FMC Q3 Earnings Miss on Channel Pricing Actions, Sales Beat

FMC CorporationFMC reported a third-quarter 2026 adjusted loss of $4.41 per share against earnings of 89 cents a year ago. The bottom line missed the Zacks Consensus Estimate of earnings of 8 cents per share. The results were hurt by substantial commercial adjustments and weaker demand.

Revenues were $105.9 million, down 80.5% year over year, but surpassed the consensus estimate of $96.9 million by 9.3%. Commercial actions reduced revenues by approximately $639 million, while underlying sales volumes declined 21%.

FMC Corporation Price, Consensus and EPS Surprise

FMC Corporation price-consensus-eps-surprise-chart | FMC Corporation Quote

FMC's Regional Sales Trend

North America recorded negative revenues of $371 million compared with revenues of $244 million a year ago. The sharp deterioration reflected the substantial impact of commercial adjustments associated with the company's transition to a new pricing and rebate structure.

Latin America revenues fell 43% year over year to $264 million from $463 million. EMEA sales declined 21.9% to $121 million from $155 million, while Asia revenues, excluding India, decreased 8.1% to $91 million from $99 million in the reported quarter.

FMC's Financials

Cash provided by operating activities totaled $7 million compared with cash used of $184 million in the year-ago quarter. The improvement reflected more favorable working capital dynamics despite the significant deterioration in reported profitability.

Free cash flow was negative $18 million, improving $214 million from the prior-year quarter. This included $23 million in restructuring expenditures. The commercial adjustments to high-priced channel products are expected to reduce future cash collections, although they did not affect current-period cash.

FMC Lowers Fourth-Quarter and Full-Year Outlook

For the fourth quarter of 2026, FMC expects revenues, excluding India, between $1.04 billion and $1.14 billion, essentially flat at the midpoint compared with the prior-year period. Adjusted EBITDA is projected at $210-$230 million, indicating a 22% decline at the midpoint. Adjusted earnings are forecast between 56 cents and 70 cents per share.

For full-year 2026, revenues, excluding India, are projected between $2.75 billion and $2.85 billion, indicating a 28% decline at the midpoint. Adjusted EBITDA is expected to range from negative $124 million to negative $104 million, while adjusted loss is forecast between $3.66 and $3.50 per share.

Full-year free cash flow is now expected between negative $350 million and negative $150 million, including approximately $180 million in restructuring expenditures. The reduced outlook reflects softer demand and the financial impact of third-quarter commercial actions.