simonkr/E+ by way of Getty Photographs
FMC Corp. (NYSE:FMC) -11.9% pre-market Monday after chopping its Q3 outlook and guiding revenues for This autumn and FY 2024 beneath analyst consensus, citing considerably decrease gross sales volumes in Latin America, significantly destocking in Brazil in addition to drought in Argentina.
Whereas outcomes for EMEA, North America and Asia had been broadly in step with firm expectations, destocking conduct continued in these areas as nicely, FMC (FMC) mentioned.
FMC (FMC) mentioned it has launched a restructuring course of for its operations in Brazil in addition to “a broader, extra complete course of to assessment and modify our whole firm price construction.”
FMC (FMC) mentioned it now expects Q3 earnings of $0.44/share and revenues of $982M, nicely beneath analyst consensus estimates of $1.01/share and $1.2B, respectively.
The corporate already had lower its outlook in July in response to stock pullbacks.
For This autumn, FMC (FMC) mentioned it sees revenues of $1.14B-$1.38B, beneath $1.67B analyst consensus, and adjusted EBITDA of $246M-$306M, down from a earlier forecast of $511M-$561M.
For the total yr, FMC (FMC) now expects revenues of $4.48B-$4.72B, lower from earlier steering of $5.2B-$5.4B, with adjusted EBITDA of $970M-$1.03B, nicely beneath its prior outlook of $1.3B-$1.4B.
For FY 2024, FMC (FMC) targets revenues of $4.48B-$4.72B, in comparison with $5.54B consensus.
Agriculture friends are also indicated decrease pre-market, together with Corteva (CTVA) -6.3%, Mosaic (MOS) -4%, Nutrien (NTR) -2.2%, CF Industries (CF) -1.2%.