FMC Agricultural Solutions sales increased 11% in 2018

Date:02-21-2019

FMC Agricultural Solutions reported fourth quarter 2018 revenue of approximately $1.1 billion , an increase of 18 percent year-over-year on a pro forma basis, with strong demand across all regions and higher prices in Brazil.  Latin America sales grew 27 percent on a pro forma basis, driven primarily by robust sales to cotton and soybean growers. In North America, sales increased 21 percent on a pro forma basis, driven by strong demand for our pre-emergent herbicides and our diamide class of insecticides.  Sales in EMEA grew 13 percent on a pro forma basis, largely due to revenue in France, Germany and Russia growing by a combined 45 percent.  In Asia, revenue increased 4 percent on a pro forma basis; however, excluding the impact of restructuring and anti-trust remedies in India, Asia sales would have grown 14 percent.  Segment EBITDA of $302 million was $13 million above the midpoint of the November guidance range on stronger revenue growth.  In Brazil, higher prices more than offset the estimated FX impact on earnings in the quarter.
1. Pro forma calculations for 2017 include the impact of the DuPont Crop Protection acquisition assuming the acquisition occurred at the beginning of the period.  The acquisition occurred on November 1, 2017.

Full-year 2018 revenue for Agricultural Solutions was just under $4.3 billion, an 11 percent increase versus the prior year, on a pro forma basis.  Full-year segment EBITDA was over $1.2 billion and EBITDA margins improved 560 basis points to 28.4 percent.