FMC Slashes Q3 Outlook; Stock Plunges 13%

RTTNews | 623 days ago
Stocktwits
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.

Tags: FMC
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FMC Appoints Chairman Pierre Brondeau To Addl. Role Of CEO To Succeed Mark Douglas

FMC Appoints Chairman Pierre Brondeau To Addl. Role Of CEO To Succeed Mark Douglas

Agricultural sciences company FMC Corp. (FMC) announced Tuesday that its Board of Directors has appointed Pierre Brondeau as chief executive officer, in addition to his role as board chairman. He succeeds current president and CEO Mark Douglas, who has stepped down following more than 14 years with the company.
RTTNews | 391 days ago
FMC Guides FY24 Revenues In Line With Estimates

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Ahead of its Investor Day later on Thursday, agricultural sciences company FMC Corp. (FMC) initiated preliminary revenue guidance for the full-year 2024 in a range of $4.65 billion to $4.85 billion. It also expects adjusted earnings per share to grow faster than adjusted EBITDA in 2024.
RTTNews | 599 days ago
FMC Slashes Q2, FY23 Revenue Outlook

FMC Slashes Q2, FY23 Revenue Outlook

Agricultural sciences company FMC Corp. (FMC) on Monday slashed its revenue guidance for the second quarter and full-year 2023, driven by substantially lower-than-expected volumes due to an abrupt and significant reduction in inventory by channel partners in North America, Latin America and EMEA.
RTTNews | 728 days ago
Mild Selling Pressure Tipped For Thai Stock Market

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Japanese Market Notably Higher

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RTTNews | 1h 13min ago
Hong Kong Bourse May Extend Losing Streak

Hong Kong Bourse May Extend Losing Streak

The Hong Kong stock market has finished lower in three straight sessions, sinking more than 330 points or 1.4 percent along the way. The Hang Seng Index now sits just shy of the 23,890-point plateau and it's tipped to open to the downside again on Tuesday.
RTTNews | 1h 26min ago
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