On this page of StockholderLetter.com we present the latest annual shareholder letter from FMC CORP — ticker symbol FMC. Reading current and past FMC letters to shareholders can bring important insights into the investment thesis.

 •  3/14/2025 Letter Continued (Full PDF)
 •  3/10/2023 FMC Stockholder Letter
 •  3/15/2024 FMC Stockholder Letter
 •  More "Agricultural Chemicals" Category Stockholder Letters
 •  FMC Benford's Law Stock Score = 87

FMC Shareholder/Stockholder Letter Transcript:

FMC Corporation
2024
ANNUAL
REPORT

A Message to Our Shareholders
Throughout our history, FMC has demonstrated an unwavering
commitment to innovation and scientific advancement in service of
agriculture. This legacy of innovation and adaptation continues to
guide us as we navigate both challenges and opportunities.
When I returned as CEO of FMC in June, I immediately focused
our organization on improving market visibility and delivering
more predictable performance. I   m pleased to report that in the
latter half of the year, we delivered two consecutive quarters with
earnings above our guidance midpoint while simultaneously launching
important strategic initiatives to position FMC for future success.
During my first six months back, we implemented several important
changes in how we operate, including adapting our operations to be
better positioned for future success, modernizing our organizational
structure, and enhancing our ways of working. We also developed
a new framework for viewing our portfolio, distinguishing between
core and growth products, which has brought needed clarity to our
strategy and execution.
Business Performance
Our financial performance in 2024 reflected both market challenges and
our efforts to strengthen FMC   s foundation. Revenue was $4.25 billion,
down 5 percent compared to 2023, with organic revenue* declining
3 percent. While we achieved higher volumes in the second half of the
year, this was more than offset by lower pricing and FX headwinds.
Adjusted EBITDA* was $903 million, down 8 percent versus the
prior year, and adjusted earnings* were $3.48 per diluted share, also
down 8 percent compared to 2023. Nevertheless, I   m encouraged by
our ability to maintain strong profitability. We achieved an Adjusted
EBITDA margin* of 21 percent, representing only a slight decline from
the prior year despite the drop in sales. This resilience in our margins
reflects our commitment to disciplined cost management.
Transformation Journey
Throughout 2024, we significantly accelerated our transformation
efforts to build a stronger, more efficient FMC. I am pleased to report
that we exceeded our increased targets, delivering $165 million in
net savings across both operating expenses and cost of goods sold.
Our transformation efforts touched every part of FMC, resulting in
fundamental changes to our operating model. A significant milestone
in this transformation was the successful sale of our Global Specialty
Solutions business to Envu in November, allowing us to sharpen our
focus on our core agricultural business.
A Story of Innovation
Our story at FMC has always been one of innovation, and 2024
further strengthened this legacy. Our R&D pipeline continues to
deliver breakthrough technologies that address farmers    most pressing
challenges. Notable highlights include:
    The successful launch of products containing our patented fungicide,
fluindapyr, in the United States and Brazil. These innovative fungicide
products give us access to important corn and soybean segments
where we previously had limited presence.
    The expansion of Isoflex    active with product launches in Brazil
and India. Isoflex    active, a group 13 herbicide, is a novel mode
of action in cereal crops, providing farmers with a new tool for
resistance management.
    Regulatory registration submissions for Dodhylex    active in ten
countries representing approximately 35% of the global rice market.
This innovation addresses critical challenges in rice cultivation,
particularly the growing issue of herbicide resistance.
    Advancements in the development of rimisoxafen, a dual-mode of
action herbicide for corn and soybean markets.
    The expansion of our biologicals platform, including our novel
pheromone solutions.
Altogether, FMC launched more than 50 new products globally and
secured over 700 regulatory approvals, expanding our ability to serve
farmers worldwide with cutting-edge solutions.
While 2024 presented its share of challenges, it also reinforced
the strength of our strategy and the resilience of our organization.
Our transformation efforts have made us more agile and efficient,
our innovation pipeline is delivering breakthrough solutions, and our
commitment to operational excellence remains unwavering. From our
industry-leading development pipeline to our expanding portfolio of
biologicals and precision technologies, our fundamental purpose has
remained constant: to provide farmers with innovative solutions that
increase the productivity and resilience of their land. This mission
has never been more vital than it is today.
As we look to the future, I know we have the right strategy, the right
portfolio, and most importantly, the right team to drive sustainable growth
and create value for our shareholders. Our 120-year legacy of innovation
and adaptation provides a strong foundation as we continue to evolve
and grow, serving the changing needs of farmers around the world.
Pierre Brondeau
Chairman of the Board and Chief Executive Officer
FMC Corporation
*For a discussion of these non-GAAP (Generally Accepted Accounting Principles) financial measures, as well as a reconciliation of these items to the most directly
comparable financial measures calculated and presented in accordance with GAAP, refer to pages 22, 23, and 24 of the Form 10-K within this report. Adjusted
EBITDA margin is not included in the Form 10-K. See inside back cover for chart that reconciles it to the closest GAAP term.



 3/14/2025 Letter Continued (Full PDF)