The company also outlined cost savings targets and key elements that will drive sustained profitable growth.
FMC's strategic plan is anchored in three core ambitions: to strengthen the company's relationship with growers, ensuring they receive sound, accurate and timely guidance about the right products and technologies that best address their needs; to deliver superior growth and returns and to maintain the company's leadership in safety, sustainability and innovation. Actions and specific plans that drive each ambition are summarized in eight strategic imperatives.
'We were pleased to host a strong turnout and communicate our path to profitable growth anchored by strategic imperatives,' said
Development and commercial launch of new products was a significant Investor Day theme, with
'We expect 2024 to be a year of substantial cash generation driven by improved earnings and a release of working capital,' Sandifer 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.'
Additional details about FMC's new strategic growth plan and the full FMC Investor Day presentation and transcript can be accessed on the FMC investor website.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: FMC and its representatives may from time to time make written or oral statements that are 'forward-looking' and provide other than historical information, including statements contained in this press release, in FMC's other filings with the
In some cases, FMC has identified these forward-looking statements by such words or phrases as 'will likely result,' 'is confident that,' 'expect,' 'expects,' 'should,' 'could,' 'may,' 'will continue to,' 'believe,' 'believes,' 'anticipates,' 'predicts,' 'forecasts,' 'estimates,' 'projects,' 'potential,' 'intends' or similar expressions identifying 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words or phrases. Such forward-looking statements are based on our current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. The forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These statements are qualified by reference to the risk factors included in Part I, Item 1A of our Annual Report on Form 10-K for the year ended
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This press release contains certain 'non-GAAP financial terms' which are defined on our website www.fmc.com/investors. Such terms include adjusted EBITDA, adjusted earnings, free cash flow, organic revenue growth and return on invested capital. In addition, we have also provided on our website reconciliations of non-GAAP terms to the most directly comparable GAAP term.
Although we provide forecasts for adjusted earnings per share, adjusted EBITDA, free cash flow and return on invested capital (non-GAAP financial measures), we are not able to forecast the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for us to forecast. Such elements include, but are not limited to, restructuring, acquisition charges, and discontinued operations. As a result, no GAAP outlook is provided.
Contact:
Tel: +1 215 299-6000
Tel: +1 215 299-6223
Email: amie.leopold@fmc.com
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