听听听 (1.2) | $听听听听听听听听听听 (1.6) | |||
Net impact of | 10.5 | (300.0) | 13.3 | (300.0) | |||
Foreign currency remeasurement and other discrete items | (3.6) | (4.3) | 9.1 | (2.7) | |||
Total Non-GAAP tax adjustments | $听听听听听听听听听听听听 6.9 | $听听听听听 (304.3) | $听听听听听听听听听听 21.2 | $听听听听听 (304.3) | |||
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RECONCILIATION OF NET INCOME (LOSS) (GAAP) TO ADJUSTED EARNINGS FROM CONTINUING | |||||||
(Unaudited, in millions) | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Net income (loss) (GAAP) | $听听听听听听听听听 67.8 | $听听听听听听听 295.2 | $听听听听听听听听听 52.2 | $听听听听听听听 292.1 | |||
Restructuring and other charges (income) | 36.7 | 95.1 | 54.5 | 136.0 | |||
Non-operating pension, postretirement, and other charges (income) | 6.6 | 4.2 | 9.8 | 8.5 | |||
Discontinued operations, net of income taxes | (23.4) | 2.8 | (16.4) | 15.3 | |||
Interest expense, net | 61.0 | 63.6 | 111.1 | 125.3 | |||
Depreciation and amortization | 43.4 | 44.3 | 87.1 | 90.0 | |||
Provision (benefit) for income taxes | 14.4 | (303.5) | 27.9 | (304.9) | |||
Adjusted earnings from continuing operations, before interest, income taxes, | $听听听听听听听 206.5 | $听听听听听听听 201.7 | $听听听听听听听 326.2 | $听听听听听听听 362.3 | |||
___________________ | |
(1) | Referred to as Adjusted EBITDA. Defined as operating profit excluding restructuring and other charges (income) and depreciation and amortization expense. |
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RECONCILIATION OF CASH PROVIDED (REQUIRED) BY OPERATING ACTIVITIES OF | |||||||
(Unaudited, in millions) | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Cash provided (required) by operating activities of continuing operations (GAAP) (1) | $听听听听听听听听听听 65.9 | $听听听听听听听 292.2 | $听听听听听 (479.1) | $听听听听听听听 149.3 | |||
Capital expenditures | (15.0) | (9.9) | (46.6) | (30.6) | |||
Other investing activities | 5.2 | (4.5) | (0.6) | (7.2) | |||
Capital additions and other investing activities | $听听听听听听听听听听 (9.8) | $听听听听听听听听 (14.4) | $听听听听听听听 (47.2) | $听听听听听听听 (37.8) | |||
Cash provided (required) by operating activities of discontinued operations | (16.4) | 2.6 | (29.7) | (18.9) | |||
Free cash flow (Non-GAAP) (2) | $听听听听听听听听听听 39.7 | $听听听听听听听 280.4 | $听听听听听 (556.0) | $听听听听听听听听听 92.6 | |||
___________________ | |
(1) | Includes cash payments made in connection with our Project Focus transformation program of |
(2) | Free cash flow is defined as cash provided (required) by operating activities of continuing operations (GAAP) adjusted for spending for capital additions and other investing activities as well as cash provided (required) by discontinued operations and divestiture transaction costs associated with the sale of our听GSS business. We believe that this Non-GAAP financial measure provides a useful basis for investors and securities analysts to evaluate the cash generated by routine business operations, including to assess our our ability to repay debt, fund acquisitions and return capital to shareholders through share repurchases and dividends. Our use of free cash flow has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of our results under |
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RECONCILIATION OF REVENUE CHANGE (GAAP) TO ORGANIC REVENUE CHANGE (NON-GAAP) (1) (Unaudited) | |||
Three Months Ended | Six Months Ended | ||
Total Revenue Change (GAAP) | 1听% | (6)听% | |
Less: Foreign Currency Impact | (1)听% | (2)听% | |
Organic Revenue Change (Non-GAAP) | 2听% | (4)听% | |
___________________ | |
(1) | We believe organic revenue growth (non-GAAP) provides management and investors with useful supplemental information regarding our ongoing revenue performance and trends by presenting revenue growth excluding the impact of fluctuations in foreign exchange rates. |
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听 RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO FMC STOCKHOLDERS (GAAP) TO RETURN ON INVESTED CAPITAL ("ROIC") NUMERATOR (NON-GAAP) AND ADJUSTED ROIC (USING NON-GAAP NUMERATOR)(1) (Unaudited) | |||
