The shares of FMC Corporation (FMC) has been pummeled and fell over 11% after the company slashed its quarterly and yearly revenue outlook due to unexpected decline in inventories and sales caused by extreme weather patterns.According to sources, FMC stated that an “abrupt and huge decline in inventory by channel partners” in key market areas …
The shares of FMC Corporation (FMC) has been pummeled and fell over 11% after the company slashed its quarterly and yearly revenue outlook due to unexpected decline in inventories and sales caused by extreme weather patterns.
According to sources, FMC stated that an “abrupt and huge decline in inventory by channel partners” in key market areas such as Latin America, EMEA and North America, which lead to the change in its outlook. The company also added that “unforeseen and unprecedented volume declines” in its supply chains have become apparent towards the end of May. Due to extreme weather, major agricultural regions in Africa, Australia, Latin America, and South East Asia are expected to have lower agricultural yields this year. However, local demand for its products is still high and at levels similar to last year, according to FMC.
For the second quarter of 2023, the agricultural sciences company have revised its revenue to be between $1 billion and $1.03 billion. The business predicted in May that second-quarter revenues would range in between $1.42 billion and $1.48 billion. The company also stated that it now expects annual revenues to range in between $5.2 billion to $5.4 billion, down from previous projections between $6.08 billion to $6.22 billion. The company is expected to release its Q2 report on August 2.
Risk Disclaimer :
Please note that this articles does not offer any instructions or suggestions regarding investment decisions. Therefore, it is essential that you carefully evaluate your financial situation and conduct thorough analysis, or seek advice from a qualified professional, before making any investment decisions.
