FMC Corp · Q1 2023 earnings

Briefing

FMC delivered solid first quarter results and raised full-year adjusted EBITDA and adjusted EPS guidance.

FMC Corporation reported first quarter 2023 revenue of $1.34 billion, flat versus first quarter 2022, and up 4 percent organically. The company reported earnings of $1.55 per diluted share in the first quarter, a decrease of 6 percent versus first quarter 2022. First quarter adjusted earnings were $1.77 per diluted share, down 6 percent versus first quarter 2022.

• Revenue of $1.34 billion, flat versus Q1 2022 and up 4 percent organically
• Consolidated GAAP net income of $196 million, down 7 percent versus Q1 2022
• Adjusted EBITDA of $362 million, up 2 percent versus Q1 2022
• Consolidated GAAP earnings of $1.55 per diluted share, down 6 percent versus Q1 2022

Headline financials

Revenue & EPS history

FMC is raising its full-year adjusted EBITDA guidance by $10 million at the midpoint. Full-year adjusted EBITDA is now expected to be in the range of $1.50 billion to $1.56 billion, representing 9 percent year-over-year growth at the midpoint based on the first quarter performance, continued pricing gains, positive product mix and projected input cost tailwinds. 2023 adjusted earnings range is also increased to $7.34 to $7.94 per diluted share, representing a year-over-year increase of 3 percent at the midpoint. The company is maintaining full-year free cash flow guidance in the range of $530 million to $720 million.