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FMC Corp's (FMC) Earnings and Sales Top Estimates in Q4
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FMC Corporation (FMC - Free Report) recorded earnings (as reported) of $1.52 per share in fourth-quarter 2021, up 300% from 38 cents reported in the year-ago quarter.
Barring one-time items, adjusted earnings per share were $2.16, topping the Zacks Consensus Estimate of $2.02.
Revenues were $1,413.6 million in the quarter, up around 22.7% from the year-ago quarter’s levels. The top line surpassed the Zacks Consensus Estimate of $1,367.6 million.
Revenues were driven by a 21% rise in volumes and a 4% contribution from price. The company benefited from a healthy demand environment and price increases.
Sales surged 81% year over year in North America in the quarter, driven by strong selective herbicide volumes, higher prices, new products and continued market expansion of Rynaxypyr and Cyazypyr active ingredients.
Sales in Latin America rose 30% year over year in the reported quarter on soybean and corn demand growth, higher sales of biologicals as well as increased prices.
In EMEA, sales declined 8% year over year due to the impact of a shift in global diamide partner volumes across regions.
Revenues fell 3% year over year in Asia, impacted by weather challenges in several countries, including China.
FY21 Results
Earnings (as reported) for full-year 2021 were $5.70 per share compared with $4.22 a year ago. Net sales increased 9% year over year to roughly $5.1 billion.
Financials
The company had cash and cash equivalents of $516.8 million at the end of the year, down roughly 9.2% year over year. Long-term debt was $2,731.7 million, down around 6.8% year over year.
The company repurchased shares worth $400 million in 2021.
Guidance
For 2022, FMC expects revenues between $5.25 billion and $5.55 billion, indicating a rise of 7% at the midpoint from 2021 levels. Sales are expected to be driven by higher volumes and prices in all regions.
The company forecasts adjusted EBITDA in the band of $1.32-$1.48 billion for 2022, indicating a 6% rise at the midpoint from 2021 levels.
FMC expects adjusted earnings per share for 2022 in the range of $6.8-$8.10, suggesting an increase of 8% at the midpoint from 2021 figures.
Free cash flow for 2022 is projected to be $515-$735 million.
For first-quarter 2022, revenues are projected in the band of $1.22-$1.34 billion, reflecting an increase of 7% at the midpoint compared with the prior-year quarter’s levels. Adjusted earnings are forecast in the range of $1.50-$1.90 per share, representing an increase of 11% at the midpoint from the prior-year quarter’s levels. It also expects adjusted EBITDA in the range of $300-$350 million for the quarter.
Price Performance
FMC’s shares have increased 3% in the past year compared with an 8.4% rise of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
FMC currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the basic materials space are Albemarle Corporation (ALB - Free Report) , Nutrien Ltd. (NTR - Free Report) and AdvanSix Inc. (ASIX - Free Report) .
Albemarle, currently sporting a Zacks Rank #1 (Strong Buy), has an expected earnings growth rate of 51.5% for the current year. The Zacks Consensus Estimate for ALB's earnings for the current year has been revised 5.6% upward in the past 60 days. You can see the complete list of today’s Zacks #1 Rank stocks here.
Albemarle beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average being 22.1%. ALB has rallied around 45.3% over a year.
Nutrien, sporting a Zacks Rank #1, has a projected earnings growth rate of 55.8% for the current year. The Zacks Consensus Estimate for NTR's current-year earnings has been revised 13.2% upward in the past 60 days.
Nutrien beat the Zacks Consensus Estimate for earnings in three of the last four quarters, while missing once. It has a trailing four-quarter earnings surprise of roughly 73.5%, on average. NTR has rallied around 34.6% in a year.
AdvanSix has a projected earnings growth rate of 7.4% for the current year. The Zacks Consensus Estimate for ASIX’s current-year earnings has been revised 5.3% upward in the past 60 days.
AdvanSix beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average being 46.9%. ASIX has surged 67.4% over a year. The company carries a Zacks Rank #2 (Buy).
