FMC Corporation Tuesday updated its expectations on the second quarter and full-year 2023 outlook. Revenue in the second quarter is now expected to be between $1.00 billion and $1.03 billion.
The revised guidance is driven by substantially lower-than-expected volumes due to an abrupt and significant reduction in inventory by channel partners, which only became evident towards the end of May and continued through the remainder of the quarter. Based on current channel dynamics, the company is revising its full-year financial outlook, with revenue now expected to be $5.20 billion to $5.40 billion.
FMC President and CEO Mark Douglas says, “Towards the end of May, we experienced unforeseen and unprecedented volume declines in three out of our four operating regions, as our channel partners rapidly reduced inventory levels.”
FMC is a global agricultural sciences company with approximately 6,600 employees at more than 100 sites worldwide.