FMC Corp . (NYSE:FMC) saw its stock price dive over 14% in premarket trading Tuesday after the chemical manufacturing company missed expectations for FQ4 earnings and revenue.
Earnings per share (EPS) for the quarter were reported at $1.07, just below the consensus estimates of $1.08. Revenue came in at $1.15 billion, also short of the projected $1.24 billion.
Adjusted EBITDA stood at $254 million, down 41% year-over-year.
For the full fiscal 2024, FMC expects EPS in the range of $3.23 to $4.41, compared to the $3.80 consensus projection.
Full-year (FY) revenue is estimated to range between $4.5 billion and $4.7 billion, while analysts guided for $4.57 billion.
The company sees FY adjusted EBITDA of $900 million to $1.05 billion, marking a flat guidance compared to the prior year at the midpoint. The restructuring process is in full swing, anticipated to contribute an Adjusted EBITDA improvement of $50 to $75 million.
Free cash flow is forecasted to range from $400 to $600 million, indicating a cash flow conversion rate exceeding 100 percent at the midpoint.
“We expect a negative response to both results and outlook below consensus,” analysts at Morgan Stanley said in a note.
“4Q results were in the company's guidance range, but at the lower end, with continued destocking playing out alongside challenging weather dynamics in the Brazilian market,” they added.