FMC 2023 Annual Report Highlights and Analysis
FMC 2023 Annual Report Highlights and Analysis
Index:
Overview of 2023
Revenue by Segment
Diamide Business Overview
Plant Health Business and New Market Efforts
Inventory Management
Restructuring
Employee Overview
2024 Outlook
Resources
Overview
FMC revenue declined to $4.5 billion in 2023, a decrease of $1.32 billion or 23% compared to 2022.
On a regional basis, sales in Latin America decreased by 33%, sales in Asia decreased 21%, sales in North America decreased 16%, and sales in Europe, Middle East and Africa decreased by 14%.
The decreases were primarily impacted by the industry wide channel destocking.
Approximately $590 million in 2023 revenue came from products launched in the last five years, representing 14% of the total revenue. Revenues from FMC products launched in the last five years were down only 2%. Products launched in 2023 accounted for approximately $146 million in sales, or 3.2%.
Selling, general and administrative (SG&A) expenses decreased from $775.2 million to $734.3 million, or approximately 5 percent. However, SGA&A as a percent of revenue increased 3% to 16.3%.
Research and development (R&D) were $328.8 million, up $14.6 million or 5 percent. Given the revenue decline, R&D spending as a percentage of revenue has never been higher at FMC.