Total Revenue

13.8% decline (from $918.0M to $791.4M)

Q1 2025 total revenue fell by 13.8% YoY due to a combination of lower volumes and pricing pressures that continued from previous period corrections, including FX headwinds and channel adjustments which compounded an already challenging revenue mix from Q1 2024. " "

Insecticides Revenue

19.6% decline (from $501.3M to $402.7M)

Insecticides revenue dropped by nearly 20% YoY as intensified pricing pressures, competitive contract adjustments, and lower volumes affected this segment more severely than the overall revenue; these factors build on trends seen in Q1 2024, where pricing and channel challenges had already begun to impact sales. " "

North America Revenue

28% decline (from $259.1M to $186.4M)

North America experienced a steep 28% YoY decline primarily driven by delayed customer purchases and ongoing channel destocking, with international trade dynamics exacerbating the situation—a deterioration from the previous period’s performance that significantly contributed to the overall revenue drop. " " "

Latin America Revenue

10% increase (from $188.0M to $206.8M)

Latin America revenue grew by about 10% YoY due to volume improvements, notably from direct sales to cotton growers in Brazil, which helped counteract pricing declines and FX headwinds observed in earlier periods, thereby reversing recent regional downtrends. " " "

Gross Margin

6.7% decrease in dollars (from $339.7M to $316.7M); margin % improved from 37% to 40%

Gross margin dollars declined by 6.7% YoY as lower sales volumes and pricing pressure reduced revenue; however, improved cost efficiencies, better fixed cost absorption, and lower raw material costs helped lift the margin percentage from roughly 37% to 40%, indicating some operational resilience compared to the previous period’s figures. " "

Net Income Attributable to FMC Stockholders

Expanded loss (from a loss of $2.7M to a loss of $15.5M)

Net income worsened significantly in Q1 2025, moving from a modest loss of $2.7M to $15.5M due to compounded effects of lower revenue, intensified pricing declines, increased costs (including restructuring charges), and FX pressures—factors that intensified the challenges experienced in Q1 2024. " "

Revenue

Q2 2025

no prior guidance

Expected to decline by 2% at the midpoint "

no prior guidance

Adjusted EPS

Q2 2025

no prior guidance

Expected to be lower by 5% at the midpoint "

no prior guidance

Adjusted EBITDA

FY 2025

$870 million to $950 million, up 1% at the midpoint "

Expected to grow by 1% at the midpoint "

no change

Adjusted EPS

FY 2025

$3.26 to $3.70, flat at the midpoint "

Expected to be flat compared to the prior year at the midpoint "

no change

Free Cash Flow

FY 2025

$200 million to $400 million, a decrease of $314 million at the midpoint "

$200 million to $400 million "

no change

Effective Tax Rate

FY 2025

13% to 15% "

13% to 15% "

no change

FX Headwind

FY 2025

$65 million to $75 million "

Expected to be a low to mid-single-digit headwind to revenue "

no change

Revenue Growth

FY 2025

no prior guidance

Expected to grow by 7% in the second half "

no prior guidance

Interest Expense

FY 2025

no prior guidance

$210 million to $230 million, down roughly $15 million year-on-year "

no prior guidance

Tariff Impact

FY 2025

no prior guidance

Estimated incremental cost headwind of $15 million to $20 million "

no prior guidance

New Product Launches and Innovation

Consistently featured across Q2–Q4 2024 with emphasis on introducing new active ingredients, innovative formulations (diamides, AIs), and a robust pipeline designed to drive growth. " " " "

Q1 2025 builds on this with further commercialization (e.g. new mixtures, a tablet for rice application), expanded product pipeline with revenue targets of $200–$250 million, and plans for future launches. " " "

Consistent and accelerating focus on innovation with an expanding pipeline and increasing commercialization efforts, underscoring its critical role for future growth.

Pricing Pressure and Margin Compression

Across Q2–Q4 2024, pricing headwinds were noted—from a 10% decline in Q2 to a 3% decline in Q4—with regional variations (notably in Latin America and Asia) and mitigating efforts (cost reductions, restructuring) helping to preserve margins. " " "

Q1 2025 reported a 4% pricing headwind and a 25% EBITDA decline, with FX headwinds further impacting margins; continued challenges alongside expectations of easing price comparisons later in the year. " "

Persistent pricing pressure remains a key challenge; while costs and volumes are managed strategically, margin compression continues to be a cautious area.

Cost Savings and Restructuring Initiatives

Q2 2024 emphasized initial restructuring with $75–$100M in savings; Q3 2024 detailed increased targets and early achievements; Q4 2024 reported exceeding targets with $165M in net savings and clear run‑rate targets, driven by sourcing and operating model changes. " " "

Q1 2025 reaffirmed ongoing cost savings measures and restructuring efforts (e.g. a $50M EBITDA growth contribution in H2 2025), alongside a focus on cost reduction in manufacturing to compete on price. " " "

A consistently successful and deepening restructuring focus; targets have increased over time and these initiatives are now seen as a cornerstone for maintaining competitive cost structures.

