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 guidance of $3.16-3.52 for the period, compared to the consensus earnings per share 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 Trading Down 2.2 %

Shares of FMC traded down $1.38 during midday trading on Tuesday, reaching $60.16. The company had a trading volume of 1,308,357 shares, compared to its average volume of 1,693,203. FMC has a 1-year low of $49.49 and a 1-year high of $68.72. The stock has a market cap of $7.51 billion, a PE ratio of 5.56, a price-to-earnings-growth ratio of 1.59 and a beta of 0.85. The firm has a 50 day simple moving average of $63.24 and a 200-day simple moving average of $60.74. The company has a quick ratio of 1.07, a current ratio of 1.48 and a debt-to-equity ratio of 0.66.

FMC (NYSE:FMC) last released its earnings results on Wednesday, July 31st. The basic materials company reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.08. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.03 billion. FMC had a return on equity of 7.52% and a net margin of 33.97%. FMC’s revenue was up 2.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.50 EPS. Research analysts forecast that FMC will post 3.31 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on FMC shares. BMO Capital Markets upped their price objective on FMC from $60.00 to $65.00 and gave the stock a “market perform” rating in a report on Friday, August 2nd. Wells Fargo & Company decreased their target price on FMC from $68.00 to $62.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 16th. Barclays upped their price objective on FMC from $62.00 to $65.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. KeyCorp reduced their target price on FMC from $81.00 to $79.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Finally, JPMorgan Chase & Co. increased their target price on FMC from $50.00 to $59.00 and gave the stock a “neutral” rating in a research report on Monday, August 12th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, FMC currently has a consensus rating of “Hold” and an average 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.