{"id":33902,"date":"2023-07-10T21:53:28","date_gmt":"2023-07-11T01:53:28","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/fmcs-stock-rocked-after-breathtaking-cut-to-revenue-outlook\/"},"modified":"2023-07-10T21:53:31","modified_gmt":"2023-07-11T01:53:31","slug":"fmcs-stock-rocked-after-breathtaking-cut-to-revenue-outlook","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=33902","title":{"rendered":"FMC\u2019s stock rocked after \u2018breathtaking\u2019 cut to revenue outlook"},"content":{"rendered":"
\n

FMC Corp. investors were having their worst day in more than three years on Monday after the agriculture-sciences company released a jarring revenue outlook, citing an \u201cabrupt and unprecedented\u201d drop in volume.<\/p>\n

The seller of ingredients for insecticides, herbicides, fungicides and plant-health products
\n FMC,
\n -11.15%<\/bg-quote>
\n said it now expects second-quarter revenue of between $1 billion and $1.03 billion, down from guidance provided on May 1 of $1.42 billion to $1.48 billion.<\/p>\n

\n

For 2023, FMC dropped its revenue guidance range to $5.2 billion-$5.4 billion, from $6.08 billion-$6.22 billion.<\/p>\n

The company also lowered its guidance range for adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) to $185 million-$190 million from $350 million-$370 million for the second quarter, and to $1.3 billion-$1.4 billion from $1.5 billion-$1.56 billion for the full year.<\/p>\n

\u201cTowards the end of May, we experienced unforeseen and unprecedented volume declines in three out of our four operating regions, as our channel partners rapidly reduced inventory levels,\u201d said Chief Executive Officer Mark Douglas.<\/p>\n

The stock took a 12.5% dive toward a 21-month low in midday trading, enough to pace the S&P 500\u2019s decliners on the day. The stock was also headed for its biggest one-day selloff since it sank 12.9% on March 18, 2020.<\/p>\n

Analyst Frank Mitsch at Fermium Research said that he would be shocked to see a big cut to guidance by some of the commodity companies he covers. But to see it from a \u201ctheoretically more stable\u201d agricultural-chemical supplier like FMC was a surprise, he noted, and \u201cthe order of magnitude of today\u2019s announcement is breathtaking.\u201d<\/p>\n

Mitsch reiterated the hold rating he\u2019s had on the stock since August 2021 but chopped his price target to $105 from $125.<\/p>\n

\u201cThough we\u2019ve admittedly been warming up to the name of late since our downgrade two years ago, this is another shock to the system and warrants further patience in our view,\u201d Mitsch wrote in a note to clients.<\/p>\n

FMC said it has initiated \u201csignificant\u201d cost-cutting actions and lowered its operating-expense outlook in the second half by $60 million-$70 million.<\/p>\n

On the bright side, the company said that the input-inflation outlook continues to improve, with significant benefit to financial results expected in the second half of the year, and that \u201con-the-ground consumption\u201d of its products remains strong.<\/p>\n

FMC\u2019s stock has shed 23.4% over the past three months, while the Materials Select Sector SPDR exchange-traded fund
\n XLB,
\n -0.02%<\/bg-quote>
\n has tacked on 1.2% and the S&P 500
\n SPX,
\n +0.24%<\/bg-quote>
\n has gained 7%.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

FMC Corp. investors were having their worst day in more than three years on Monday after the agriculture-sciences company released a jarring revenue outlook, citing an \u201cabrupt and unprecedented\u201d drop in volume. The seller of ingredients for insecticides, herbicides, fungicides and plant-health products FMC, -11.15% said it now expects second-quarter revenue of between $1 billion […]<\/p>\n","protected":false},"author":1,"featured_media":33903,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-33902","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nFMC\u2019s stock rocked after \u2018breathtaking\u2019 cut to revenue outlook | iFintechWorld<\/title>\n<meta name=\"description\" content=\"FMC Corp. investors were having their worst day in more than three years on Monday after the agriculture-sciences company released a jarring revenue\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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