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Text: Mark will review our third quarter performance and provide an outlook for the rest of the year as well as an initial view of 2022.
Andrew will provide an overview of select financial results.
Information presented represents our best judgment based on today's understanding.
Actual results may vary based upon these risks and uncertainties.
Today's discussion and the supporting materials will include references to adjusted EPS, adjusted EBITDA, adjusted cash from operations, free cash flow and organic revenue growth, all of which are non-GAAP financial measures.
Please note that as used in today's discussion, earnings means adjusted earnings and EBITDA means adjusted EBITDA.
A reconciliation and definition of these terms as well as other non-GAAP financial terms to which we may refer during today's conference call are provided on our website.
FMC delivered record third quarter results.
We grew our revenue by 10%, EBITDA by 12%, earnings per share by 17% and importantly, expanded our EBITDA margins despite continuing cost pressures.
Performance in the quarter was driven by broad based volume growth and price increases.
New products introduced in the last 12 months continue to gain momentum, and we are now forecasting sales from these products to account for more than 1/3 of our revenue growth this year.
In addition, FMC's Plant Health business had an excellent quarter with 40% year over year growth led by biologicals.
Looking ahead, we continue to expect a strong finish to the year, driven by high margin volume gains and accelerated pricing actions as well as a robust global market backdrop.
The supply chain and logistics challenges highlighted in our last earnings call continued to disrupt ag chem and other industries around the world.
FMC was able to meet the strong grower demand for our products in a timely manner.
Let me also briefly comment on COVID-19's impact on FMC.
All our manufacturing facilities and distribution warehouses remain operational and properly staffed.
Our research laboratories and greenhouses continue to be fully active, and we have resumed in office operation in many parts of the world.
FMC continues to follow all guidance given by local authorities.
Turning to our Q3 results on slide three.
We reported $1.2 billion in third quarter revenue, which reflects a 10% increase on a reported basis and a 9% increase organically.
Growth was broad-based with 11 of our top 20 countries posting double digit growth in the quarter.
We had strong growth in all product categories, led by greater than 20% growth in herbicides.
This was partially offset by registration losses in EMEA and Latin America.
Adjusted EBITDA was $293 million, an increase of 12% compared to the prior year period and $18 million above the midpoint of our guidance range.
EBITDA margins were 24.6%, an increase of 40 basis points compared to the prior year, driven by mix improvement as well as operational discipline and price increases in all regions.
Adjusted earnings were $1.43 per diluted share in the quarter, an increase of 17% versus Q3 2020.
The year over year increase was primarily driven by an increase in EBITDA with the benefit of share repurchases and lower interest expenses, largely offset by other factors.
Relative to our Q3 guidance, the $0.12 beat was driven almost entirely by EBITDA.
Moving now to slide four.
Sales in Asia increased 20% year over year and 19% organically, driven by strong diamide sales across the region as well as pricing actions.
In Australia, we had a successful launch of Vantacor insect control, which is the new higher concentration formulation of Rynaxypyr active.
Vantacor is applied to specialty crops such as chickpeas.
The Australian market also benefited from positive grower sentiment, favorable weather conditions and strong insect pressure.
India had another growth quarter despite an erratic monsoon, which resulted in drive spells in parts of the country.
India's growth was driven by diamide sales in rice as well as continued expansion of the rest of our portfolio, leveraging our strong market presence.
In Latin America, sales increased 11% year over year and 9% organically, driven by double digit growth of insecticides in Brazil and Argentina as well as pricing actions across the region.
Corn, soy and cotton were the key crops driving growth in the quarter.
This is a direct result of our strategy to improve market access and increase penetration of our technologies, particularly in the Brazilian soybean market.
Chile is another good example of this as sales nearly doubled compared to this time last year as we leveraged our enhanced market presence.
Plant Health products grew approximately 50% in the region led by biologicals and seed treatment.
Latin America was impacted partially by registration cancellations and rationalizations of products in the quarter.
EMEA grew revenue 12% and 10% organically, driven by strong demand for our herbicides and diamides across the whole region despite headwinds from registration cancellations.
