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HomePosts Tagged "FMC Corporation"
Agro chems – Chemicals, Agro chems – Fertilizers, Agro chems – Pesticides, Finance, World

FMC Corporation confirms full-year outlook adjusted for expected sale of GSS business

FMC Corporation reported third quarter 2024 revenue of $1.07 billion, an increase of 9 percent versus third quarter 2023 and up 12 per cent organically. On a GAAP basis, the company reported net income of $0.52 per diluted share in the third quarter, up from a net loss of $0.03 per diluted share in the third quarter 2023 driven by higher sales and lower costs from restructuring actions as well as a lower effective tax provision. Adjusted earnings were $0.69 per diluted share, an increase of 57 per cent versus third quarter of 2023.

Third Quarter Adjusted EPS versus Prior-Year Quarter
Adjusted EBITDA+25 cents
Interest Expense+4 cents
Depreciation & Amortization+2 cents
Minority Interest-1 cent
Taxes+3 cents
Rounding-1 cent
“We delivered revenue and earnings growth as market conditions improved although at varying rates across the regions,” said Pierre Brondeau, FMC chairman and chief executive officer. “Strong volume growth in Latin America and North America more than offset lower pricing, particularly in Brazil and Argentina which accounted for two-thirds of the total company price decline. Despite suboptimal market conditions, we saw increased demand for new products, specifically fluindapyr-based fungicide products, which confirms the strength of FMC’s innovation pipeline.”

Revenue growth in the quarter of 9 per cent was driven by a 17 per cent increase in volume, with some North America second half orders occurring earlier than expected due to improved channel inventory levels. Price was lower by 5 per cent, driven primarily by Latin America due to challenging market conditions in Brazil and Argentina including delayed rains and elevated channel inventory. In addition, the bankruptcy of a large customer led FMC to offer additional incentives to replace lost volumes and maintain market share. Sales in Asia declined 10 per cent (down 12 per cent organically) due to volume declines, mainly in India, as well as lower pricing. In Latin America, revenue improved 8 per cent year-over-year (up 15 per cent organically).
FMC RevenueQ3 2024
Total Revenue Change (GAAP)9%
Less FX Impact(3)%
Organic1 Revenue Change (Non-GAAP)12%

Third quarter adjusted EBITDA was $201 million, an increase of 15 per cent versus the prior-year period and above the top-end of our guidance range. Higher sales volume, FX tailwinds and above-target restructuring benefits more than offset lower pricing and the recognition of unabsorbed fixed costs from lower manufacturing activity in prior periods.

Full-Year 2024 Outlook
The company is confirming its full-year 2024 outlook for sales and EBITDA and updating its outlook for adjusted EPS. The midpoints for sales and EBITDA are adjusted for the imminent sale of the GSS business, which is expected to close in early November. Full-year revenue guidance has tightened to be in the range of $4.33 billion to $4.44 billion, representing a 2 per cent decrease at the midpoint versus 2023. Mid-single digit volume growth is expected to be more than offset by price and, to a lesser extent, FX headwinds. Full-year adjusted EBITDA range has been narrowed and is expected to be $885 million to $915 million, an 8 percent decline at the midpoint versus prior year. The range for 2024 adjusted earnings per share is updated to be $3.16 to $3.52 per diluted share, representing a decrease of 12 percent year-over-year. The tax rate range is narrowed to 13 to 15 percent, a 150 bps reduction versus prior guidance at the midpoint. The company is maintaining its full-year free cash flow guidance range of $400 million to $500 million.

Fourth Quarter Outlook

The fourth quarter outlook has been adjusted to reflect the imminent sale of the GSS business ($20 million loss in revenue and $10 million loss in EBITDA) and outperformance in Q3. Fourth quarter revenue is now expected to be in the range of $1.30 billion to $1.41 billion, a 19 per cent increase at the midpoint compared to fourth quarter 2023. Adjusted EBITDA is forecasted to be in the range of $321 million to $351 million, representing a 32 per cent increase at the midpoint versus fourth quarter 2023. FMC now expects adjusted earnings per diluted share to be in the range of $1.47 to $1.83 in the fourth quarter, which represents an improvement of 54 per cent at the midpoint versus fourth quarter 2023.

FMC Corporation confirms full-year outlook adjusted for

Agribusiness, Company News, Speciality Chemicals, Trade, World

The divestiture of GSS is a key step in FMC’s strategic plan to focus solely on innovating products and services for the global crop protection market.

