Shares of FMC sank after the company’s results were again hit by destocking trends and weakness in Latin America.
The stock was down 14% to $51.98 in after-hours trading, following a 1.6% drop at Monday’s close. Shares are down 52% in the last year.
The company’s revenue fell more than analysts expected in the fourth quarter ended Dec. 31, with drops in volumes and pricing.
FMC said that channel destocking had continued in all regions. Unfavorable weather patterns in Brazil affected sales in Latin America.
FMC’s sales have taken a hit in the last several quarters because of aggressive channel inventory destocking.
The company’s profit rose on a one-time tax benefit on its Swiss subsidiaries, but adjusted earnings missed estimates.
The agricultural science company also issued full-year revenue outlook that was lower than its previously issued preliminary outlook.
FMC expects $4.5 billion to $4.7 billion in revenue in 2024, compared with preliminary outlook of $4.65 billion to $4.85 billion announced in November.