Among others, Russia, France, Germany and the U.K. grew double digits in the quarter.
Demand was especially strong for herbicide applications in cereals and oilsee rape.
South Africa double digit sales in the period compared to the previous year, driven by the continued penetration of diamides, mainly on citrus and top roots.
This is a great demonstration of the untapped potential in new markets for our diamides.
Our U.S. and Canada branded business grew greater than 20%, driven by strong demand for our diamides and four herbicide applications as well as pricing actions.
Vantacor had a successful introduction in the U.S., where it is used to target pest in a range of crops, including soybean, corn and cotton.
Overall, North America sales decreased 6% year over year and 6% organically due to the continued shift of diamide global partner sales in the quarter from North America to other regions as we have described in previous calls.
Moving to slide five.
Despite continuing supply issues across the industry, FMC's third quarter revenue increased by 10% versus prior year, driven by a 9% contribution from volume.
Gross prices increased 1% in the quarter as our most recent pricing actions went into effect.
EBITDA in the third quarter was up 12% year over year, primarily due to broad based volume gains.
We also had a $12 million contribution in the quarter from price increases as invoiced to customers.
The benefit of our pricing action was masked in the quarter by some favorable rebate and other adjustments in the prior year period that did not repeat this quarter.
Costs continue to be a headwind.
However, the total amount incurred in the third quarter was less pronounced than previously projected, mainly due to timing.
We still expect second half cost to be consistent with previous guidance and FX was a $10 million tailwind in the quarter.
Turning to slide six.
Before I review FMC's full year 2021 and Q4 earnings outlook, let me share our view of the overall market conditions.
We continue to expect the global crop protection market will be up mid single digits this year on a U.S. dollar basis.
Breaking this down by region, we continue to anticipate high single digit growth in the Latin American market, mid single digit growth in the EMEA market, low to mid single digit growth in the Asian market and low single digit growth in the North American market.
We are raising FMC's full year 2021 earnings guidance to the range of $6.59 to $6.99 per diluted share, a year over year increase of 10% at the midpoint, reflecting the impact of share repurchases completed year to date.
Our 2021 revenue forecast remains in the range of $4.9 billion to $5.1 billion, an increase of 8% at the midpoint versus 2020.
EBITDA remains in the range of $1.29 billion to $1.35 billion, representing 6% year over year growth at the midpoint.
Guidance for Q4 implies year over year revenue growth of 19% at the midpoint on a reported basis with no FX impact anticipated.
We forecast EBITDA growth of 29% at the midpoint versus Q4 2020 and earnings per share is forecasted to be up 41% year over year.
Approximately 3/4 of the EBITDA growth is driven by the return of business missed in Q4 2020 due to supply chain disruptions in North America and weather impact in Latin America.
Turning to Slide seven and full year EBITDA and revenue drivers.
Revenue is expected to benefit from 6% volume growth, a 1% price contribution from higher prices and a 1% benefit from FX.
We anticipate continued strong volume growth led by Latin America, North America and Asia.
We have increased our forecast again for revenue from products launched in 2021.
These sales are now expected to contribute $140 million in year over year growth, up from our last forecast of $130 million and our initial view of $100 million.
Pricing actions in Q3 will continue to accelerate in Q4.
We will continue to raise prices across all regions going into next year.
Despite the shift of costs from Q3 to Q4, estimates of full year cost headwinds have not changed since our detailed comments on the last call.
This is why our full year outlook remains unchanged.
Moving to slide eight and our fourth quarter drivers.
Revenue is expected to benefit from strong volume gains.
In Brazil, the strength of soft commodity prices, projected increases in planted areas as well as good weather conditions are all leading to a good cadence of incoming orders and give us confidence in our expectations for a strong fourth quarter.
In the U.S., channel inventories are normal for this time of year.
our new product launches are gaining significant traction and market sentiment supports our expectations for a robust fourth quarter.
As I noted earlier, we've also moved on price increases with higher prices already in effect in the Brazilian and U.S. markets.
Similar actions are underway in other countries across the globe, such as Australia, Russia, France, Mexico and Argentina, and you should expect us to continue raising prices through the year end and well into next year.