FMC Corporation and Environmental Science U.S. LLC, known as Envu, announced the successful completion of the sale of FMC’s Global Specialty Solutions (GSS) business to Envu. The companies announced the signing of a definitive acquisition agreement on July 11, 2024, and have now satisfied all necessary conditions and regulatory approvals.

The divestiture of GSS, which includes a line of products that serve a diverse mix of non-crop markets such as golf courses, professional sports stadiums and pest control, is a key step in FMC’s strategic plan to focus solely on innovating products and services for the global crop protection market.

“The successful sale of our GSS business to Envu marks an important milestone for FMC,” said Pierre Brondeau, FMC Chairman and CEO. “This transaction enables us to further sharpen our focus on our core agricultural business while ensuring the GSS business and employees have the right partner in Envu to support their continued growth and success. We look forward to our ongoing collaboration with Envu to ensure a smooth transition and drive innovation in the non-crop market.”

As part of the agreement, FMC will work with Envu through the companies’ transition period and will remain a contracted supplier of key products and actives. This ongoing collaboration will support a seamless transition for customers and employees while allowing Envu continued access to innovation.

“This is a very exciting day for Envu, and we believe for our customers as well,” said Gilles Galliou, Envu CEO. “Now that the deal is closed, we will move quickly to begin integrating the GSS team and exploring ways that we can leverage our collective strengths to deliver more innovation and more value for our customers. We look forward to continuing to collaborate with FMC as a trusted supplier and partner.”

The divestiture of GSS is a key

Agbiologicals, Agribusiness, Company News, Fungicides, Herbicides, India

Velzo® fungicide, Vayobel® herbicide and Ambriva® herbicide will help fruits & vegetables, paddy and wheat farmers tackle challenging diseases and weeds.

FMC Corporation, a leading agricultural sciences company, announced the launch of three cutting-edge crop protection solutions in India today. The new herbicides and fungicide complement FMC’s current robust portfolio of insecticides and reaffirms the company’s commitment to meeting the evolving needs of Indian farmers with science and innovation-driven crop solutions.

Ronaldo Pereira, President of the FMC Corporation, Pramod Thota, President of the FMC Asia Pacific region and Ravi Annavarapu, President of FMC India, were present at a launch event for Velzo® fungicide, Vayobel® herbicide and Ambriva® herbicide, and to celebrate this significant milestone in FMC’s journey in India. The activities included field visits where the team interacted with farmers and a ceremony in Hyderabad where FMC’s top channel partners in India were honoured by the company’s senior leaders for their resolute commitment to work together for the introduction of innovative products and new services.

Velzo® fungicide, a specialty fungicide designed to combat Oomycete diseases in grapes, tomatoes, and potatoes, will help grapes farmers in Maharashtra and Karnataka address the challenge of Downy mildew. Additionally, it will help control Late blight for potato and tomato farmers across the country. Vayobel® herbicide, a pre-emergent and broad-spectrum weed control solution for transplanted rice farmers nationwide, will help to establish a robust crop foundation. Lastly, Ambriva® herbicide, powered by Isoflex® active, features a novel mode of action to tackle the issue of resistant Phalaris minor weeds, giving wheat farmers in the Indo-Gangetic plains a new tool for resistance management.

“Technology forms the backbone of agricultural growth, and FMC’s focus remains on investing in innovative, science-based solutions that not only enhance crop productivity and resilience but also support sustainable farming practices,” said Ravi Annavarapu, President of FMC India. “Providing Indian farmers with these latest advancements in crop care emphasizes our commitment to empowering them with solutions tailored to their regional needs. We look forward to launching additional innovative products in the near future.”

India is a top market for FMC globally. Powered by its strong research and development pipeline, the introduction of Velzo® fungicide, Vayobel® herbicide and Ambriva® herbicide is a testimony to FMC’s commitment to delivering innovation excellence to address the evolving challenges faced by Indian growers. By supporting farmers with sustainable technologies, FMC is contributing to a safe, secure, and sustainable food supply, with minimal impact on the planet.

Velzo® fungicide, Vayobel® herbicide and Ambriva® herbicide

Agbiologicals, Agribusiness, Company News, Herbicides, World

Registration dossiers were submitted in India, Brazil, the Philippines, the United States, Colombia, South Korea, Peru and Taiwan.

