FMC Corp.’s stock drops on revenue warning as company launches cost structure review

FMC Corp.’s
FMC,
-13.35%
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.