Strong Demand, Prices in Brazil Lift FMC Results
FMC’s Agricultural Solutions business reported fourth-quarter revenue of approximately $1.1 billion, an increase of 18% year-over-year on a pro forma basis, with strong demand across all regions and higher prices in Brazil.
Latin America sales grew 27% on a pro forma basis, driven primarily by robust sales to cotton and soybean growers. In North America, sales increased 21% on a pro forma basis, driven by strong demand for pre-emergent herbicides and the diamide class of insecticides.
Sales in Europe, Middle East and Africa grew 13% on a pro forma basis, largely due to revenue in France, Germany and Russia growing by a combined 45%. In Asia, revenue increased 4% on a pro forma basis; however, excluding the impact of restructuring and anti-trust remedies in India, Asia sales would have grown 14%.
Full-year 2018 revenue for Agricultural Solutions was just under $4.3 billion, an 11% increase versus the prior year, on a pro forma basis. Full-year segment EBITDA was over $1.2 billion and EBITDA margins improved 560 basis points to 28.4%.
Pierre Brondeau, FMC CEO and chairman said: “FMC delivered another very strong quarter. In Agricultural Solutions, we grew sales 23% on a pro forma basis, excluding an estimated 5% headwind from foreign currencies. This was significantly above the market and our key competitors, as we continue to capitalize on the strength of our broad portfolio and capture new sales synergies. “