BUZZ-FMC stock plummets after company warns of third-quarter charges as high as $675 million

Latest Developments

October 15 - ** Agricultural chemicals company FMC Corporation (FMC.N) saw its share price plunge 36.3% to $5.15 , hitting its lowest level since August 2003

** The company warned it will book between $625 million and $675 million in charges for the third quarter, impacting revenue and adjusted EBITDA

** The company noted these charges stem from “commercial initiatives” taken to boost demand

** FMC will reduce prices of certain products in Brazil, Argentina, the United States, and Canada

** The company now expects third-quarter revenue between $65 million and $125 million, well below analysts’ estimate of $869.3 million—data compiled by LSEG

** Of 19 brokerages, 5 rate the stock a “buy” or higher, 12 rate it “hold,” and 2 rate it “sell”; the median price target is $12

** The stock is currently trading at 5.40 times its expected earnings per share for the next 12 months, well below the industry median of 11.30 times

**Including today’s loss, the stock has retreated 62.2% since the start of the year

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