Breaking: Ultra Clean and FMC Lower Q3 Outlook
- October 23rd, 2023
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Shares of Ultra Clean Holdings, Inc. (Nasdaq: UCTT) dropped by over 4% following the company's announcement of a downward revision in its third-quarter 2023 earnings. The non-GAAP diluted net income per share is now expected to be around $0.04, significantly lower than the initial projection of $0.08 to $0.28. This unexpected downturn can be primarily attributed to a sharp decline in Services business volume, reduced efficiencies, and unfavorable revenue and profit mix affecting the income tax rate.
$UCTT was trading at $23.64 in pre-market, down $1.12 (-4.52%)
Meanwhile, FMC Corporation (NYSE: FMC) has also revised its third-quarter revenue and earnings outlook due to lower volumes in Latin America, which saw more significant destocking than previously anticipated. The company's Q3 2023 revenue is now forecasted at $982 million, with adjusted EPS of $0.44, compared to the consensus EPS estimate of $1.02 on revenue of $1.21 billion for the period.
In pre-market, $FMC was trading at $55.27, reflecting a decrease of $11.68 (-17.45%).
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