Shares of FMC were sinking after the crop-protection company issued a revenue warning and launched a cost structure review ahead of earnings.
FMC fell 17% to $55.72 and was on track for its lowest close since March 30, 2017, when it closed at $53.30, according to Dow Jones Market Data. The stock also was the worst performer in the S&P 500. Shares this year have dropped 55%, putting them on pace for their worst year on record based on available data back to 1972.
The company—which will post third-quarter earnings on Oct. 30 after the stock market closes—said it now expects third-quarter revenue of $982 million, adjusted earnings before interest, tax, depreciation, and amortization of $175 million and adjusted earnings of 44 cents a share. The prior forecast called for a revenue range of $1.19 billion to $1.27 billion, adjusted EBITDA between $240 million and $290 million and adjusted EPS between 90 cents and $1.32 a share.
The guidance slash “is mainly driven by substantially lower sales volumes in Latin America, particularly destocking in Brazil and to a lesser degree drought in Argentina,” according to a press release.
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