FMC slashes Q2 and FY 2023 guidance on abrupt channel inventory cuts

FMC CORP

2023-Q2 EPS reported $1.80 revenue$2,358,800,000

Q2 revenue expected at $1.00-$1.03B; adjusted EBITDA $185-$190M, down sharply.
Full-year revenue revised to $5.20-$5.40B; adjusted EBITDA to $1.30-$1.40B.
Unprecedented inventory reductions by channel partners in North America, Latin America, and EMEA.
On-the-ground grower consumption remains strong, similar to prior year levels.
Cost mitigation actions initiated to reduce H2 operating expenses by $60-$70M.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FMC CORP reported second quarter 2023 results: revenue $1.00 billion and $1.03 billion. Guidance lowered.

Period: second quarter 2023
Revenue: $1.00 billion and $1.03 billion
Guidance: lowered
Result: guidance update

Exact text from the filing

Revenue in the second quarter is now expected to be between $1.00 billion and $1.03 billion. Adjusted EBITDA is expected to be in the range of $185 million to $190 million.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FMC CORP reported full-year 2023 results: revenue $5.20 billion to $5.40 billion. Guidance lowered.

Period: full-year 2023
Revenue: $5.20 billion to $5.40 billion
Guidance: lowered
Result: guidance update

Exact text from the filing

The Company is revising its full-year financial outlook with revenue now expected to be $5.20 billion to $5.40 billion. Adjusted EBITDA for the full year is now expected to be $1.30 billion to $1.40 billion.

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Source: SEC EDGAR

accession 0000037785-23-000110

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