Third Quarter 2021 Highlights
Revenue of
* Consolidated GAAP net income of
* Adjusted EBITDA of
* Consolidated GAAP earnings of
* Consolidated adjusted earnings per diluted share of
* Share repurchases of
* Full-Year Outlook 2
* Maintains revenue forecast in the range of
* Maintains adjusted EBITDA forecast in the range of
* Raises 2021 adjusted earnings forecast in the range of
* Reiterates free cash flow forecast in the range of
* Expects to repurchase
Third Quarter Adjusted EPS versus Guidance (midpoint)*+12 cents *
Adjusted EBITDA+12 cents
Depreciation and amortization1 cent
Share count+1 cent
All other factors
-
Guidance refers to midpoint of EPS guidance presented on
The third quarter revenue growth was driven by 9 percent contribution from volume and a 1 percent FX tailwind. Invoice level prices increased in all regions during the quarter; this was masked by some favorable rebate and other adjustments in the prior-year period that did not repeat. In
FMC Revenue
Q3 2021
Total Revenue Change (GAAP) 10%
Less FX Impact 1%
Organic Revenue Change (Non-GAAP) 9%
2021 Outlook2
The company maintains its forecast for full-year 2021 revenue to be in the range of
Full-year earnings growth can be attributed to strong volume growth of higher margin products, the launch of new products including XywayTM fungicide, Overwatch herbicide and VantacorTM insect control, as well as price increases. Full-year free cash flow is expected to be
Fourth Quarter Outlook2
Fourth quarter revenue is expected to be in the range of
'We are maintaining our full-year guidance and remain confident in our ability to deliver the fourth quarter forecast driven by high margin volume growth and accelerating price increases, despite the volatile supply conditions in crop protection and other industries,' said Douglas.
Full Year Outlook 2 Q4 2021 Outlook 2
Revenue$4.9 to$5.1 billion $1.27 to$1.47 billion
Organic Growth 1 7% 19%
Estimated FX Impact 1% 0%
Growth at midpoint vs. 2020 8% 19%
Adjusted EBITDA$1.29 to$1.35 billion $343 to$403 million
Growth at midpoint vs. 2020 6% 29%
Adjusted EPS^$6.59 to$6.99 $1.80 to$2.20
Growth at midpoint vs. 2020 10% 1%
^ EPS estimates assume 129 million diluted shares for full year and 128 million diluted shares for Q4. Outlook for EPS and weighted average diluted shares outstanding (WADSO) does not include the impact of any share repurchases in Q4 2021
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
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, Xyway, Overwatch and Vantacor are trademarks of
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 included within FMC's 2020 Form 10-K filed with the
FMC cautions 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. 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, 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.
See full release at: https://investors.fmc.com/news/news-details/2021/FMC-Corporation-delivers-strong-third-quarter-results-and-confirms-2021-guidance-reports-significant-growth-in-revenue-and-profitability/default.aspx
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