FMC Corporation reported its financial results for the third quarter and the nine months ended September 30, 2024, showcasing a notable recovery in net income and revenue growth compared to the previous fiscal period. For the third quarter of 2024, FMC generated revenue of $1,065.4 million, an increase of approximately 9% or $83.5 million from $981.9 million in the same quarter of 2023. The nine-month revenue totaled $3,021.8 million, reflecting a decrease of about 10% from $3,340.7 million in the prior year, primarily due to lower sales volumes and pricing pressures.
Net income for the third quarter was $65.6 million, a significant turnaround from a net loss of $3.5 million in Q3 2023. For the nine months ended September 30, 2024, net income reached $357.7 million, up from $224.6 million in the same period last year. This improvement was attributed to cost reductions, lower interest expenses, and a decrease in selling, general, and administrative expenses, which fell from $171.3 million to $159.2 million year-over-year.
FMC's gross margin for Q3 2024 was $386.4 million, slightly up from $381.2 million in Q3 2023, although the gross margin percentage decreased to 36% from 39% due to pricing pressures and increased costs. Research and development expenses also decreased by 15% to $69.0 million, reflecting the company's ongoing cost management efforts under its "Project Focus" restructuring initiative.
Regionally, North America saw a substantial revenue increase of approximately 48% in Q3 2024, while Latin America reported an 8% increase. Conversely, revenue in Europe, the Middle East, and Africa (EMEA) and Asia declined by 7% and 10%, respectively, due to various market challenges.
FMC's total assets as of September 30, 2024, were $12,218.7 million, up from $11,926.2 million at the end of 2023. The company reported cash and cash equivalents of $416.7 million, an increase from $302.4 million at the end of the previous year. Total debt rose to $4,070.0 million, compared to $3,957.6 million at the end of 2023.
Looking ahead, FMC anticipates full-year 2024 revenue in the range of $4.33 billion to $4.44 billion, a slight decrease from 2023, driven by lower first-half sales and a delayed market recovery. The company expects adjusted EBITDA to be between $885 million and $915 million, reflecting ongoing challenges in pricing and inventory management.
About FMC CORP
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