Cost increases are consistent with our guidance for the second half.
We continue to pursue cost improvement opportunities and remain vigilant with our cost controls, all without impacting our R&D pipeline or growth trajectory.
FX was a modest tailwind to revenue growth in the quarter as expected.
With the U.S. dollar weaker against many key currencies, most significantly in Latin America with the strengthening of the Brazilian real and the Mexican peso.
Interest expense for the quarter was $33.1 million, down $2.4 million from the prior year period, driven by the benefit of lower debt balances and lower LIBOR rates.
We continue to expect interest expense to be between $130 million and $135 million for the full year.
Our effective tax rate on adjusted earnings for the third quarter was 13.5% as anticipated and in line with our expectation for a full year tax rate between 13% and 14%.
Moving next to the balance sheet and liquidity.
Gross debt at quarter end was $3.4 billion, down roughly $400 million from the prior quarter.
Gross debt to trailing 12-month EBITDA was 2.7 times at the end of the third quarter while net debt to EBITDA was 2.5 times.
Both metrics improved sequentially.
Though still slightly above our targeted full year average leverage levels, we expect to be at target leverage levels at year end.
Moving on to slide nine in cash flow and cash deployment.
Free cash flow for the third quarter was $300 million.
Adjusted cash from operations was lower than the prior year period, largely due to our decision to build inventory to help manage continued supply chain volatility and to be prepared to fulfill strong demand in the fourth quarter and in early 2022.
Capital additions were somewhat higher as we continue to ramp up spending following the deferral of projects last year due to COVID.
Nearly 50% of this year's capital addition support capacity expansion.
Legacy and transformation spending was down substantially with the benefit of the completion of our SAP program and lower legacy spending.
We are maintaining our expectation for free cash flow in a range of $480 million to $570 million, with continued expectations for seasonally strong cash flow in the fourth quarter.
We returned $262 million to shareholders in the quarter via $62 million in dividends and $200 million of share repurchases, buying back 2.1 million shares in the quarter at an average price of $95.26 per share.
We have now repurchased just over three million shares this year, reducing our share count by nearly 2.5% since the beginning of the year.
Year to date, we've returned $486 million to shareholders through dividends and repurchases.
For the full year, we continue to anticipate paying dividends of roughly $250 million and to repurchase $350 million to $450 million of FMC shares.
Turning to slide 10.
I want to provide an early look at the key dynamics underpinning our planning process for next year.
We view 2022 as another year with a good macro environment.
Obviously, notwithstanding the impact weather can have on any single quarter.
We expect that soft commodity pricing momentum will carry into next year with global demand for crops remaining healthy.
As a result, we are assuming the overall crop protection market will grow in the low to mid single digit range next year on a U.S. dollar basis.
FMC's growth will be driven by broad based volume gains across our portfolio.
Pricing actions reflective of cost increases, continued expansion of diamide volumes in existing and new markets and further penetration of new products and expansion of our market access in underserved geographies.
We expect cost pressures this year will persist well into 2022 as the industry grapples with global supply demand imbalances, structural changes in China's industrial policy and energy supply, tight ocean freight capacity and labor cost inflation.
Taking all this into consideration, our current early thinking would suggest year over year revenue growth of 5% to 7%, EBITDA growth of 7% to 9% and earnings per share growth at over 10%, in line with our long range plan.
We will share more detailed guidance for 2022 in our February call.
We executed very well in the quarter, not only from an external perspective in driving demand and pricing across all regions, but also importantly, internally by fulfilling that demand with product in a timely manner under challenging supply chain conditions.
The only change in the second half is a timing shift of costs, and hence, we're not changing our full year guidance.
The overall crop protection market fundamentals are positive, and we remain confident in our ability to deliver our fourth quarter forecast.

user
fmc corp confirms 2021 guidance.
sees q4 revenue up 19 percent.
sees fy revenue up 8 percent.
sees fy revenue $4.9 billion to $5.1 billion.
q3 adjusted earnings per share $1.43.
q3 revenue rose 10 percent to $1.19 billion.
sees fy 2021 adjusted earnings per share $6.59 to $6.99.

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