FMC Corp. (FMC) Tops Q4 EPS by 30c, Revenues Beat; Offers Q1 & FY19 EPS Guidance Below Consensus, FY19 Revenue Guidance Below Consensus
FMC Corp. (NYSE: FMC) reported Q4 EPS of $1.69, $0.30 better than the analyst estimate of $1.39. Revenue for the quarter came in at $1.22 billion versus the consensus estimate of $1.17 billion.
- Agricultural Solutions segment revenue of $1.1 billion, up 18 percent versus Q4 '17, on a pro forma basis1
- Agricultural Solutions segment EBITDA of $302 million, up 35 percent versus Q4 '17
- Consolidated GAAP earnings of $0.24 per diluted share
- Consolidated adjusted earnings per diluted share of $1.69, up 54 percent versus Q4 '17
Pierre Brondeau, FMC CEO and chairman said: "FMC delivered another very strong quarter. In Agricultural Solutions, we grew sales 23 percent on a pro forma basis, excluding an estimated 5 percent headwind from foreign currencies. This was significantly above the market and our key competitors, as we continue to capitalize on the strength of our broad portfolio and capture new sales synergies. In Lithium, we had another strong operating quarter, and we are set to complete the spinoff of Livent Corporation on March 1, 2019."
"We expect a disproportionate amount of the full-year impact from higher raw material costs and currency headwinds to occur in the first half of 2019, leading to flat year-over-year adjusted EBITDA in the first quarter. We are nevertheless highly confident that we will recover all the raw material increase and a significant amount of the FX impact via price increases in all regions over the full year," said Brondeau.
GUIDANCE:
FMC Corp. sees FY2019 EPS of $5.55-$5.75, versus the consensus of $5.93. FMC Corp. sees FY2019 revenue of $4.45-4.55 billion, versus the consensus of $4.54 billion.
FMC Corp. sees Q1 2019 EPS of $1.58-$1.68, versus the consensus of $1.79. FMC Corp. sees Q1 2019 revenue of $1.18-1.21 billion, versus the consensus of $1.22 billion.
- Total company adjusted EBITDA of $1.165 to $1.205 billion, up 7 percent at the midpoint versus recast 2018
- 2019 adjusted earnings are expected to be in the range of $5.55 to $5.75 per diluted share, up 8 percent at the midpoint versus recast 2018, excluding any impact from share repurchases in 2019
- Company expects to repurchase up to $500 million of FMC shares, including $100 million already purchased in 2019
- Company set to spin remaining Livent stake on March 1, 2019
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