Inventory Management and Order Momentum

Q2 2024 showed progress on destocking and normalization (with onetime incentives), Q3 2024 highlighted regional differences (Latin America lagging, North America improving), and Q4 2024 stressed aggressive channel inventory reduction and evolving customer behaviors across regions. " " " "

Q1 2025 continues the focus on reducing channel inventory—with initiatives like direct selling in Brazil driving removal from the channel—and mixed order momentum (declines in North America, early recovery signs in Europe). " " " "

Ongoing operational challenge; persistent efforts to manage inventory across regions with cautious order patterns now showing early signs of recovery, emphasizing its long‑term impact on execution.

New Routes to Market and Geographic Expansion

Little to no coverage in Q2 2024 and Q3 2024; Q4 2024 provided detailed discussion on shifting distribution (e.g. direct sales to large growers, especially in Brazil and LatAm) to overcome channel constraints and enable geographic growth. " " "

Q1 2025 maintains this strategy through the launch of a new route in Brazil with direct sales to large corn and soybean growers, despite short‑term cost impacts; expected to positively affect performance in later quarters. " " "

Emerging and consolidating focus on geographic expansion; the new direct sales approach continues from Q4 2024 into Q1 2025, indicating strategic realignment to reduce channel dependencies.

FX and Tariff Headwinds

Q2 and Q3 2024 focused on FX headwinds (low single-digit to 3% impacts) without mention of tariffs; Q4 2024 also emphasized FX (5% headwind) along with hedging strategies. " " "

Q1 2025 elaborated on FX challenges (4% headwind) and introduced tariff headwinds (estimated $15–$20M), reflecting additional cost pressures impacting both revenue and EBITDA. " " "

FX headwinds remain consistent while tariff headwinds have emerged as a new cost factor in Q1 2025, adding another layer of external pressure on margins and pricing strategies.

Generic Competition and Patent Expiry Challenges

Q2 2024 provided detailed insights into patent layers for diamides and proactive measures (new formulations, mixture strategies) to mitigate generic risk; Q3 2024 briefly mentioned generic pressure not driving pricing actions; Q4 2024 went in-depth on Rynaxypyr and Cyazypyr generics and patent expiries. " " "

Q1 2025 reiterated post‑patent strategies including cost parity initiatives and differentiated product approaches to combat generic competition, emphasizing that their portfolio remains robust despite imminent generic entries. " "

A consistently high‐priority risk; ongoing efforts to differentiate products and pursue cost reductions continue to counteract generic competition and patent expiries, ensuring future market position.

Operational Execution and Forecasting Risks

Q2 2024 underscored missed selling targets, the need for strategic attrition, and rigorous due diligence across regions; Q3 2024 added details on regional execution and inventory challenges; Q4 2024 discussed the impacts of restructuring and investments on forecasting. " " "

In Q1 2025, emphasis was on effective execution via inventory management, new market strategies (e.g. direct sales in Brazil), and external risks such as FX headwinds—all factored into cautious but optimistic forecasts for later quarters. " " " "

Consistent scrutiny of execution and forecasting risks; although challenges persist (especially in volatile regions), enhanced processes and new initiatives are being deployed to improve forecast accuracy and operational performance.

R&D Investment Adjustments and Innovation Sustainability

Q3 2024 detailed sustainable R&D cost reductions, better screening tools, and improved coordination between central and regional centers; Q2 2024 mentioned innovation in the context of new product pipelines without specific R&D budget adjustments; Q4 2024 did not focus on R&D adjustments. " "

Q1 2025 did not specifically discuss R&D investment adjustments or sustainability, indicating a relative de‐emphasis compared to earlier quarters [—].

A topic with mixed coverage: while Q3 2024 showed clear initiatives to optimize R&D spending without sacrificing innovation quality, its absence in Q1 2025 may suggest a temporary shift in focus toward immediate commercial execution over R&D adjustments.

Regional Market Dynamics and Channel/Distributor Risks

Q2 2024 provided detailed breakdowns by region (North America, Latin America, Asia, EMEA) and noted challenges like high channel inventory in India and varying volume growth; Q3 2024 discussed regional performance nuances (e.g. Latin America challenges, strong North America, and recovery timing differences in Asia); Q4 2024 highlighted consolidation trends and elevated inventories in key regions. " " " "

Q1 2025 reflected diverse regional outcomes—with significant declines in North America, growth in Latin America driven by direct sales, and challenges in Asia—with an ongoing focus on adapting channel strategies to local dynamics. " " " "

Ongoing and region-specific challenges persist; while North America remains cautious and Asia continues to grapple with elevated inventories, strategic adjustments in Latin America (e.g. direct sales) may set the stage for future growth, demonstrating the high impact of regional dynamics on overall performance.