FMC Corporation reported second quarter 2025 revenue of $1.05 billion, up 1 percent versus Q2 2024, and up 2 percent organically. Adjusted earnings were $0.69 per diluted share, up 10 percent versus Q2 2024. These results were at the high end of the company's guidance range, driven by volume growth of 6 percent as customer inventory levels reached targets in most countries.
The company's growth portfolio increased by high-single digits, while core portfolio sales were essentially flat. Sales in EMEA increased 29 percent, or 27 percent excluding currency impacts, driven by strong volume gains for herbicides, diamide partners, and branded Cyazypyr products. Latin America sales were 1 percent higher, or 5 percent excluding currency impacts, aided by new active ingredients fluindapyr and Isoflex active.
FMC announced its intention to divest its commercial business in India in response to market challenges. The India commercial business will be classified as held for sale starting in the third quarter. FMC plans to continue active participation in the India market through a supply agreement with the eventual buyer for its patented and data-protected portfolio, and will maintain its active ingredient manufacturing operations in India.
The company reaffirmed its full-year 2025 adjusted EBITDA, adjusted EPS, and free cash flow guidance ranges. Revenue excluding India is expected to be $4.08 billion to $4.28 billion, down 2 percent at the midpoint versus prior year reported revenue. Third quarter revenue excluding India is expected to be $1.00 billion to $1.10 billion, down 1 percent at the midpoint versus reported Q3 2024.
Second quarter adjusted EBITDA was $207 million, an increase of 2 percent from the prior-year period, driven by favorable costs offsetting price and FX headwinds. Adjusted EPS grew 10 percent due to higher adjusted EBITDA and lower interest expense. Cash from operations was $66 million, and free cash flow was $40 million, declines primarily due to a smaller reduction in inventory levels than in the prior year.
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