FMC Corporation, a leading agricultural sciences company, recently submitted regulatory applications for Dodhylex™ active herbicide in eight rice-growing countries. Registration dossiers were submitted in India, Brazil, the Philippines, the United States, Colombia, South Korea, Peru and Taiwan, which account for approximately 35 per cent of the estimated 165 million hectares of planted rice globally. Regulatory submissions for Dodhylex™ active are planned in additional key global markets.

Dodhylex™ active, FMC’s brand name for tetflupyrolimet, has been classified by the Herbicide Resistance Action Committee (HRAC) and the Weed Science Society of America (WSSA) as a Group 28 herbicide, making it the first new mode of action herbicide globally in over three decades. Dodhylex™ active will be an important new rotational tool for growers to manage herbicide resistance, which poses an increasing challenge for growers worldwide.

“Dodhylex™ active is a significant advancement for the agriculture industry as it will help combat resistant grass weeds,” said Dr Seva Rostovtsev, FMC executive vice president and chief technology officer. “This is particularly remarkable because rice is a grass, and controlling grass weeds in a grass crop is challenging.”

Studies show this proprietary molecule will offer season-long control of resistant grass weeds in rice, regardless of the cultivation method. FMC continues to research the use of Dodhylex™ active in additional crops, including sugarcane, wheat, soybean and corn.

“Dodhylex™ active is one of many new active ingredients in our robust development pipeline that will contribute to FMC’s near and long-term growth,” said Brian P. Angeli, FMC executive vice president and chief marketing officer. “There are opportunities to control resistant grass weeds in other crops, and we are exploring additional markets for Dodhylex™ active outside of rice. We believe this will expand our global addressable market in the future.”

Dodhylex™ active, which was discovered and developed at FMC’s Stine Research Center, is a testament to FMC’s commitment to innovation and disciplined approach to advancing new molecules to help combat resistance and support food security for a growing population. Pending regulatory decisions, FMC anticipates the first launches of Dodhylex™ active in 2026.

Registration dossiers were submitted in India, Brazil,

Agribusiness, Company News, Speciality Chemicals, Trade, World

Envu will purchase the GSS business for a purchase price of $350 million, subject to closing working capital adjustment.

FMC Corporation, a leading global agricultural sciences company, announced it has signed a definitive agreement to sell its Global Specialty Solutions (GSS) business to Environmental Science US, LLC, known as Envu, an environmental science company providing innovations that protect and enhance the health of environments around the world. Envu will purchase the GSS business for a purchase price of $350 million, subject to closing working capital adjustment.

In November 2023, FMC announced plans to explore strategic options for GSS, which includes a line of products that serve a diverse mix of non-crop markets such as golf courses, professional sports stadiums and pest control. As FMC concentrates on innovating products and services for the global crop protection market, GSS no longer has a clear, strategic role in the company’s mid- or longer-term goals.

“Global Specialty Solutions is a profitable business with a strong history of growth. We believe this agreement with Envu will provide the attention and resources it needs to continue thriving,” said Pierre Brondeau, FMC Chairman and CEO. “With this divestment, FMC can focus solely on its core business.”

Envu, which was acquired by international private equity firm Cinven in 2022, is solely dedicated to the environmental science sector and sees GSS as an opportunity to support its growth strategy while continuing to deliver powerful innovations for customers in professional pest management, turf & ornamentals and more.

“As a focused company that is dedicated to delivering forward-thinking solutions for our customers, we are excited by the prospect of joining forces with the GSS business,” said Gilles Galliou, Envu CEO. “We see significant synergies and potential for accelerated innovation from the combination. In addition, as the successful outcome of a carveout transaction ourselves, we believe we are the ideal partner to help GSS through this transition and maximize our collective potential.”

Marco Strizzi, Senior Principal at Cinven, added: “We are delighted to bring together two highly respected, complementary businesses with a shared focus on delivering seamless customer service and product innovation in the attractive environmental science market. We see FMC GSS as a compelling addition to Envu strategically and financially and look forward to continuing to support the combined business’ strong growth trajectory.”

The transaction is expected to close by year-end 2024, subject to regulatory approval and other customary closing conditions. FMC intends to allocate all proceeds from the sale to debt reduction.

BofA Securities acted as financial adviser and McCarter & English was legal adviser to FMC, while Barclays acted as financial adviser and Baker McKenzie was legal adviser to Envu for the transaction. Further terms and conditions of the agreement were not disclosed.

