FMC Corporation reported fourth quarter 2024 revenue of $1.22 billion, a 7 percent increase versus Q4 2023, driven by a 15 percent volume increase. Full-year 2024 revenue was $4.25 billion, a 5 percent decrease compared to 2023. Adjusted earnings for Q4 were $1.79 per diluted share, up 67 percent year-over-year, while full-year adjusted earnings were $3.48 per diluted share, an 8 percent decrease.
Despite solid Q4 sales and adjusted EBITDA growth, full-year revenue missed previous guidance and consensus estimates. The company noted that growth was below expectations as customers in many countries sought to hold significantly less inventory than historically. This dynamic, along with foreign currency impacts, acted as a headwind.
For full-year 2025, FMC forecasts revenue between $4.15 billion and $4.35 billion, essentially flat at the midpoint, and adjusted EBITDA between $870 million and $950 million, a 1 percent increase at the midpoint. Adjusted EPS is expected to be $3.26 to $3.70 per diluted share, flat year-over-year. The outlook anticipates continued weaker demand due to lower channel inventory.
First quarter 2025 revenue is expected to be $750 million to $800 million, a 16 percent decline at the midpoint compared to Q1 2024. Adjusted EBITDA for Q1 2025 is projected to be $105 million to $125 million, a 28 percent decline. The company stated it needs to significantly lower FMC inventory in the channel beyond what was expected.
Cash flow from operations for 2024 was strong at $737 million, an increase of $1.04 billion versus 2023, primarily due to rebuilding payables and a reduction in inventory. Free cash flow in 2024 was $614 million, an increase of $1.14 billion. However, full-year 2025 free cash flow is expected to decline to $200 million to $400 million as conversion normalizes.
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