FMC Corporation reported revenue of $4.25 billion in 2024, a decrease of 5 percent compared to 2023. Excluding the impact of FX, year-over-year sales declined 3 percent.  Volume growth of 3 percent was more than offset by a 6 percent price decline and a 2 percent FX headwind. Higher volume was driven by the company's growth portfolio, and particularly the new active ingredients Isoflex and fluindapyr, which generated sales approaching $130 million.

For the Q4 2024, FMC reported revenue of $1.22 billion, an increase of 7 percent versus fourth quarter 2023 as volume growth, mainly from the company's growth portfolio, more than offset FX headwinds and lower price.

The revenue in the fourth quarter was driven by a 15 percent increase in volume with gains reported in multiple countries, most notably in the United States. An FX headwind of 5 percent was higher than anticipated mostly due to the Brazilian Real. Pricing declined by 3 percent, slightly better than expectations. Sales of products launched in the last five years increased 24 percent driven by higher sales of the new active ingredients fluindapyr and Isoflex active.

"We delivered solid sales and strong year-on-year adjusted EBITDA growth in the quarter," said Pierre Brondeau, FMC Chairman and Chief Executive Officer.

"While we saw a good increase in volume, the growth was below our expectations as we learned during the quarter that customers in many countries sought to hold significantly less inventory than they have historically. This dynamic, along with more pronounced FX impacts, acted as a headwind to further growth. Over seventy-five percent of our sales growth came from our growth portfolio. This, together with continued cost discipline, was a key factor in delivering a strong year-over-year increase in adjusted EBITDA, which was above our guidance midpoint."

Full Year 2025 Outlook

Full year 2025 revenue is forecasted to be in the range of $4.15 billion to $4.35 billion, essentially flat at the midpoint and an increase of 3 percent after adjusting for approximately $110 million of lost sales from divestiture of the GSS business. Volume is expected to improve as increases in growth portfolio sales more than offset weaker demand in the channel as customers in many countries prioritize holding lower-than-historical levels of inventory. Price is expected to decline in the low-to-mid-single digits with the vast majority driven by price adjustments in certain "cost-plus" contracts with certain diamide partners as a result of lower manufacturing costs. FX is expected to be a low-to-mid-single digit headwind.

Full year adjusted EBITDA is expected to be between $870 million and $950 million, an increase of 1 percent to prior year at the midpoint and up 4 percent after adjusting for approximately $25 million of lost EBITDA from the GSS sale. Favorable COGS of $175 million to $200 million and a modest volume gain are expected to be mostly offset by lower price, an approximately $65 million to $75 million FX headwind, and an increase in selling costs as the company invests in new routes to market.