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FMC Corp (FMC) Earnings and Revenues Top Estimates in Q3

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FMC Corporation FMC recorded earnings (as reported) of $1.22 per share in third-quarter 2021, up 44% from 85 cents reported a year ago.

Barring one-time items, adjusted earnings per share were $1.43, topping the Zacks Consensus Estimate of $1.30.

Revenues were $1,194 million for the quarter, up around 10% from the year-ago quarter. It surpassed the Zacks Consensus Estimate of $1,166.4 million.

Revenues were driven by a 9% rise in volumes and 1% favorable impact of currencies. The company benefited from strong product demand, its focus on increasing prices and cost discipline amid headwinds from supply-chain and logistics issues in the reported quarter.

FMC Corporation Price, Consensus and EPS Surprise

FMC Corporation Price, Consensus and EPS Surprise
FMC Corporation Price, Consensus and EPS Surprise

FMC Corporation price-consensus-eps-surprise-chart | FMC Corporation Quote

Regional Sales Performance

Sales dropped 6% year over year in North America in the quarter, impacted by a shift in volume by geography from the company’s global diamide partnerships.

Sales in Latin America went up 11% year over year in the reported quarter on soybean and corn growth in Brazil and Argentina as well as higher prices.

In EMEA, sales rose 12% year over year on higher demand for diamides and herbicides in the region.

Revenues climbed 20% year over year in Asia on the back of broad-based volume gains and higher prices across nearly all countries.

Financials

The company had cash and cash equivalents of $341 million at the end of the quarter, up roughly 15% year over year. Long-term debt was $2,631.7 million, down around 13% year over year.

The company repurchased shares worth $200 million in the third quarter.

Guidance

For 2021, FMC continues to expect revenues between $4.9 billion and $5.1 billion, indicating a rise of 8% at the midpoint versus 2020.

The company also reaffirmed its adjusted EBITDA guidance in the band of $1.29-$1.35 billion for 2021, indicating a 6% rise at the midpoint versus 2020.

FMC raised its adjusted earnings per share outlook for 2021 to the range of $6.59-$6.99 from $6.54-$6.94 expected earlier, suggesting an increase of 10% at the midpoint compared with 2020.

Free cash flow for 2021 is projected to be $480-$570 million, indicating a 4% year-over-year decline.

The company also expects to buyback $350-$450 million shares in 2021.

For fourth-quarter 2021, revenues are projected in the band of $1.27-$1.47 billion, reflecting an increase of 19% at the midpoint compared with the prior-year quarter. Adjusted earnings are forecast in the range of $1.80-$2.20 per share, representing an increase of 41% at the midpoint compared with the prior-year quarter.

Price Performance

FMC’s shares are down 10.7% over a year against the industry’s 24.2% rise.

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Zacks Investment Research

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Zacks Rank & Key Picks

FMC currently carries a Zacks Rank #4 (Sell).

Better-ranked stocks worth considering in the basic materials space include Nutrien Ltd. NTR, Steel Dynamics, Inc. STLD and Methanex Corporation MEOH, both sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Nutrien has an expected earnings growth rate of 181.7% for the current year. The stock has also rallied around 76% over a year.

Steel Dynamics has a projected earnings growth rate of 477.5% for the current year. The company’s shares have surged around 94% in a year.

Methanex has a projected earnings growth rate of 467.9% for the current year. The company’s shares have shot up around 50% in a year.


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