2024 Full-Year Preliminary Outlook1
- Revenue of $4.65 billion to
$4.85 billion, reflecting 3 percent
increase midpoint to midpoint from latest 2023 guidance
- Adjusted EBITDA of $1.025 billion
to $1.125 billion, reflecting 8
percent increase midpoint to midpoint from latest 2023
guidance
- $50 million to $75 million of adjusted EBITDA contribution in
2024 from restructuring actions with approximately $150 million of run-rate savings by the end of
2025
- Adjusted earnings per share expected to grow faster than
adjusted EBITDA in 2024
- Return on invested capital over 10 percent
- Free cash flow conversion of over 100 percent
- Expect to end 2024 approaching historically normal leverage
metrics
2026 Goals1
- Revenue of $5.5 billion to
$6.0 billion
- Adjusted EBITDA of $1.3 billion
to $1.5 billion
- Adjusted earnings per share are expected to grow faster than
adjusted EBITDA
- Free cash flow conversion on rolling three-year average of at
least 70 percent
- Return on invested capital in the mid-teens percent
- Target approximately 2X net debt to adjusted EBITDA on a
rolling four quarter average basis
PHILADELPHIA, Nov. 16,
2023 /PRNewswire/ --
FMC Corporation (NYSE:FMC) will host its Investor Day later
today at FMC corporate headquarters in Philadelphia where the company will outline
its long-range strategic growth plan, including updated long-term
financial targets, a review of the company's R&D pipeline and a
discussion about FMC's newest synthetic and biological product
portfolios.
In addition, the company will further detail its restructuring
plan and provide a preliminary outlook for 2024.
"We are confident our industry-leading R&D pipeline and
history of driving profitability from existing molecules through
patented formulation innovation, combined with our leading position
in biologicals, will drive strong revenue and earnings growth
through 2026 and beyond," said Mark
Douglas, president and chief executive officer. "We're
looking forward to sharing our strategy for the mid- and long-term
today at our Investor Day."
Agenda and anticipated timing for Investor Day:
10:00 AM
|
Business
Showcase
|
12:30 PM
|
Plenary session
presentations and webcast begin
|
12:35 PM
|
Mark Douglas
(President, Chief Executive Officer)
|
12:55 PM
|
Diane Allemang
(Executive Vice President, Chief Marketing Officer)
|
1:25 PM
|
Dr. Seva Rostovtsev
(Vice President, Chief Technology Officer)
|
1:40 PM
|
Ronaldo Pereira
(Executive Vice President and President, Americas)
|
1:55 PM
|
Dr. Bénédicte Flambard
(Vice President, Plant Health)
|
2:10 PM
|
Break
|
2:25 PM
|
Thaisa Hugenneyer (Vice
President, Procurement, Facilities & Logistics)
|
2:40 PM
|
Andrew Sandifer
(Executive Vice President, Chief Financial Officer)
|
3:10 PM
|
Mark Douglas
(President, Chief Executive Officer)
|
3:15 PM
|
Q&A
|
4:00 PM
|
Event ends
|
The Investor Day is at full capacity and walk-up registration is
not accepted. A live webcast of the plenary session will be
open to the public and accessible via https://investors.fmc.com/.
The presentations will be made available on the FMC website today,
November 16, 2023, at approximately
12:00 p.m. ET. The prepared remarks
and a summary of the business showcase materials will be posted
after the event ends. The full webcast will be archived for
one year on FMC's website.
About FMC
FMC Corporation is a global agricultural sciences company
dedicated to helping growers produce food,
feed, fiber and fuel for an expanding world population
while adapting to a changing environment. FMC's innovative
crop protection solutions – including biologicals, crop nutrition,
digital and precision agriculture – enable growers, crop advisers
and turf and pest management professionals to address their
toughest challenges economically while protecting the environment.
With approximately 6,600 employees at more than 100 sites
worldwide, FMC is committed to discovering new herbicide,
insecticide and fungicide active ingredients, product formulations
and pioneering technologies that are consistently better for the
planet. Visit fmc.com to learn more and follow us
on LinkedIn®.
Statement under the Safe Harbor Provisions of the Private
Securities Litigation Reform Act of 1995: FMC and its
representatives may from time to time make written or oral
statements that are "forward-looking" and provide other than
historical information, including statements contained in this
press release, in FMC's other filings with the SEC, and in reports
or letters to FMC stockholders.
In some cases, FMC has identified these forward-looking
statements by such words or phrases as "will likely result," "is
confident that," "expect," "expects," "should," "could," "may,"
"will continue to," "believe," "believes," "anticipates,"
"predicts," "forecasts," "estimates," "projects," "potential,"
"intends" or similar expressions identifying "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995, including the negative of those words or
phrases. Such forward-looking statements are based on our current
views and assumptions regarding future events, future business
conditions and the outlook for the company based on currently
available information. The forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause
actual results to be materially different from any results, levels
of activity, performance or achievements expressed or implied by
any forward-looking statement. These statements are qualified by
reference to the risk factors included in Part I, Item 1A of our
Annual Report on Form 10-K for the year ended December 31, 2022 (the "2022 Form 10-K"), the
section captioned "Forward-Looking Information" in Part II of the
2022 Form 10-K and to similar risk factors and cautionary
statements in all other reports and forms filed with the Securities
and Exchange Commission ("SEC"). Moreover, investors are cautioned
to interpret many of these factors as being impacted as a result of
the residual adverse impacts of COVID and governmental, business,
and societal responses to COVID. We wish to caution readers
not to place undue reliance on any such forward-looking statements,
which speak only as of the date made. Forward-looking
statements are qualified in their entirety by the above cautionary
statement.
We specifically decline to undertake any obligation, and
specifically disclaim any duty, to publicly update or revise any
forward-looking statements that have been made to reflect events or
circumstances after the date of such statements or to reflect the
occurrence of anticipated or unanticipated events, except as may be
required by law.
This press release contains certain "non-GAAP financial
terms" which are defined on our website www.fmc.com/investors. Such
terms include adjusted EBITDA, adjusted earnings, free cash flow,
organic revenue growth and return on invested capital. In addition,
we have also provided on our website reconciliations of non-GAAP
terms to the most directly comparable GAAP term.
- Although we provide forecasts for adjusted earnings per share,
adjusted EBITDA, free cash flow and return on invested capital
(non-GAAP financial measures), we are not able to forecast the most
directly comparable measures calculated and presented in accordance
with GAAP. Certain elements of the composition of the GAAP amounts
are not predictable, making it impractical for us to forecast. Such
elements include, but are not limited to, restructuring,
acquisition charges, and discontinued operations. As a result, no
GAAP outlook is provided.
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SOURCE FMC Corporation