FMC Corporation reported third quarter 2024 revenue of $1.07 billion, an increase of 9 percent versus the prior-year period, and up 12 percent organically. Adjusted earnings were $0.69 per diluted share, a 57 percent increase compared to the third quarter of 2023. These results were above the high end of the company's guidance range, driven by volume growth and higher cost savings.
The revenue growth was primarily due to a 17 percent increase in volume, with strong performance in Latin America and North America. Demand for new products, specifically fluindapyr-based fungicide products like Onsuva, contributed to this growth. Despite a 5 percent price decline, mainly in Latin America due to challenging market conditions, adjusted EBITDA increased by 15 percent to $201 million.
FMC confirmed its full-year 2024 outlook for sales and EBITDA, adjusting for the imminent sale of the GSS business. Full-year revenue guidance was tightened to $4.33 billion to $4.44 billion, representing a 2 percent decrease at the midpoint versus 2023. Adjusted EBITDA is expected to be $885 million to $915 million, an 8 percent decline at the midpoint.
The company updated its full-year adjusted earnings per share outlook to $3.16 to $3.52 per diluted share, representing a decrease of 12 percent year-over-year. Fourth quarter revenue is projected to be $1.30 billion to $1.41 billion, a 19 percent increase at the midpoint compared to Q4 2023. Adjusted EBITDA for Q4 is forecasted to be $321 million to $351 million, a 32 percent increase at the midpoint.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.