FMC - FMC Corporation (FMC) Q4 2023 Earnings Call Transcript
2024-02-06 13:05:27 ET
FMC Corporation (FMC)
Q4 2023 Earnings Conference Call
February 6, 2024 09:00 ET
Company Participants
Zack Zaki - Director of Investor Relations
Mark Douglas - President & Chief Executive Officer
Andrew Sandifer - Executive Vice President, Chief Financial Officer & Treasurer
Conference Call Participants
Aleksey Yefremov - KeyBanc
Kevin McCarthy - Vertical Research Partners
Joel Jackson - BMO Capital Markets
Vincent Andrews - Morgan Stanley
Mike Harrison - Seaport Research Partners
Adam Samuelson - Goldman Sachs
Salvator Tiano - Bank of America
Brian Wright - ROTH MKM
Laurence Alexander - Jefferies
Arun Viswanathan - RBC Capital Markets
Andrew Keches - Barclays
Richard Garchitorena - Wells Fargo
Presentation
Operator
Good morning, everyone and welcome to the Fourth Quarter 2023 Earnings Call for FMC Corporation. This event is being recorded and all participants are in a listen-only mode. [Operator Instructions] I would now like to turn the conference over to Mr. Zack Zaki, Director of Investor Relations for FMC Corporation. Please go ahead.
Zack Zaki
Thank you, Bruno and good morning, everyone. Welcome to FMC Corporation's fourth quarter earnings call. Joining me today are Mark Douglas, President and Chief Executive Officer; and Andrew Sandifer, Executive Vice President and Chief Financial Officer. Mark will review our fourth quarter performance as well as provide an outlook for first quarter and full year 2024. Andrew will then provide an overview of select financial results. Following the prepared remarks, we will take questions. Our earnings release and today's slide presentation are available on our website and the prepared remarks from today's discussion will be made available after the call.
Let me remind you that today's presentation and discussion will include forward-looking statements that are subject to various risks and uncertainties concerning specific factors, including but not limited to, those factors identified in our earnings release and in our filings with the Securities and Exchange Commission. 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 and 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.
With that, I will now turn the call over to Mark.
Mark Douglas
Thank you, Zach and good morning, everyone. Details on our fourth quarter and full year 2023 results can be found on Slides 3 through 6.
Market conditions and buyer behavior were pretty much as we had expected in the fourth quarter. with North America, EMEA and Asia performing to our plan. The one exception was Latin America. In addition to the ongoing channel correction, our results were negatively impacted by drought conditions in Brazil. This was somewhat offset by stronger sales of our more differentiated products which are showing continued resilience despite market conditions. Branded diamide sales in the quarter were up 5% and with sales essentially flat or higher in all regions. While products launched in the last 5 years outperformed the overall portfolio and comprised 14% of our total revenue. The channel inventory correction is running its course at varying rates through the regions and we're expecting this to continue through the first half of 2024. However, the underlying fundamentals of our business in this industry remains solid. Based on input from third-party data and our own commercial teams, crop protection products continue to be applied at steady rates....
FMC Corporation (FMC) Q4 2023 Earnings Call Transcript