巴西雷亚尔贬值打击 FMC

由于近期巴西雷亚尔的快速贬值,FMC 下调了盈利预期并计划将其巴西员工人数减半。

公司预计第三季度分部收益为 $59 亿,第四季度分部收益在 $110 至 $130 万之间。假设调整后的税率为 27%,调整后的第三季度每股收益预计为 $0.38,全年每股收益在 $2.35 至 $2.45 之间。

A rapid devaluation of the Brazilian real, which depreciated over 50% versus the U.S. dollar in the past 12 months, and over 25% versus the U.S. dollar during the third quarter alone, has created significant headwinds that will continue to impact Agricultural Solutions segment earnings in the second half of 2015, it said. “Customer-held inventory levels remain elevated, limiting FMC’s ability to increase prices quickly enough to fully offset the impact of these currency movements,” it said.

第三季度,FMC 通过提价收回了约 40% 的外汇影响。该公司估计,2015 年下半年巴西雷亚尔贬值将使分部收益减少 $2 亿至 $240 亿,这将被 $90 万至 $110 万的价格上涨部分抵消。

FMC is announcing several targeted measures to reduce enterprise-wide operating costs and reorganize the company’s operations in Brazil:

FMC 将通过裁员、减少可自由支配的支出和全球采购计划来降低企业成本。这些行动于 9 月开始,将在年底前基本完成。

“FMC will resize its operations in Brazil to align the business with near-term market conditions. FMC will enhance its focus on proprietary technology platforms and differentiated products, and will rationalize the company’s product offerings to eliminate low-margin sales,” the company said.

This portfolio rationalization program, including the previously announced sale of FMC’s generic subsidiary, Consagro, will reduce 2015 revenue in Brazil by $250 million compared to 2014. This will enable FMC to further reduce the region’s operating costs and enhance its potential to deliver higher future earnings and return on capital. At the completion of this reorganization, FMC’s workforce in Brazil will be approximately half its size compared to 2014. All of these actions will be substantially completed by year-end.

将加速 Cheminova 整合,并立即开始实施其他计划以进一步节省成本。

FMC 现在预计总人数将减少 800 至 850 个职位。到 2017 年年中,运营成本节省将达到 $140 亿至 $160 亿,而之前的目标是 $90 亿。实现这些节省的大部分行动将在未来六个月内实施。

“We are taking aggressive actions to address the extraordinary operating environment in Brazil,” said Pierre Brondeau, FMC president, CEO, and chairman. “The steps we are announcing today will protect the profitability of the business during this downturn, shrink the capital employed in the region and position FMC to take advantage of a future market recovery. FMC will be well positioned to deliver solid earnings growth and higher returns beginning in 2016, even in the face of soft market conditions.

“FMC Agricultural Solutions outside of Brazil continues to perform well,” Brondeau said. “On a pro forma basis, FMC Agricultural Solutions outside Latin America is expected to deliver profits in line with prior expectations, demonstrating the strength of FMC’s portfolio and technology in a weak global agriculture market. FMC Health and Nutrition and FMC Lithium are performing as expected, each benefiting from commercial and operating initiatives implemented over the past 12 months. These business segments are on track to deliver full-year 2015 segment earnings in line with guidance.”