Slide 1: Q2 2023 Earnings Presentation
Q2 2023 Earnings Presentation August 3, 2023 Q2 2023 Earnings Presentation FMC CORPORATION 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain statements made in this presentation are forward-looking statements that are based on our current views and assumptions regarding future events, future business conditions and the outlook
Slide 3: Q2 2023 Results
Q2 2023 Results Q2 2023 Q2 2022 2023 VS. 2022 Revenue $1,015 $1,452 -30% GAAP Net Income $32 $131 -75% Adjusted EBITDA1 $188 $360 -48% % Revenue 18.5% 24.8% ~ -630 bps GAAP EPS $0.24 $1.06 -77% Adjusted EPS1 $0.50 $1.93 -74% Note: Amounts in millions of USD except for EPS Q2 2023 HIGHLIGHTS Revenu
Slide 4: Regional Revenue Drivers
Q2 2023 Regional Revenue Drivers Revenue down 30%, down 28% organically1 REGIONAL REVENUE BRIDGE North $273 million Latin $269 million (-25% YOY, (-38% YOY, America -24% ex-FX) America -38% ex-FX) • Lower volumes as the channel and • Lower volumes as the channel and diamide partners actively reduced
Slide 5: Adjusted EBITDA Drivers
Q2 2023 Adjusted EBITDA1 Drivers Adjusted EBITDA1 down 48% Adjusted EBITDA1 BRIDGE Note: Amounts in millions of USD KEY DRIVERS AT A GLANCE Volume, Mix, Launches Cost • Steep volume decline across all regions mainly from inventory • Favorable input costs and increased operating expense reduction act
Slide 6: Improving Costs and New Products Expected to Drive Adjusted EBITDA Growth In Second Half
Improving Costs and New Products Expected to Drive Adjusted EBITDA1 Growth In Second Half H2 REVENUE -2% YoY $2,999 • Low-single digit price increases • Growth in new products favorably $2,941 million • Low-single digit volume decline with impacting mix million continued channel inventory • Minimal
Slide 7: Q3 2023 and Q4 2023 Financial Outlook
Q3 2023 and Q4 2023 Financial Outlook Second half growth weighted to Q4 due to timing of channel purchases Q3 2023 Q3 ADJ. EBITDA1 • Lower volume as destocking by • Low single digit price increases REVENUE ADJ. EBITDA1 ADJ. EPS1,2 channel and partners continues $261 • Increased cost controls on SG&A
Slide 8: Potential Factors That Can Impact H2 2023 Adjusted EBITDA
Potential Factors That Can Impact H2 2023 Adjusted EBITDA1 Flat volumes $851 UPSIDE Mid-single digit price increases million Higher benefit from cost control actions FX tailwinds Channel purchases begin in late Q3 Low-single digit volume decrease MID-POINT $801 Low-single digit price i
Slide 9: FY 2023 Financial Outlook Update
FY 2023 Financial Outlook Update FY 2022 FY 2023 Guidance REVENUE DRIVERS • High-single-digit volume decline driven by channel • Mix improving with growing contribution of new REVENUE $5,802 $5,200 - $5,400 partner actions with largest headwind in Q2 product sales and launches million million • Targ
Slide 10: Q2 & FY 2023 Cash Flow Generation and Deployment
Q2 & FY 2023 Cash Flow Generation and Deployment CAPITAL ADDITIONS & CASH FROM ADJ. CASH FROM LEGACY & OTHER INVESTING FREE CASH FLOW1 OPERATIONS OPERATIONS1 TRANSFORMATION COSTS ACTIVITIES Q2 2023 Results $132 million $132 million $30 million $9 million $93 million Q2 YTD 2023 Results $(720) millio
Slide 11: Appendix
Q2 2023 Earnings Presentation FMC CORPORATION 11
Slide 12: Modeling Assumptions for 2023
Modeling Assumptions for 2023 Appendix $220 – $230 14 – 16 $4 – $6 million percent million INTEREST EXPENSE ADJUSTED TAX RATE1 NON-CONTROLLING INTEREST ~125.8 $181 – $185 $(175) – $125 – $135 million million $175 million million FULL-YEAR WEIGHTED AVG. DILUTED SHARES DEPRECIATION & CAPITAL ADDITIONS
Slide 13: Adjusted EPS Variance
Q2 2023 Adjusted EPS1 Variance Appendix $1.93 -$1.16 -$0.20 -$0.01 -$0.06 $0.50 Q2 ‘22 Adj. EBITDA1 INT. EXPENSE TAXES OTHER Q2 ‘23 • EBITDA1 • Higher interest • Higher tax rate • D&A, minority decline of 48% rate interest environment 1. Denotes non-GAAP financial term. Refer to “Non-GAAP Financial
Slide 14: Additional Disclaimers
Additional Disclaimers Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. No offer for sale, sale, or use of any such products is permitted prior to the issuance of t
Slide 15: Q2 2023 Earnings Presentation FMC CORPORATION
Copyright © 2023, FMC Corporation. All Rights Reserved. Q2 2023 Earnings Presentation FMC CORPORATION 15