Envu will purchase the GSS business for

Agbiologicals, Agribusiness, Company News, Herbicides, World

The registrations in Brazil mark another significant regulatory approval for FMC and Isoflex® active, which is currently registered in Argentina, Australia and China.

FMC Corporation, a leading global agricultural sciences company, has received registration in Brazil for Azugro® and Ezanya® herbicides for use in cotton, tobacco and wheat crops. Azugro® and Ezanya® herbicides are powered by Isoflex® active, FMC’s brand name for bixlozone. Isoflex® active is a novel herbicide when used in cereals and is classified by the Herbicide Resistance Action Committee (HRAC) as a Group 13 herbicide. The two new formulations will provide growers with new tools to effectively manage herbicide resistance across a wide range of agronomic practices.

“FMC is committed to providing growers with innovative solutions that enhance the productivity and resilience of their land,” said Sinara Ferreira, FMC Brazil business director. “We are confident that Azugro® and Ezanya® herbicides will contribute to a healthy crop by providing growers with new and important tools to control weeds that are resistant to other herbicides.”

Azugro® and Ezanya® herbicides offer effective control of key annual grass weeds, including goosegrass (Eleusine indica), Italian ryegrass (Lolium multiflorum) and some key broadleaf weeds. Azugro® herbicide will be available for use in cotton during the 2024 crop season and wheat in 2025, while Ezanya® herbicide will be available for use in tobacco during the 2024 crop season. Research on the use of Isoflex® active products in additional crops and segments in Brazil is ongoing.

The registrations in Brazil mark another significant regulatory approval for FMC and Isoflex® active, which is currently registered in Argentina, Australia and China. Products containing Isoflex® active have exhibited pre-plant, pre-emergence and early post-emergence selectivity in major crops across the globe, including canola, cereals, oilseed rape and pulses.

The registrations in Brazil mark another significant

Agribusiness, Company News, Sustainability, World

In its Climate Transition Plan, FMC describes its strategy to reduce emissions and address climate-related risks and opportunities across its value chain.

FMC Corporation released its 2023 sustainability report, From the Ground Up. The 13th annual report highlights the company’s progress on its environmental goals, sustainable product innovation and community and stakeholder engagement. It is also the first publication of FMC’s Climate Transition Plan, which details the company’s steps to achieve net-zero greenhouse gas (GHG) emissions by 2035.

“Sustainability and innovation are essential to growing our business and meeting the evolving needs of farmers and our industry,” said Julie DiNatale, vice president and chief sustainability officer. “This year’s report highlights FMC’s dedication to building upon the strong foundation established over the last decade and advancing sustainability across the organization.”

In its Climate Transition Plan, FMC describes its strategy to reduce emissions and address climate-related risks and opportunities across its value chain. Key elements of the plan include FMC’s net-zero roadmap, which identifies early actions and key levers for emissions reductions, and an overview of the company’s Scope 3 emissions and supplier engagement strategy. In 2023, the company reduced absolute Scopes 1 and 2 emissions by 18 per cent and reduced absolute Scope 3 emissions by 27 per cent. Additionally, FMC has made significant strides in waste circularity, increasing waste to beneficial reuse to 75 per cent globally. The company’s sites continuously seek opportunities to drive efficiencies and turn waste materials into valuable commodities.

FMC highlights its diverse portfolio of modern crop protection solutions and how it supports sustainable farming around the world. In addition to integrating sustainability and stewardship criteria throughout its product development processes, the company continuously evaluates how its products promote key areas of sustainability on the farm, including climate resilience, water use efficiency, biodiversity protection, soil and plant health, and compatibility with regenerative agriculture practices. “FMC is constantly innovating to help farmers solve increasing challenges brought by a changing climate, regulatory pressures and consumer demands,” continued DiNatale. “As we develop new products, we are focused on providing farmers with a variety of tools that can be applied in a range of farming systems to improve productivity, efficiency and sustainability.” 

In its Climate Transition Plan, FMC describes

Agribusiness, Company News, Finance, India

Asia sales declined 29 per cent (down 28 percent organically), primarily from lower volumes in China due to poor weather.

FMC Corporation reported first quarter 2024 revenue of $918 million, down 32 per cent versus first quarter 2023, and down 31 percent organically. On a GAAP basis, the company reported a loss of $0.02 per diluted share in the first quarter, a decrease of 101 per cent versus first quarter 2023. First quarter adjusted earnings were $0.36 per diluted share, down 80 percent versus first quarter 2023 and $0.04 higher than the midpoint of guidance.

