FMC Corp. shares slumped in premarket commerce on Tuesday because the Philadelphia fertilizer firm issued a weak outlook after lacking fourth-quarter gross sales estimates.
FMC inventory
FMC,
skidded 16% as the corporate posted adjusted earnings of $1.07 a share, a drop of 55%, on a 29% drop in income to $1.15 billion. Analysts polled by FactSet anticipated earnings of $1.08 per share on income of $1.24 billion.
“During the fourth quarter we observed continued channel destocking in all regions, while drought in Brazil also amplified challenges in Latin America,” mentioned Mark Douglas, FMC president and chief government officer, in an announcement.
The firm forecast 2024 earnings between $3.23 and $4.41 per share on income between $4.5 billion and $4.7 billion in what calls a “transition year.” Analysts anticipated earnings of $4.33 on income of $4.66 billion.
Source web site: www.marketwatch.com
