Market Turmoil: FMC Slumps on Lowered Revenue Outlook
- July 10th, 2023
- 379 views
Shares of FMC Corporation (NYSE: FMC) plummeted over 6% following the release of an update on its second quarter and full-year 2023 outlook. The company now expects second-quarter revenue to be in the range of $1.00 billion to $1.03 billion, significantly lower than the consensus estimate of $1.45 billion.
The downward revision in guidance is attributed to an unexpected and substantial reduction in inventory by channel partners, which became evident towards the end of May and persisted throughout the quarter in North America, Latin America, and EMEA.
Taking into account the current channel dynamics, the company has revised its full-year 2023 financial outlook, with revenue now projected to be between $5.20 billion and $5.40 billion, reflecting a significant adjustment from the previous range of $6.08 billion to $6.22 billion. This revised outlook falls short of the consensus estimate of $6.11 billion in revenue for the period.
In pre-market, $FMC is currently trading at $95.20, down $9.05 (8.68%).
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