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FMC Corp's (FMC) Earnings and Sales Top Estimates in Q4
FMC Corporation (FMC - Free Report) recorded earnings (as reported) of $1.52 per share in fourth-quarter 2021, up 300% from 38 cents reported in the year-ago quarter.
Barring one-time items, adjusted earnings per share were $2.16, topping the Zacks Consensus Estimate of $2.02.
Revenues were $1,413.6 million in the quarter, up around 22.7% from the year-ago quarter’s levels. The top line surpassed the Zacks Consensus Estimate of $1,367.6 million.
Revenues were driven by a 21% rise in volumes and a 4% contribution from price. The company benefited from a healthy demand environment and price increases.
FMC Corporation Price, Consensus and EPS Surprise
FMC Corporation price-consensus-eps-surprise-chart | FMC Corporation Quote
Regional Sales Performance
Sales surged 81% year over year in North America in the quarter, driven by strong selective herbicide volumes, higher prices, new products and continued market expansion of Rynaxypyr and Cyazypyr active ingredients.
Sales in Latin America rose 30% year over year in the reported quarter on soybean and corn demand growth, higher sales of biologicals as well as increased prices.
In EMEA, sales declined 8% year over year due to the impact of a shift in global diamide partner volumes across regions.
Revenues fell 3% year over year in Asia, impacted by weather challenges in several countries, including China.
FY21 Results
Earnings (as reported) for full-year 2021 were $5.70 per share compared with $4.22 a year ago. Net sales increased 9% year over year to roughly $5.1 billion.
Financials
The company had cash and cash equivalents of $516.8 million at the end of the year, down roughly 9.2% year over year. Long-term debt was $2,731.7 million, down around 6.8% year over year.
The company repurchased shares worth $400 million in 2021.
Guidance
For 2022, FMC expects revenues between $5.25 billion and $5.55 billion, indicating a rise of 7% at the midpoint from 2021 levels. Sales are expected to be driven by higher volumes and prices in all regions.
The company forecasts adjusted EBITDA in the band of $1.32-$1.48 billion for 2022, indicating a 6% rise at the midpoint from 2021 levels.
FMC expects adjusted earnings per share for 2022 in the range of $6.8-$8.10, suggesting an increase of 8% at the midpoint from 2021 figures.
Free cash flow for 2022 is projected to be $515-$735 million.
For first-quarter 2022, revenues are projected in the band of $1.22-$1.34 billion, reflecting an increase of 7% at the midpoint compared with the prior-year quarter’s levels. Adjusted earnings are forecast in the range of $1.50-$1.90 per share, representing an increase of 11% at the midpoint from the prior-year quarter’s levels. It also expects adjusted EBITDA in the range of $300-$350 million for the quarter.
Price Performance
FMC’s shares have increased 3% in the past year compared with an 8.4% rise of the industry.
Zacks Rank & Key Picks
FMC currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the basic materials space are Albemarle Corporation (ALB - Free Report) , Nutrien Ltd. (NTR - Free Report) and AdvanSix Inc. (ASIX - Free Report) .
Albemarle, currently sporting a Zacks Rank #1 (Strong Buy), has an expected earnings growth rate of 51.5% for the current year. The Zacks Consensus Estimate for ALB's earnings for the current year has been revised 5.6% upward in the past 60 days. You can see the complete list of today’s Zacks #1 Rank stocks here.
Albemarle beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average being 22.1%. ALB has rallied around 45.3% over a year.
Nutrien, sporting a Zacks Rank #1, has a projected earnings growth rate of 55.8% for the current year. The Zacks Consensus Estimate for NTR's current-year earnings has been revised 13.2% upward in the past 60 days.
Nutrien beat the Zacks Consensus Estimate for earnings in three of the last four quarters, while missing once. It has a trailing four-quarter earnings surprise of roughly 73.5%, on average. NTR has rallied around 34.6% in a year.
AdvanSix has a projected earnings growth rate of 7.4% for the current year. The Zacks Consensus Estimate for ASIX’s current-year earnings has been revised 5.3% upward in the past 60 days.
AdvanSix beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average being 46.9%. ASIX has surged 67.4% over a year. The company carries a Zacks Rank #2 (Buy).