FMC Corporation reported first quarter 2025 revenue of $791 million, a 14 percent decrease versus Q1 2024, and down 10 percent organically. Adjusted earnings were $0.18 per diluted share, down 50 percent versus Q1 2024. Despite the decline, results were at the higher end of the company's guidance range.
The lower revenue was primarily driven by a 9 percent price decline, with over half attributed to price adjustments in "cost-plus" contracts with diamide partners due to lower manufacturing costs. Foreign currency was a 4 percent headwind, and volume declined 1 percent. North America sales declined 28 percent due to delayed purchases and trade dynamics, while Latin America sales grew 10 percent, or 17 percent excluding currency impacts, driven by increased direct sales in Brazil.
FMC reaffirmed its full-year 2025 revenue, adjusted EBITDA, adjusted EPS, and free cash flow guidance ranges. The company anticipates a strong second half, with sales growth of 7 percent and adjusted EBITDA growth of 11 percent, driven by its growth portfolio and a new direct-to-grower route in Brazil. Estimated incremental tariff costs of $15 million to $20 million are expected to be offset by additional cost savings and volume.
First quarter adjusted EBITDA was $120 million, a 25 percent decrease from the prior-year period, impacted by lower pricing, reduced volume, and FX headwinds. Cash from operations was negative $545 million, and free cash flow was negative $596 million, primarily due to a smaller reduction in inventory levels compared to the prior year.
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