“Free cash flow improved significantly, and we delivered adjusted EBITDA at the high end of our guidance range during the first quarter,” said Mark Douglas, FMC president and chief executive officer. “As expected, sales continued to be impacted by inventory management actions by customers in all regions. Our results benefited from our restructuring actions and the continued resilient sales of our new products, particularly in Latin America.”

First quarter revenue was driven by 27 percent decline in volume due to ongoing channel destocking in all regions.  Price was lower by 4 percent and foreign currency was a headwind of 1 percent.

North America sales declined 48 percent, almost entirely due to volume against a record-breaking prior-year period. Fungicide sales out-performed the portfolio with growth from new products Xyway® and Adastrio® fungicides. In Latin America, revenue declined 20 percent (down 22 percent excluding FX) due to a price decline in the mid-teens as well as lower volumes. Branded diamides and new products both reported higher sales versus prior year, aided by recently launched Premio® Star insecticide and Onsuva® fungicide.

Asia sales declined 29 percent (down 28 percent organically), primarily from lower volumes in China due to poor weather.  Actions to reduce channel inventory in India progressed despite dry conditions that reduced the consumption of crop protection products. Price in the region was down in the high-single digits.  Sales in EMEA declined 20 percent (down 17 percent organically) due to lower volumes including registration removals and rationalization of some lower-margin products.  Price in the region was up by low-single digits.  Plant Health revenue was down 14 percent in the quarter (down 12 percent organically), mainly driven by volume in Europe as customers delayed purchases and managed overall inventory to lower levels.

The company is forecasting full-year 2024 revenue to be in the range of $4.50 billion to $4.70 billion, unchanged since the last guidance and representing an increase of 2.5 percent at the midpoint versus 2023. FMC is maintaining its full year adjusted EBITDA guidance of $900 million to $1.05 billion, flat versus 2023, including the benefit of cost restructuring actions. The 2024 adjusted earnings outlook is unchanged at $3.23 to $4.41 per diluted share, representing a year-over-year increase of 1 percent at the midpoint. The company is maintaining its full-year free cash flow guidance in the range of $400 million to $600 million, representing over $1 billion in year-over-year improvement at the midpoint.

Asia sales declined 29 per cent (down

Agbiologicals, Agribusiness, Collaborations, Company News, R&D, World

The agreement aims to bolster FMC’s position as the market leader in insecticides and AgroSpheres’ speed to market for its ribonucleic acid (RNA) portfolio.

FMC Corporation, a leading global agricultural sciences company, announced a research agreement with AgroSpheres, a biotechnology company pioneering breakthroughs in sustainable crop protection and crop health. The agreement will accelerate the discovery and development of novel bioinsecticides, which is a key part of FMC’s long-range strategic plan.

The agreement aims to bolster FMC’s position as the market leader in insecticides and AgroSpheres’ speed to market for its ribonucleic acid (RNA) portfolio by pairing AgroSpheres’ production and formulation technology with FMC’s high throughput testing, evaluation, and go-to-market capabilities. In 2023, FMC Ventures invested in AgroSpheres, a startup developing biodegradable micro-encapsulation technology to improve the delivery, stability and efficacy of biological crop protection products based on RNA interference (RNAi) technology.

“Our research agreement with AgroSpheres marks a significant milestone in FMC’s commitment to advancing sustainable agriculture through innovation,” said Dr Seva Rostovtsev, FMC executive vice president and chief technology officer. “We believe RNAi can provide a suite of powerful new tools for the crop protection market and that AgroSpheres has built a powerful platform to discover and manufacture these new technologies. This collaboration is a testament to our dedication to innovation and excellence in crop protection. It underscores our belief in the power of partnership to drive agricultural science forward, ensuring a healthier planet for future generations.”

RNAi biomolecules have demonstrated great promise in the lab but have struggled to yield consistent results for commercial biological development. AgroSpheres’ patented AgriCell manufacturing technology allows for the expression of a wide array of RNA molecules while yielding consistent results. AgroSpheres’ production of encapsulated RNA biomolecules delivers enhanced stability, performance and targeted uptake in pests. AgroSpheres’ groundbreaking biomodality approach targets specific, yet diverse, biological actions, efficiently multiplying product offerings and innovation.

