PHILADELPHIA - FMC Corporation (NYSE:FMC) reported better-than-expected third quarter results and raised its full-year outlook, sending shares up 4% in after-hours trading.
The agricultural sciences company posted adjusted earnings of $0.69 per share for Q3, surpassing analyst estimates of $0.53. Revenue rose 9% YoY to $1.07 billion, also beating the consensus forecast of $1.04 billion.
FMC saw strong volume growth in Latin America and North America, which more than offset lower pricing, particularly in Brazil and Argentina. Overall revenue grew 12% organically, driven by a 17% increase in volume.
"We delivered revenue and earnings growth as market conditions improved although at varying rates across the regions," said Pierre Brondeau, FMC chairman and CEO.
For the full year 2024, FMC now expects adjusted EPS of $3.16-$3.52, above the previous analyst consensus of $3.25. The company forecasts revenue of $4.33-4.44 billion, in line with estimates.
FMC also provided upbeat guidance for Q4, projecting EPS of $1.47-$1.83 on revenue of $1.3-1.41 billion, both ahead of Wall Street expectations.
The company cited robust sales of new products and additional cost benefits from its restructuring program as key drivers for the strong Q4 outlook. FMC increased its target for restructuring savings to $125-150 million in adjusted EBITDA net benefit.
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