FMC Corporation's Revised Outlook Sends Shockwaves Through Farm Stocks
FMC Corporation, a global agricultural sciences company, has updated its expectations for the second quarter and full-year 2023 outlook. The company experienced significant reductions in channel inventory by customers in North America, Latin America, and EMEA, which impacted volumes in the quarter. However, on-the-ground consumption by growers remains robust. FMC has initiated cost mitigation actions and expects improved input costs in the second half of the year. The revised guidance for the second quarter includes revenue between $1.00 billion and $1.03 billion, and adjusted EBITDA in the range of $185 million to $190 million. The full-year revenue outlook is now expected to be $5.20 billion to $5.40 billion, with adjusted EBITDA projected to be $1.30 billion to $1.40 billion.