FMC Corp.'s stock up 1.4% as it sets guidance for 2024

FMC Corp.'s stock (FMC) rose 1.4% premarket Thursday, after the agricultural science company set guidance for 2024. The Philadelphia-based company said it expects revenue of $4.65 billion to $4.85 billion, or up 3% midpoint to midpoint from its latest guidance for 2023. The FactSet consensus is for 2024 revenue of $4.79 billion. It expects adjusted Ebitda of $1.025 billion to $1.125 billion, or up 8% from guidance for 2023, while adjusted per-share earnings are expected to grow faster than that metric. The company is targeting return on invested capital of more 10%. For 2026, the company is reaching for revenue of $5.5 billion to $6.0 billion. FMC will hold an investor day later Thursday to further outline its restructuring plan. The company cut its guidance in October to reflect weakness in Latin America. The stock has fallen 56% in the year to date, while the S&P 500 has gained 17%.

-Ciara Linnane

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11-16-23 0742ET

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