In a global market desperately in need of effective tools to combat resistance, FMC has shown foresight by investing in next-generation technologies and setting aggressive goals to meet demand for high-performance biologicals,” said Ameer Shakeel, founder and chief technology officer of AgroSpheres. “As leaders in bringing molecules to market, they are an ideal partner for AgroSpheres as we progress to comprehensive product development. We are excited to codevelop with the FMC team.”

The agreement aims to bolster FMC's position

Company News, Sustainability, World

The recognition highlights FMC’s commitment to transparency and ongoing efforts to embed sustainability throughout its business strategy and value chain.

FMC Corporation has been recognised as an industry leader in sustainability by S&P Global, earning a place in its annual Sustainability Yearbook. Currently in its 20th year, The Sustainability Yearbook aims to distinguish those companies that have demonstrated strengths in corporate sustainability. In 2023, over 9,400 companies were assessed and only 759 companies – the top 15 per cent of each industry – were selected for inclusion in The Sustainability Yearbook 2024.

“We have made tremendous progress over the last several years, and this recognition is a testament not only to the efforts of our global sustainability team, but also to the support and involvement of functions and teams across FMC, said Julie DiNatale, vice president and chief sustainability officer. “Whether it is expanding market opportunities for sustainable products or driving efficiencies in our operations, we are committed to sustainable business practices that have a positive impact and position FMC for the future. We are very happy to see this important work being recognized.”

S&P Global’s Corporate Sustainability Assessment (CSA) spans a broad range of environmental, social and governance topics, from disclosures to internal company actions. The recognition highlights FMC’s commitment to transparency and ongoing efforts to embed sustainability throughout its business strategy and value chain.

This is the latest in a series of jumps in ESG ratings for FMC. The company recently received an A for Water Security and A- for Climate from CDP, was upgraded to an A by MSCI, and was recognized by Bloomberg as a leader in the agricultural chemicals industry for performance on material ESG issues. FMC was also recognized as an Equality 100 Leader in LGBTQ+ Inclusion by the Human Rights Campaign Foundation and earned the distinction of being one of America’s Greatest Workplaces for Diversity in 2024 by Newsweek. 

The recognition highlights FMC's commitment to transparency

Agro chems – Chemicals, Agro chems – Pesticides, China, Company News, Finance

The court found all the defendants guilty of infringing FMC’s composition of matter patent for a key intermediate to manufacture chlorantraniliprole, FMC’s insect control active ingredient.

FMC Corporation, an agricultural sciences company, announced that the Supreme Court of China (SPC) has ordered several agrichemical manufacturers in China found guilty of patent infringement to pay FMC close to USD 1 million in damages as a result of FMC’s appeal. The amount is among the highest damages awarded in patent infringement suits in China’s pesticide industry in recent times.

In September 2022, the Zhengzhou Intermediate Court in the Henan province of China had ruled in FMC’s favour in a patent infringement lawsuit against Henan Yongfeng Chemical Co., Ltd; Suqian Haide Pharmaceutical and Chemical Co., Ltd; Xinxiang Runyu New Material Technology Co., Ltd; and the individual Wang Shichao (collectively “defendants”). The court found all the defendants guilty of infringing FMC’s composition of matter patent for a key intermediate to manufacture chlorantraniliprole, FMC’s leading insect control active ingredient. All the defendants were ordered to compensate FMC for related damages.

FMC subsequently appealed to the SPC, seeking a higher damage amount. On November 30, 2023, the SPC ordered the defendants to pay FMC approximately USD 1 million in total damages.

“FMC appreciates the Supreme Court and Zhengzhou Intermediate Court protecting FMC’s intellectual property rights in China and requiring infringers such as Henan Yongfeng Chemical Co. Ltd. and the other defendants to compensate patent holders for their acts of infringement. Intellectual property rights encourage the continued innovation of crop protection solutions by recognizing the significant time, money and commitment invested in discovering new active ingredients,” said Michael Reilly, executive vice president and general counsel for FMC. “FMC invests heavily in the discovery of new active ingredients, the development of innovative formulations and biologicals in addition to the advancement of precision and digital agriculture technologies that support sustainable agriculture and improved food security in China and throughout the world.”

The court found all the defendants guilty

Company News, People, World

He will join the company’s senior management Operating Committee and will continue to report to Andrew Sandifer, executive vice president and CFO

FMC Corporation, a leading global agricultural sciences company, announced that its board of directors has elected Patrick (Pat) Day as vice president, of Financial Planning & Analysis (FP&A), effective January 1, 2024.  He will join the company’s senior management Operating Committee and will continue to report to Andrew Sandifer, executive vice president and CFO.

