FMC Corp FMC shares are trading lower by over 8% after the company cut its Q2 and 2023 guidance.
Q2 Outlook: The company reduced expectations of revenues to $1.00 billion-$1.03 billion (from $1.42 billion-$1.48 billion earlier, vs. consensus of $1.45 billion) and adjusted EBITDA to $185 million-$190 million (from $350 million-$370 million).
2023 Guidance: FMC cut guidance for revenues to $5.20 billion-$5.40 billion (from $6.08 billion-$6.22 billion earlier, vs. consensus of $6.11 billion) and adjusted EBITDA to $1.30 billion-$1.40 billion (from $1.50 billion-$1.56 billion previously).
President and CEO Mark Douglas said, "Towards the end of May, we experienced unforeseen and unprecedented volume declines in three of our four operating regions, as our channel partners rapidly reduced inventory levels. Our full-year outlook for revenue and adjusted EBITDA has been revised to reflect these channel dynamics and their impact to volumes, as well as the benefit from improved input costs and the significant operating cost mitigation actions we have already implemented."
The company plans to decrease previously expected operating expenses by $60 million-$70 million in H2 2023.
FMC will announce Q2 2023 earnings results on August 2, 2023.
Price Action: FMC shares are down 8.89% at $94.98 premarket on the last check Monday.
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