Shares of FMC Corp. fell in premarket trading Tuesday, as the Philadelphia fertilizer company issued a weak outlook after missing fourth-quarter sales estimates.
FMC shares,
The company's stock fell 16% as the company reported adjusted earnings of $1.07 per share, a decline of 55%, with revenues down 29% to $1.15 billion. Analysts surveyed by FactSet expected earnings of $1.08 per share on revenue of $1.24 billion.
“During the fourth quarter, we observed continued channel depletion in all regions, while drought in Brazil also exacerbated challenges in Latin America,” Mark Douglas, FMC president and CEO, said in a statement.
The company expects 2024 earnings of between $3.23 and $4.41 per share, on revenue of between $4.5 billion and $4.7 billion in what it calls a “transition year.” Analysts expected earnings of $4.33 on revenue of $4.66 billion.