Twelve Months Ended | |||
June 30, 2025 | |||
Net income (loss) attributable to FMC stockholders (GAAP) | $听听听听听听听听听听听听听听听听听听听听听听 99.9 | ||
Interest expense, net, net of income taxes | 195.2 | ||
Corporate special charges (income) | 157.8 | ||
Income tax expense (benefit) on Corporate special charges (income) | (24.9) | ||
Discontinued operations attributable to FMC stockholders, net of income taxes | 30.1 | ||
Tax adjustments | 158.0 | ||
ROIC numerator (Non-GAAP) | $听听听听听听听听听听听听听听听听听听听听 616.1 | ||
June 30, 2025 | June 30, 2024 | ||
Total debt | $听听听听听听听听听听听听听听听听 4,163.3 | $听听听听听听听听听听听听听听听听听听听听 4,179.1 | |
Total FMC stockholders' equity | 4,397.0 | 4,559.4 | |
Total debt and FMC stockholders' equity (GAAP) | $听听听听听听听听听听听听听听听听 8,560.3 | $听听听听听听听听听听听听听听听听听听听听 8,738.5 | |
ROIC denominator (2 yr average total debt and FMC stockholders' equity) | $听听听听听听听听听听听听听听听听 8,649.4 | ||
ROIC (using Net income (loss) attributable to FMC stockholders (GAAP) as numerator) | 1.15听% | ||
Adjusted ROIC (using Non-GAAP numerator) | 7.12听% | ||
___________________ | |
(1) | We believe Adjusted听ROIC (non-GAAP) provides management and investors with useful supplemental information regarding our utilization of capital provided by both equity and debt as well as our working capital and free cash flow management. Additionally, vesting of certain restricted stock awards granted to officers is connected to Adjusted ROIC as a performance metric. |
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FMC CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in millions) | |||
June 30, 2025 | December 31, 2024 | ||
Cash and cash equivalents | $听听听听听听听听听听听听听听听听 438.2 | $听听听听听听听听听听听听听听听听 357.3 | |
Trade receivables, net of allowance of | 3,076.3 | 2,903.2 | |
Inventories | 1,395.7 | 1,201.6 | |
Prepaid and other current assets | 557.1 | 496.2 | |
Total current assets | $听听听听听听听听听听听听听 5,467.3 | $听听听听听听听听听听听听听 4,958.3 | |
Property, plant and equipment, net | 890.7 | 849.7 | |
Goodwill | 1,527.0 | 1,507.0 | |
Other intangibles, net | 2,401.4 | 2,360.7 | |
Deferred income taxes | 1,549.5 | 1,523.8 | |
Other long-term assets | 461.2 | 453.8 | |
Total assets | $听听听听听听听听听听听 12,297.1 | $听听听听听听听听听听听 11,653.3 | |
Short-term debt and current portion of long-term debt | $听听听听听听听听听听听听听听听听 893.3 | $听听听听听听听听听听听听听听听听 337.4 | |
Accounts payable, trade and other | 906.0 | 768.5 | |
Advanced payments from customers | 鈥� | 453.8 | |
Accrued and other liabilities | 819.8 | 755.2 | |
Accrued customer rebates | 812.0 | 489.9 | |
Guarantees of vendor financing | 61.5 | 85.5 | |
Accrued pensions and other postretirement benefits, current | 3.0 | 6.4 | |
Income taxes | 77.5 | 122.5 | |
Total current liabilities | $听听听听听听听听听听听听听 3,573.1 | $听听听听听听听听听听听听听 3,019.2 | |
Long-term debt, less current portion | $听听听听听听听听听听听听听 3,270.0 | $听听听听听听听听听听听听听 3,027.9 | |
Long-term liabilities | 1,025.9 | 1,097.4 | |
Equity | 4,428.1 | 4,508.8 | |
Total liabilities and equity | $听听听听听听听听听听听 12,297.1 | $听听听听听听听听听听听 11,653.3 | |
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FMC CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in millions) | |||
Six Months Ended June 30, | |||
2025 | 2024 | ||
Cash provided (required) by operating activities of continuing operations | $听听听听听听听听听听听听听听听 (479.1) | $听听听听听听听听听听听听听听听听听 149.3 | |
Cash provided (required) by operating activities of discontinued operations | (29.7) | (18.9) | |
Cash provided (required) by investing activities of continuing operations | (51.4) | (39.6) | |
Cash provided (required) by financing activities of continuing operations | 628.7 | 84.7 | |
Effect of exchange rate changes on cash | 12.4 | (6.4) | |
Increase (decrease) in cash and cash equivalents | $听听听听听听听听听听听听听听听听听听听 80.9 | $听听听听听听听听听听听听听听听听听 169.1 | |
Cash and cash equivalents, beginning of period | $听听听听听听听听听听听听听听听听听 357.3 | $听听听听听听听听听听听听听听听听听 302.4 | |
Cash and cash equivalents, end of period | $听听听听听听听听听听听听听听听听听 438.2 | $听听听听听听听听听听听听听听听听听 471.5 | |
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