The second-quarter adjusted EBITDA was $347 million
FMC Corporation in the second quarter of 2021 has posted a revenue of $1.2 billion, an increase of 8 per cent versus second quarter 2020. Excluding a tailwind from foreign currencies, the revenue increased 4 per cent organically. On a GAAP basis, the company reported earnings of $1.56 per diluted share in the second quarter, an increase of 11 per cent versus second quarter 2020. The second-quarter adjusted earnings were $1.81 per diluted share, an increase of 5 per cent versus second quarter 2020.
“FMC’s second-quarter financial results were driven by robust volume growth in all regions outside of EMEA, reflecting the strength of our underlying business, especially the significant contribution of new product launches,” said Mark Douglas, President and CEO, FMC.
The second-quarter revenue growth was driven by a 4 per cent volume increase and a 4 per cent FX tailwind. In Latin America, revenue increased 15 per cent (up 12 per cent organically), driven by strong insecticide and fungicide demand buoyed by favourable commodity prices and a slight benefit from FX. Asia grew revenue 20 per cent (up 13 per cent organically) driven by the strength of our insecticide portfolio, particularly for India and Australia, and FX tailwinds.
Sales in EMEA grew 3 per cent (down 3 per cent organically) driven by demand for our diamides and herbicides and FX tailwinds, offset largely by unfavourable weather early in the quarter and discontinued registrations. In North America, sales decreased 7 per cent (down 8 per cent organically), reflecting the year-over-year impact of a shift in volume demand by geography from our global diamide partnerships. Excluding revenue from the global partnerships, the region grew more than 20 per cent.
The second-quarter adjusted EBITDA was $347 million, an increase of 2 per cent from the prior-year period. This increase was driven primarily by volume gains, largely offset by accelerating increases in costs of goods sold.
The company continues to forecast full-year 2021 revenue to be in the range of $4.9 billion to $5.1 billion, driven by growth in Asia, Latin America and North America, representing an 8 per cent increase at the midpoint versus 2020. The revenue growth will be driven primarily by volume, as well as price increases and a modest FX tailwind. Full-year adjusted EBITDA is expected to be in the range of $1.29 billion to $1.35 billion, representing a 6 per cent year-over-year growth at the midpoint.
