Stock Monitor: Balchem Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 31, 2018 / If you want access to our free earnings report on FMC Corp. (NYSE: FMC), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=FMC. FMC reported its first quarter fiscal 2018 operating and financial results on May 02, 2018. The chemical producer outperformed top- and bottom-line expectations. Additionally, the Company updated its guidance for FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
FMC reported revenue of $1.21 billion for its first quarter 2018, reflecting an increase of 103% compared to revenue of $596.0 million in Q1 2017. The Company's reported numbers surpassed analysts' estimates of $1.15 billion.
During Q1 2018, FMC's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) was $379.8 million, soaring 256% compared to $106.6 million in Q1 2017.
On a GAAP basis, FMC reported earnings of $267 million, or $1.96 per diluted share, in Q1 2018 compared to a net loss of $192 million, or $0.92 per diluted share, in Q1 2017. The Company's reported quarter adjusted earnings zoomed 328% to $1.84 per diluted share versus $0.43 per diluted share in the prior year's same quarter. FMC's earnings numbers exceeded Wall Street's estimates of $1.56 per share.
FMC's Segment Results
During Q1 2018, the Agricultural Solutions segment reported revenue of $1.11 billion, representing an increase of 109% compared to revenue of $530.4 million in Q1 2017, due to the strength of the DuPont acquisition. On a pro-forma basis, the segment's revenue increased 13% on a y-o-y basis, of which foreign exchange contributed 3% to 4% growth.
In Q1 2018, the Agricultural Solutions segment's EBITDA soared 250% versus $101.8 million in Q1 2017 and were $51 million above the mid-point of the prior guidance range. The segment's EBITDA margin was over 32% in the reported quarter, 270 basis points above the mid-point of the Company's guidance.
For Q1 2018, FMC Lithium segment's revenue surged 57% to $102.8 million compared to revenue of $65.6 million in Q1 2017. The segment's EBITDA nearly doubled to $50.3 million in the reported quarter versus $25.8 million in the prior year's same quarter. Higher volume from debottlenecking projects in Argentina and the hydroxide expansion in China, higher y-o-y prices on all product categories and lower operating costs were the main contributors to growth.
FMC is forecasting adjusted earnings to be in the range of $5.90 to $6.20 per share for the full year 2018, reflecting an increase of 12% at the mid-point compared to prior guidance, and 123% higher on a y-o-y basis. The Company is expecting second quarter 2018 adjusted earnings to be in the band of $1.65 to $1.75 per share.
For the Lithium segment FMC is projecting segment revenue to be in the range of $430 million to $460 million for FY18, an increase of nearly 30% on a y-o-y basis, while the outlook for FY 2018 segment's EBITDA is in the band of $193 million to $203 million. For Q2 2018, the Company is expecting Lithium segment's EBITDA to be in the range of $47 million to $51 million, which represents an increase of over 75% on a y-o-y basis.
FMC raised FY18 estimates for the Agricultural Solutions segment. The segment's FY18 revenue is now forecasted to be in the range of $4.05 billion to $4.25 billion, up 2.5% at the mid-point compared to prior guidance. The segment's EBITDA is expected to be in the band of $1.16 billion to $1.24 billion, up $100 million at the mid-point compared to prior guidance. For Q2 2018, the Agricultural Solutions segment's EBITDA is forecasted to be in the range of $315 million to $345 million.
FMC noted that the separate listing of FMC Lithium stock remains on track for October 2018.
Stock Performance Snapshot
May 30, 2018 - At Wednesday's closing bell, FMC's stock advanced 1.19%, ending the trading session at $88.37.
Volume traded for the day: 788.35 thousand shares.
Stock performance in the last month – up 10.84%; previous three-month period – up 12.60%; and past twelve-month period – up 17.83%
After yesterday's close, FMC's market cap was at $11.89 billion.
Price to Earnings (P/E) ratio was at 26.91.
The stock has a dividend yield of 0.75%.
The stock is part of the Basic Materials sector, categorized under the Chemicals - Major Diversified industry. This sector was up 2.5% at the end of the session.
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