Q1 2024 FMC Corp Earnings Call Transcript
Key Points
- FMC Corp (FMC) delivered EBITDA at the higher end of guidance and earnings per share above the midpoint for Q1.
- Significant improvement in free cash flow compared to the prior year period.
- Restructuring actions are on track, contributing to cost savings and improved operational efficiency.
- Strong performance from new products, particularly in fungicides and insecticides, which are expected to drive future growth.
- The sale of the Global Specialty Solutions business is progressing well, with significant interest from potential buyers.
- First quarter revenue declined by 32% year-over-year, with a volume decline of 27% due to continued channel destocking.
- North America sales declined by 48% due to lower volume against a record prior year period.
- Sales in Asia and EMEA also saw declines due to reduced volume and unfavorable weather conditions.
- Adjusted EBITDA declined by 56%, primarily due to lower volume and, to a lesser extent, price.
- The company faces ongoing challenges with inventory destocking, particularly in India, which is expected to persist into 2025.
Good morning, and welcome to the First Quarter 2024 Earnings Call for FMC Corporation. This event is being recorded. (Operator Instructions)
I would now like to turn the conference over to Mr. Curt Brooks, Director of Investor Relations for FMC Corporation. Please go ahead.
Thanks. Good morning, everyone, and welcome to FMC Corporation's first quarter earnings call.
Joining me today are Mark Douglas, President and Chief Executive Officer; and Andrew Sandifer, Executive Vice President and Chief Financial Officer.
Mark will review our first quarter performance as well as provide an outlook for the second quarter and implied first half expectations. He will also provide an update to our full year outlook and implied second half expectations. Andrew will provide an overview of select financial results.
Following the prepared remarks, we will take questions. Our earnings release and today's slide presentation are available on our website and the prepared remarks from today's
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