Why Chemical Company FMC's Shares Are Plummeting Today
Portfolio Pulse from Shivani Kumaresan
FMC Corp's shares are plummeting after the company revised its Q3 and FY23 outlook downwards. The company now expects Q3 revenue to be $982 million, down from the previous $1.19 billion - $1.27 billion. The adjusted EPS for Q3 is expected to be $0.44, down from the prior outlook of $0.90 - $1.32. The company also cut Q4 revenue outlook and FY23 revenue outlook. The revised outlook is mainly due to lower sales volumes in Latin America, particularly in Brazil and Argentina.
October 23, 2023 | 2:16 pm
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FMC Corp's shares are expected to be negatively impacted in the short term due to the downward revision of its Q3 and FY23 outlook.
The company's downward revision of its Q3 and FY23 outlook is a negative signal to investors, indicating lower than expected performance. This is likely to lead to a sell-off of the company's shares, resulting in a decrease in the share price.
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