FMC Corporation reported second quarter 2019 revenue of approximately $1.2 billion, an increase of 4.5 percent versus recast second quarter 2018, driven by strong growth in Brazil, India and EMEA. Excluding the impact of foreign currencies, organic sales grew 9 percent year over year. On a GAAP basis, the company reported earnings of $1.32 per diluted share in the second quarter. This compares to recast GAAP earnings of $0.96 per diluted share in the second quarter of 2018.
Second quarter adjusted earnings were $1.66 per diluted share, an increase of 11 percent versus recast second quarter 2018, and 1 cent above the midpoint of guidance. The outperformance versus guidance was driven primarily by strong operating results and lower share count, offset partially by higher interest expense.
Pierre Brondeau, FMC CEO and chairman said: "FMC continued to deliver strong financial outperformance in the quarter despite the very difficult U.S. market conditions. Our revenue and EBITDA momentum reflect the benefits of our geographic balance, strength in demand for our premium product portfolio, and price increases."
FMC revenue growth was driven by 5 percent contribution from volume and a 3 percent contribution from price, offset partially by a 4 percent headwind from foreign currencies. FMC achieved higher pricing in all regions. Latin America sales grew 29 percent year over year and 34 percent excluding FX. This was driven mainly by strong growth in sales for cotton and sugarcane applications in Brazil, as well as strong pricing across the region. Sales in EMEA grew 4 percent year over year and 10 percent excluding FX, due to growth in diamides, improved market conditions in Russia and Ukraine and price increases. In Asia, revenue decreased 2 percent year over year, but grew 4 percent excluding FX; sales in India grew over 20 percent on a reported basis, driven by FMC's new commercial structure put in place in mid-2018. In North America, sales decreased 2 percent year over year, driven by poor planting conditions in the Midwest but offset partially by strength in niche crops in California.
FMC is maintaining its guidance for full-year 2019 revenue in the range of $4.5 billion to $4.6 billion, an increase of 6 percent at the midpoint versus recast 2018. Total company adjusted EBITDA is still expected to be in the range of $1.18 billion to $1.22 billion, an increase of 8 percent at the midpoint compared to recast 2018. FMC is raising 2019 adjusted earnings guidance to a range of $5.68 to $5.88 per diluted share, an increase of 10 percent at the midpoint compared to recast 2018 and assuming weighted average diluted shares outstanding (WADSO) of approximately 131.5 million to 132.0 million for the full year. EPS estimates include the impact of $200 million in share repurchases completed in the first half of 2019, as well as an additional $200 million in share repurchases expected in the second half of 2019. FMC expects total share repurchases of between $400 and $500 million in 2019 but is reflecting the lower end of this range in its guidance.
Third & Fourth Quarter Outlook
Third quarter revenue is expected to be in the range of $960 million to $990 million, representing 6 percent growth at the midpoint compared to recast third quarter 2018. Total company adjusted EBITDA is forecasted to be in the range of $190 million to $210 million, representing a 7 percent increase at the midpoint versus recast Q3 2018. FMC expects adjusted earnings per diluted share to be in the range of $0.75 to $0.85 in the third quarter, which represents growth of 13 percent at the midpoint versus recast Q3 2018 and assumes WADSO of approximately 131.5 million.
Fourth quarter revenue is expected to be in the range of $1.15 billion to $1.2 billion, representing 7 percent growth at the midpoint compared to recast fourth quarter 2018. Total company adjusted EBITDA is forecasted to be in the range of $310 million to $330 million, representing a 17 percent increase at the midpoint versus recast Q4 2018. FMC expects adjusted earnings per diluted share to be in the range of $1.55 to $1.65 in the fourth quarter, which represents growth of 10 percent at the midpoint versus recast Q4 2018 and assumes WADSO of approximately 130.5 million.
"We are pleased with the continued growth across our portfolio and expect to benefit from strong volume demand through the remainder of the year in all regions except North America. We have raised our full-year earnings guidance to reflect our total expected share repurchases of at least $400 million in 2019," said Brondeau.