Agricultural sciences company FMC has announced that it anticipates higher revenue and earnings growth for 2024 than previously expected, driven by its research and development efforts and existing product portfolio.
2024 Revenue Prospects
FMC now projects its revenue for 2024 to range between $4.65 billion and $4.85 billion, indicating a 3% growth compared to its previous guidance for 2023.
Adjusted Earnings Outlook
The company expects its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to reach $1.03 billion to $1.13 billion in 2024, reflecting an 8% growth at the midpoint.
Growing Earnings per Share
FMC foresees its adjusted earnings per share (EPS) to outpace the growth in adjusted EBITDA for 2024. Analysts predict adjusted EPS of $4.63 per share for 2024, up from an estimated $3.94 in 2023.
Ambitious Goals for 2026
Looking ahead to 2026, FMC has set its sights on achieving revenue ranging between $5.5 billion and $6 billion, with adjusted EBITDA projected to reach $1.3 billion to $1.5 billion.
Chief Executive Mark Douglas expressed confidence in FMC’s research and development pipeline, as well as its existing product lineup, including successful offerings like biofertilizers. He stated that these factors will be the driving force behind the company’s expected revenue and earnings growth through 2026.