FMC Slashes Q3 Outlook; Stock Plunges 13%

(RTTNews) - Agricultural sciences company FMC Corp. (FMC) on Monday slashed its earnings and revenue expectations for the third quarter and revenue forecast for the full-year 2023, mainly driven by substantially lower sales volumes in Latin America, particularly destocking in Brazil and to a lesser degree drought in Argentina.

The company added that results for EMEA, North America and Asia were broadly in line with Company expectations, destocking behavior continued in those regions as well.

For the third quarter, the company now projects earnings of $0.44 per share on revenues of $982 million. Previously, the company expected earnings in the range of $0.90 to $1.32 per share on revenues between $1.19 billion and $1.27 billion for the quarter.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.02 billion on revenues of $1.21 billion for the quarter.

The company now projects revenues for the fourth quarter to be between $1.139 billion and $1.379 billion and for the full-year 2023 to be between $4.48 billion to $4.72 billion. Previously, the company expected revenues between $5.20 billion and $5.40 billion for the year.

The Street is looking for revenues of $1.67 billion for the quarter and $5.23 billion for the year.