“Pat is a highly valued finance business partner with extensive knowledge of FMC’s commercial and functional operations,” said Mark Douglas, president and CEO.  “He brings to the role a deep knowledge of our finance processes, strong business acumen and exceptional analytical capabilities.  He will serve as a key finance leader for the company’s restructuring initiatives.”

Day joined FMC in 2013 as director, of Finance Transformation, a role in which he served as a leader of the company’s One Finance program.  He moved to the FMC European Innovation Centre in Copenhagen, Denmark, in 2016 after being named regional finance director for FMC’s Europe, Middle East, and Africa region.  In 2020, Day returned to FMC’s headquarters in Philadelphia to assume the role of global FP&A director.  Before FMC, he spent six years each with Deloitte Consulting and United Technologies Corporation in a variety of Finance and Finance Transformation roles. 

He will join the company's senior management

Company News, Finance, World

Third quarter results significantly impacted by lower sales in Latin America channel destocking in all regions

FMC Corporation reported a third-quarter 2023 revenue of $982 million, a decrease of 29 per cent versus the third quarter of 2022 and down 29 per cent organically. On a GAAP basis, the company reported a net loss of $0.03 per diluted share in the third quarter, down 103 per cent versus the third quarter of 2022. Adjusted earnings were $0.44 per diluted share, a decrease of 64 per cent versus the third quarter 2022.

“Our results were significantly below the prior year driven by volume headwinds from a continuation of channel destocking behaviour that began in the prior quarter.  Destocking was much worse than anticipated in Brazil. Despite this, on-the-ground application remains steady as growers continue to protect their crops,” said Mark Douglas, FMC president and chief executive officer.  “Branded diamides and our new products outperformed the overall portfolio, which illustrates robustness for differentiated and higher value products even in challenging environments.”

Revenue in the quarter was driven by a 26 per cent decline in volume. Price increases in North America, EMEA and Asia were more than offset by price decreases in Latin America. FX impacts were neutral to revenue.  While overall sales were down 29 per cent, sales of products launched in the last five years were up 4 per cent year-over-year, with growth in all regions.

Sales in all regions declined versus the prior-year period as partners, the distribution channel and growers continued to reduce inventory levels. In North America, revenue was down 34 per cent year-over-year (down 34 per cent organically). EMEA revenue declined 1 per cent (down 4 per cent organically) compared to the third quarter of 2022, as higher pricing and FX tailwinds mostly offset lower volumes. Sales in Asia declined 28 per cent (down 23 per cent organically) as continued destocking across the region negatively impacted volumes. The region reported a 16 per cent growth in products launched in the last five years. In Latin America, revenue was down 33 per cent (down 36 per cent organically) year-over-year driven mainly by lower volumes primarily due to severe destocking in Brazil and, to a lesser extent, drought conditions in Argentina.  Globally, Plant Health revenue was down 20 per cent (down 17 per cent organically) versus the prior year driven by similar, but less severe channel destocking dynamics. 

Third quarter results significantly impacted by lower sales in Latin America channel destocking

Company News, People, World

Scanlan joined the company on September 25, 2023. She is assuming the role previously held by Kyle Matthews, who passed away earlier this year

FMC Corporation announced that Jacqueline (Jackie) Scanlan has been named executive vice president and chief human resources officer (CHRO). Scanlan will lead the global Human Resources (HR) function and assume responsibility for FMC’s global Diversity, Equity and Inclusion (DEI) strategy and team. She will report to Mark Douglas, FMC president and chief executive officer.

Scanlan is a seasoned HR professional with over 25 years of experience at multinational companies across various industries. She joins FMC from Axalta Coating Systems, where she served as senior vice president and CHRO since 2021. She has held senior HR roles at several leading companies, including Haemonetics Corporation, Novo Nordisk and Campbell Soup Company.

“Jackie brings extensive experience in HR management with significant focus in areas such as organisation and people strategy, change and talent management, leadership development, culture and HR functional excellence,” said Douglas. “She is ideally suited to lead our Human Resources and Diversity, Equity and Inclusion organisations. I am pleased to welcome her to the FMC executive team and look forward to her leadership.”

Scanlan joined the company on September 25, 2023. She is assuming the role previously held by Kyle Matthews, who passed away earlier this year.

Scanlan joined the company on September 25, 2023.