FMC Corp. Mulls Sale Of Non-crop Product Line, Global Specialty Solutions

(RTTNews) - Agricultural sciences company FMC Corporation (FMC) set forth new growth plan including strategic review of its non-core assets, at its Investor Day held on November 16.

The company said it mulls potential sale of its non-crop product line, Global Specialty Solutions.

FMC also provided preliminary 2024 revenue outlook of $4.65 billion to $4.85 billion. This compares with average estimate of analysts polled by Thomson-Reuters of $4.68 billion.

Adjusted earnings before interest, taxes, depreciation, and amortization or EBITDA for 2024 is expected to be $1.025 billion to $1.125 billion.

For 2026, the company expects to generate revenue of $5.5 billion to $6.0 billion and adjusted EBITDA of $1.3 billion to $1.5 billion.

"We expect 2024 to be a year of substantial cash generation driven by improved earnings and a release of working capital," Andrew Sandifer, executive vice president and chief financial officer said. "Over the next 18 to 24 months we anticipate significant free cash flow and a return to more normal leverage levels with a new average net leverage target of approximately 2 times adjusted EBITDA."