FMC Corporation Prepares for Upcoming Q3 Earnings Report
FMC Corporation (FMC), based in Philadelphia, Pennsylvania, is a leader in agricultural sciences, focusing on crop protection, plant health, and pest control solutions. With a market cap of $7.83 billion, the company is known for delivering innovative products that support agricultural productivity globally. FMC will release its Q3 earnings report on Tuesday, October 29, after the market closes.
Analysts Predict Earnings Growth
Analysts anticipate that FMC will report a profit of $0.61 per share, a significant 38.6% increase from $0.44 in the same quarter last year. Over the past four quarters, the company beat Wall Street’s earnings expectations in half of them, while falling short in the other two.
Recent Performance and Gross Margins Boost Earnings
In the previous quarter, FMC’s adjusted earnings were $0.63 per share, exceeding the consensus estimate by 26%. This strong performance resulted from increased revenue and improved margins, fueled by steady demand and effective cost management strategies.
Outlook for Fiscal 2024
Looking ahead, analysts project FMC to report earnings per share of $3.40 for fiscal 2024, reflecting a decrease of 10.1% from $3.78 in fiscal 2023.
Stock Performance Compared to Market
Year-to-date, FMC stock is down 2.1%, underperforming when compared to the broader S&P 500 Index’s ($SPX) 21.9% gains and the Materials Select Sector SPDR Fund’s (XLB) 12.6% increase.
FMC Faces Challenges but Shows Resilience
Throughout 2024, FMC has navigated various macroeconomic challenges, affecting its stock price. However, there are signs of recovery. Following the Q2 report on July 31, shares closed over 10% higher, with revenue reaching $1.04 billion—above Wall Street’s estimate of $995.30 million. Additionally, FMC anticipates full-year revenue between $4.3 billion and $4.5 billion.
Analyst Ratings and Stock Potential
The consensus view on FMC stock suggests a “Moderate Buy.” Out of 17 analysts, six recommend a “Strong Buy,” one a “Moderate Buy,” nine suggest a “Hold,” and one advises a “Moderate Sell.” FMC’s average analyst price target is $69.94, implying a potential upside of 13.2% from current levels.
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On the date of publication, Rashmi Kumari did not hold (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is for informational purposes only. For more information, please view the Barchart Disclosure Policy here.
The views and opinions expressed here are those of the author and do not necessarily reflect those of Nasdaq, Inc.
