2023-07-10 07:53:25 ET
FMC Corp. ( NYSE: FMC ) -6.9% pre-market Monday after cutting revenue guidance for Q2 and FY 2023 , citing substantially lower than expected volumes due to an abrupt and significant reduction in inventory by channel partners.
FMC ( FMC ) said the reduction became evident near the end of May and continued through the remainder of the quarter in North America, Latin America and EMEA.
For Q2, FMC ( FMC ) cut revenue guidance to $1B-$1.03B from $1.42B-$1.48B previously and below $1.45B analyst consensus estimate, and sees Q2 adjusted EBITDA of $185M-$190M.
Based on current channel dynamics, the company revised its full-year outlook with revenues now expected at $5.2B-$5.4B, compared with its previous outlook of $6.08B-$6.22B and $6.1B consensus, an sees FY 2023 adjusted EBITDA of $1.3B-$1.4B.
"Even as we manage through this market contraction and significant inventory reduction by our channel partners, on-the-ground consumption of our products remains strong and at similar levels to last year," President and CEO Mark Douglas said.
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FMC Corp. guides Q2, full-year revenues well below consensus