FMC (NYSE:FMC) Issues FY 2024 Earnings Guidance

FMC (NYSE:FMC) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 3.160-3.520 for the period, compared to the consensus earnings per share estimate of 3.280. The company issued revenue guidance of $4.3 billion-$4.4 billion, compared to the consensus revenue estimate of $4.4 billion. FMC also updated its FY24 guidance to $3.16-3.52 EPS.

FMC Stock Down 2.2 %

Shares of FMC stock traded down $1.38 during mid-day trading on Tuesday, hitting $60.16. The stock had a trading volume of 1,308,357 shares, compared to its average volume of 1,693,203. FMC has a 12-month low of $49.49 and a 12-month high of $68.72. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.48 and a quick ratio of 1.07. The firm’s 50-day moving average is $63.18 and its two-hundred day moving average is $60.77. The firm has a market capitalization of $7.51 billion, a P/E ratio of 5.43, a price-to-earnings-growth ratio of 1.59 and a beta of 0.85.

FMC (NYSE:FMC) last issued its earnings results on Wednesday, July 31st. The basic materials company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.08. FMC had a net margin of 33.97% and a return on equity of 7.52%. The company had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same period in the prior year, the business earned $0.50 EPS. The firm’s quarterly revenue was up 2.4% on a year-over-year basis. On average, analysts predict that FMC will post 3.31 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have commented on FMC shares. KeyCorp reduced their target price on shares of FMC from $81.00 to $79.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Citigroup began coverage on shares of FMC in a research note on Wednesday, October 23rd. They set a “neutral” rating and a $67.00 price objective for the company. Barclays raised their price objective on FMC from $62.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Wells Fargo & Company cut their price target on shares of FMC from $68.00 to $62.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 16th. Finally, Redburn Atlantic raised shares of FMC from a “hold” rating to a “strong-buy” rating in a report on Friday, July 19th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, FMC presently has an average rating of “Hold” and a consensus price target of $67.00.

About FMC

FMC Corporation, an agricultural sciences company, provides crop protection, plant health, and professional pest and turf management products. It develops, markets, and sells crop protection chemicals that includes insecticides, herbicides, and fungicides; and biologicals, crop nutrition, and seed treatment products, which are used in agriculture to enhance crop yield and quality by controlling a range of insects, weeds, and diseases, as well as in non-agricultural markets for pest control.