FMC Corporation cuts Q3 EPS view to 44c from 90c-$1.32, consensus $1.02

Cuts Q3 revenue view to $982M from $1.19B-$1.27B, consensus $1.21B. “During the third quarter we observed continued channel destocking in all regions; however, the magnitude of the destocking in Brazil was much greater than we had anticipated,” said Mark Douglas, FMC president and CEO. “While application of products by growers remains stable, significant global destocking impacts are expected to persist into next year and we have adjusted our full year outlook accordingly. With destocking conditions not expected to improve in the near-term, we have initiated an immediate restructuring process for our operations in Brazil and have launched a broader, more comprehensive process to review and adjust our total Company cost structure. We will discuss these actions and our 2024 outlook at our Investor Day on November 16th.”