FMC Corp. shares slumped in premarket trade on Tuesday as the Philadelphia fertilizer company issued a weak outlook after missing fourth-quarter sales estimates.
FMC stock
FMC,
skidded 16% as the company posted adjusted earnings of $1.07 a share, a drop of 55%, on a 29% drop in revenue to $1.15 billion. Analysts polled by FactSet expected earnings of $1.08 per share on revenue 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,” said Mark Douglas, FMC president and chief executive officer, in a statement.
The company forecast 2024 earnings between $3.23 and $4.41 per share on revenue between $4.5 billion and $4.7 billion in what calls a “transition year.” Analysts expected earnings of $4.33 on revenue of $4.66 billion.
This story originally appeared on Marketwatch
