FMC (NYSE:FMC) Issues FY24 Earnings Guidance

FMC (NYSE:FMC) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $3.16-3.52 for the period, compared to the consensus estimate of $3.26. The company issued revenue guidance of $4.33-4.44 billion, compared to the consensus revenue estimate of $4.36 billion. FMC also updated its FY 2024 guidance to 3.160-3.520 EPS.

FMC Price Performance

FMC stock traded up $6.44 on Wednesday, hitting $66.62. 3,272,503 shares of the company’s stock traded hands, compared to its average volume of 1,700,741. The stock has a market cap of $8.32 billion, a price-to-earnings ratio of 5.95, a P/E/G ratio of 1.59 and a beta of 0.85. FMC has a 1-year low of $49.49 and a 1-year high of $68.72. The company has a current ratio of 1.48, a quick ratio of 1.07 and a debt-to-equity ratio of 0.66. The stock has a fifty day moving average of $63.18 and a 200-day moving average of $60.77.

FMC (NYSE:FMC) last announced its quarterly earnings data on Tuesday, October 29th. The basic materials company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.20. The company had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.04 billion. FMC had a return on equity of 7.52% and a net margin of 33.97%. The company’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.44 EPS. On average, analysts forecast that FMC will post 3.31 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. KeyCorp cut their price objective on FMC from $81.00 to $79.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Barclays raised their price objective on shares of 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 target price on shares of FMC from $68.00 to $62.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 16th. Redburn Atlantic raised FMC from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 19th. Finally, JPMorgan Chase & Co. upped their price target on FMC from $50.00 to $59.00 and gave the company a “neutral” rating in a research report on Monday, August 12th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, FMC currently has a consensus rating of “Hold” and a consensus target price of $67.00.

FMC Company Profile

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.