FMC Corporation Raises Guidance for Fourth Quarter 2018 Earnings and Provides Initial 2019 Outlook

PHILADELPHIA, Jan. 31, 2019 /PRNewswire/ --

Updated Fourth Quarter Guidance and Key Drivers

• Consolidated adjusted earnings per diluted share now expected to be $1.62 to $1.67, up 17 to 21 percent versus the midpoint of prior guidance
• Agricultural Solutions segment revenue was up 18 percent versus Q4 '17, on a pro forma basis³, versus prior guidance of 12 percent growth
• Agricultural Solutions segment EBITDA drives $0.08 adjusted earnings per share outperformance versus midpoint of prior guidance
• Lower tax-rate expected to drive additional $0.15 to $0.20 adjusted earnings per share outperformance versus midpoint of prior guidance

Full Year 2019 Outlook (excluding Lithium)^1,2,3

• Revenue growth of 4 to 6 percent versus pro forma 2018
• Total company EBITDA growth of 5 to 9 percent versus pro forma 2018, despite significant headwinds from raw material costs and foreign exchange
• 2019 adjusted earnings are expected to be in the range of $5.55 to $5.75 per diluted share, excluding any impact from share repurchases in 2019

FMC Corporation (NYSE: FMC) today announced that it expects fourth quarter 2018 adjusted earnings to be in a range of $1.62 to $1.67 per share, which compares to prior guidance of $1.33 to $1.43 per share.  The raised guidance is primarily due to outperformance in Agricultural Solutions and lower than expected taxes.  Agricultural Solutions saw strong demand across all regions, which led to an 18 percent increase in segment revenue, on a pro forma basis³; this compares to prior guidance of 12 percent growth at the midpoint.  Higher Agricultural Solutions segment EBITDA drives approximately $0.08 incremental adjusted earnings per share versus midpoint of prior guidance.  A significantly lower tax rate is expected to contribute an additional $0.15 to $0.20 incremental adjusted earnings per share versus midpoint of prior guidance.  All other factors combined add $0.01 incremental adjusted earnings per share versus midpoint of prior guidance.

Full Year 2019 Outlook (excluding Lithium)^1,2,3

FMC expects full-year 2019 revenue to grow by 4 to 6 percent versus pro forma 2018 revenue, and it expects total company EBITDA growth of 5 to 9 percent versus pro forma 2018, despite significant headwinds from raw material costs and foreign exchange.  FMC expects 2019 adjusted earnings per share to be in the range of $5.55 to $5.75, excluding any impact from share repurchases in 2019.       

About FMC

FMC Corporation provides solutions to growers around the world with a portfolio of proprietary crop protection products and a robust pipeline fueled by innovative discovery and development capabilities in crop protection, plant health and professional pest and turf maintenance solutions. In October 2018, FMC conducted an initial public offering of its Lithium business.  The new company, Livent Corporation, is approximately 85 percent owned by FMC and is expected to be spun off on March 1, 2019.  FMC employs approximately 7,300 employees (including through Livent) around the globe. To learn more, please visit www.fmc.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2017 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.

This press release contains certain "non-GAAP financial terms" which are defined on our website www.fmc.com.  In addition, we have also provided on our website at www.fmc.com reconciliations of non-GAAP terms to the most directly comparable GAAP term. 

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SOURCE FMC Corporation