Steve Gelsi covers banking and cannabis as a Senior Reporter for MarketWatch.
FMC Corp.’s FMC, +0.54% stock was down 13.7% in premarket trades Monday after the agricultural-sciences company cut is financial outlook due to lower sales volumes in Latin America. FMC said it’s launched a restructuring process for its operations in Brazil along with “a broader, more comprehensive process to review and adjust our total company cost structure.
” FMC did not provide any additional details on its restructuring. FMC said it now expects third-quarter revenue of $982 million, below the FactSet consensus estimate of just under $1.2 billion. For the fourth quarter, FMC is targeting revenue of $1.14 billion to $1.38 billion, below the analyst estimate of $1.67 billion. For 2024, it’s targeting revenue of $4.48 billion to $4.72 billion, against a current analyst view of $5.54 billion.
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