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What were the key takeaways from FMC's earnings call?

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- **Revenue Decline**: Q3 revenue down 49% YoY to $542 million, driven by India inventory corrections and generic competition.
- **EBITDA Improvement**: Adjusted EBITDA up 17% YoY to $236 million, supported by cost control and new product growth.
- **Dividend Cut**: Quarterly dividend reduced to $0.08/share, freeing $250 million annually for debt repayment.
- **India Sale**: Business valued at $450 million with strong buyer interest, expected to close by year-end.
- **Generic Pressure**: 6% price decline and 2% volume growth in core portfolio, offset by new product demand.

**【CEO Summary Section】**
- Q3 revenue declined 49% year-over-year to $542 million, primarily due to channel inventory corrections in India and pricing pressures from generics in Latin America.
- Excluding India, revenue fell 4% YoY to $961 million, driven by a 6% price decline and 2% volume growth.
- Adjusted EBITDA was $236 million, up 17% YoY, with margin improvement from cost control and new product demand.
- India business held for sale reported negative revenue of $419 million due to inventory returns and provisions.
- 2025 full-year guidance revised: revenue $3.92-$4.02 billion, EBITDA $830-$870 million, adjusted EPS $2.92-$3.14.

**【CFO Financial Commentary】**
- GAAP net loss was $569 million, including $282 million from India inventory actions and $227 million impairment charge.
- Free cash flow guidance updated to negative $200 million to $0 for 2025, driven by working capital pressures.
- Dividend policy changed to $0.08 per share quarterly, reducing annual payout by $250 million.
- 2025 interest expense expected to remain flat at $230-$240 million.

**【Q&A Key Highlights】**
- **Free Cash Flow Dynamics**: Q4 2025 free cash flow expected to be negative $233 million, with delays in collections from Brazil cotton crop and competitive payment terms.
- **India Sale Progress**: Business valued at $450 million with strong buyer interest; process expected to conclude by end of 2025.
- **Generic Competition**: Intensified pricing pressure in Latin America and Asia, leading to 2% sales shortfall vs. prior year.
- **Manufacturing Restructuring**: Initiatives to reduce costs in Asia and Latin America, including transitioning production to lower-cost sources.
- **New Product Pipeline**: 4 new active ingredients on track to meet $250 million sales target by year-end, with Isoflex and fluindapyr showing strong demand.

FMC Corporation (FMC) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

FMC

FMC fundamentals

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