FMC Corporation announces fourth quarter and full-year 2023 results within guidance ranges, provides 2024 outlook

Core Insights - FMC Corporation reported a fourth quarter 2023 revenue of $1.15 billion, a decrease of 29% compared to Q4 2022, primarily due to continued channel destocking and adverse weather conditions in Brazil [5][2] - The company achieved a consolidated GAAP net income of$ 1.10 billion for Q4 2023, reflecting a significant increase of 291% year-over-year, largely attributed to one-time tax benefits from new incentives for its Swiss subsidiaries [5][2] - For the full year 2023, FMC's revenue totaled $4.49 billion, down 23% from 2022, with a GAAP net income of$ 1.32 billion, up 78% year-over-year [3][5] Fourth Quarter 2023 Highlights - Adjusted EPS was reported at $1.07 per diluted share, down 55% from Q4 2022, while consolidated GAAP earnings were$ 8.77 per diluted share, up 304% year-over-year [2][5] - Adjusted EBITDA for Q4 2023 was $254 million, a decline of 41% compared to the same period last year [2][5] - New product introductions contributed 14% of total sales in the quarter, with branded diamide sales growing by 5% [5][2] Full-Year 2023 Highlights - The full-year revenue of$ 4.49 billion represented a 23% decline year-over-year, with an organic revenue decline of 22% [3][5] - Adjusted EBITDA for the year was $978 million, down 30% from 2022 [3][5] - Free cash flow was negative$ 524 million, a decrease of 202% compared to the previous year [3][5] Full-Year 2024 Outlook - FMC forecasts revenue for 2024 to be between $4.50 billion and$ 4.70 billion, indicating a potential growth of 2.5% at the midpoint [4][6] - Adjusted EBITDA is expected to range from $900 million to$ 1.05 billion, remaining essentially flat compared to the prior year [4][6] - The company anticipates free cash flow to be between $400 million and$ 600 million, reflecting a significant improvement from 2023 [4][6] First Quarter 2024 Outlook - Revenue for Q1 2024 is projected to be between $925 million and$ 1.075 billion, representing a 26% decrease at the midpoint compared to Q1 2023 [9][6] - Adjusted EBITDA for Q1 is expected to be between $135 million and$ 165 million, a decline of 59% at the midpoint versus the prior-year period [9][6] - Adjusted EPS for Q1 is forecasted to be in the range of $0.21 to$ 0.43, indicating an 82% decrease at the midpoint compared to Q1 2023 [9][6]