FMC (FMC) Q4 FY2023 earnings: revenue $1.1 billion, down 29.3% on the year

FMC Corp. (FMC) reported revenue of $1.1 billion for Q4 FY2023, the quarter ended 31 December 2023, down 29.3% on the same quarter a year earlier. Net income was $1.1 billion, up 301.1% on the year, and diluted earnings per share $8.77. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.

Revenue$1.1 billiondown 29.3%

Net income$1.1 billionup 301.1%

Diluted EPS$8.77

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	1,146	982	n/a	n/a
Cost of revenue	710	601	n/a	n/a
Gross profit	436	381	n/a	n/a
Gross margin	38.0%	38.8%	n/a
Research and development	81.8	80.9	n/a	n/a
Selling, general and administrative	172	171	n/a	n/a
Operating income	18.1	101	n/a	n/a
Operating margin	1.6%	10.3%	n/a
Interest expense	n/a	64.6	n/a	n/a
Pre-tax income	-43.4	32.0	n/a	n/a
Income tax	-1,197	27.4	n/a	n/a
Effective tax rate	n/a	85.6%	n/a
Net income	1,098	-3.5	n/a	n/a
Net margin	95.8%	-0.4%	n/a
Diluted EPS	$8.77	-$0.03	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Capital expenditure	25.1	33.0	n/a	n/a
Cash from investing	-27.6	-48.3	n/a	n/a
Cash from financing	-231	-632	n/a	n/a
Depreciation and amortisation	45.9	45.6	n/a	n/a
Share-based compensation	6.1	6.2	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	72.6	72.5	n/a	n/a
Dividend per share	n/a	$0.58	n/a	n/a
Diluted shares, weighted	125m	125m	n/a	n/a
Shares outstanding at period end	125m	125m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	4,411	3,291	n/a	n/a
Non-controlling interest	22.5	23.6	n/a	n/a
Debt	3,958	4,116	n/a	n/a
Operating lease liabilities	123	124	n/a	n/a
Other liabilities	3,412	3,402	n/a	n/a
Total liabilities and equity	11,926	10,956	n/a	n/a
Fixed assets	892	872	n/a	n/a
Goodwill	1,594	1,585	n/a	n/a
Intangible assets	2,465	2,453	n/a	n/a
Cash and equivalents	302	324	n/a	n/a
Receivables	2,703	2,564	n/a	n/a
Inventory	1,725	1,999	n/a	n/a
Other assets	2,245	1,159	n/a	n/a
Total assets	11,926	10,956	n/a	n/a

Questions

What was FMC's revenue in Q4 FY2023?

FMC (FMC) reported revenue of $1.1 billion for Q4 FY2023, the quarter ended 31 December 2023, down 29.3% on the same quarter a year earlier.

How much did FMC earn in Q4 FY2023?

Net income for Q4 FY2023 was $1.1 billion, up 301.1% on the year, and diluted earnings per share $8.77.

When did FMC report Q4 FY2023 results?

FMC filed its 10-K for the quarter ended 31 December 2023 with the SEC on 27 February 2024.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026
Revenue	982	1,146	918	1,038	1,065	1,224	791	1,050	542	1,083	759	867
Cost of revenue	601	710	578	640	679	700	475	644	413	652	512	525
Gross profit	381	436	340	398	386	525	317	406	129	431	247	342
Gross margin	39%	38%	37%	38%	36%	43%	40%	39%	24%	40%	33%	39%
R&D	80.9	81.8	60.9	75.9	69.0	72.2	68.7	66.4	63.3	67.7	65.5	60.4
SG&A	171	172	164	165	159	157	172	177	167	169	185	179
Operating income	101	18.1	74.0	62.3	136	235	58.2	126	-396	-1,417	-81.0	-120
Operating margin	10%	2%	8%	6%	13%	19%	7%	12%	-73%	-131%	-11%	-14%
Interest expense	64.6	n/a	61.7	63.6	58.7	51.8	50.1	61.0	64.1	64.4	64.8	71.3
Pre-tax income	32.0	-43.4	8.0	-5.5	72.5	178	4.9	58.8	-466	-1,484	-149	-194
Tax rate	86%	n/a	-18%	n/a	8%	83%	276%	24%	n/a	n/a	n/a	n/a
Net income	-3.5	1,098	-2.7	295	65.0	-16.3	-15.5	66.7	-569	-1,721	-281	-187
Net margin	-0%	96%	-0%	28%	6%	-1%	-2%	6%	-105%	-159%	-37%	-22%
Diluted EPS	-$0.03	$8.77	-$0.02	$2.35	$0.52	-$0.13	-$0.12	$0.53	-$4.52	-$13.74	-$2.25	-$1.49
Capital expenditure	33.0	25.1	20.7	9.9	15.7	21.6	31.6	15.0	23.7	26.0	16.6	5.3
Buybacks	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	72.5	72.6	72.5	72.7	72.7	72.7	72.7	72.8	72.9	72.9	10.0	10.2
Shares outstanding	125m	125m	125m	125m	125m	125m	125m	125m	125m	125m	125m	125m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 27 February 2024, accession 0000037785-24-000033: the filing on EDGAR. All of FMC Corp.'s filings: EDGAR company page.

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