FMC CORPORATION FMC Corporation Delivers Very Strong Third Quarter Results and Raises 2020 Guidance.
Third Quarter 2020 Highlights
Revenue of
Consolidated GAAP net income of
Adjusted EBITDA of
Consolidated GAAP earnings of
Consolidated adjusted earnings per diluted share of
Full-Year Outlook Highlights 2
Revenue outlook range of
Raising adjusted EBITDA outlook to a range of
Raising adjusted earnings guidance to a range of
Raising free cash flow guidance to a range of
Third Quarter Adj. EPS versus Guidance (midpoint)*+12 cents **
EBITDA+12 cents
Depreciation & amortization -1 cent
Interest expense+1 cent
Non-controlling interest+1 cent
Guidance refers to midpoint of EPS guidance presented on
** Contributing factors do not sum to
The revenue increase was driven by 12 percent contribution from volume and 3 percent from pricing gains, offset by an 8 percent headwind from foreign currencies. In
FMC Revenue Q3 2020
Organic Growth 15%
FX Impact (8%)
Total Revenue Change 7%
2020 Outlook2
The company is forecasting full-year 2020 revenue to be in the range of
Fourth Quarter Outlook2
Fourth quarter revenue is expected to be in the range of
Full Year Outlook Q4 2020 Outlook
Revenue$4.72 to$4.78 billion $1.23 to$1.29 billion
Organic Growth 9% 10%
Estimated FX Impact (6%) (5%)
Growth at midpoint vs. 2019 3% 5%
Adjusted EBITDA$1.295 to$1.315 billion $335 to$355 million
Growth at midpoint vs. 2019 7% 8%
Adjusted EPS^$6.45 to$6.57 $1.70 to$1.82
Growth at midpoint vs. 2019 7% 0%*
^ EPS estimates assume 131 million diluted shares. Planned Q4 share repurchases of
Q4 2019 adjusted EPS benefited from a large tax adjustment.
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.
About FMC
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of
The Company's investor relations website, located at https://investors.fmc.com, should be considered as a recognized channel of distribution, and the Company may periodically post important information to the web site for investors, including information that the Company may wish to disclose publicly for purposes of complying with the federal securities laws. After
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
In some cases, FMC has identified forward-looking statements by such words or phrases as '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 and phrases. Such forward-looking statements are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These 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. Currently, one of the most significant factors is the potential adverse effect of the current COVID-19 pandemic on the financial condition, results of operations, cash flows and performance of FMC, which is substantially influenced by the potential adverse effect of the pandemic on FMC's customers and suppliers and the global economy and financial markets. The extent to which COVID-19 impacts us will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. Additional factors include, among other things, the risk factors and cautionary statements included within FMC's 2019 Form 10-K and FMC's Form 10-Q for the quarter ended
FMC cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
This press release contains certain 'non-GAAP financial terms' which are defined on our website www.fmc.com/investors. In addition, we have also provided on our website reconciliations of non-GAAP terms to the most directly comparable GAAP term.
Organic revenue growth (non-GAAP) excludes the impact of foreign currency changes.
Although we provide forecasts for adjusted earnings per share and adjusted EBITDA (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.
See detailed results at: https://investors.fmc.com/news/news-details/2020/FMC-Corporation-Delivers-Very-Strong-Third-Quarter-Results-and-Raises-2020-Guidance/default.aspx
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