FMC Shares Fall More Than 13% After a Two-Session Rebound

FMC Corporation shares fell more than 13% by 10:03 a.m. ET Thursday, Nov. 12. The agricultural sciences company had risen in the two previous sessions, after three consecutive days of declines.

The move came after FMC reported third-quarter results, lowered its fourth-quarter adjusted EPS outlook and projected negative full-year free cash flow.

Before reporting results, FMC had projected third-quarter revenue of $65 million to $125 million and an adjusted EBITDA loss of $510 million to $565 million in its October outlook update. It tied that forecast to weak demand and excess inventory of higher-priced products at some channel customers, which slowed sales and replenishment. Alongside the forecast, FMC outlined plans to reduce prices on certain products in Brazil, Argentina, the United States and Canada and change its U.S. sales and pricing structure.