: FMC stock drops after revenue outlook slashed, due to ‘abrupt and unprecedented’ volume declines

Shares of FMC Corp. FMC dropped 5.2% toward the lowest price seen since November 2021 after the agriculture sciences company slashed its revenue outlook, citing “abrupt and unprecedented” cuts in channel inventory by customers. The company now expects second-quarter revenue of between $1.00 billion and $1.03 billion, down from guidance provided on May 1 of $1.42 billion to $1.48 billion. For 2023, the company lowered it revenue guidance range to $5.20 billion to $5.40 billion from $6.08 billion to $6.22 billion. “Towards the end of May, we experienced unforeseen and unprecedented volume declines in three out of our four operating regions, as our channel partners rapidly reduced inventory levels,” said Chief Executive Officer Mark Douglas. The stock has shed 12.5% over the past three months through Friday, while the S&P 500 SPX has gained 7.1%.

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