Earnings Preview: What to Expect From FMC Corporation's Report

FMC Corporation (FMC), headquartered in Philadelphia, Pennsylvania, is a major player in agricultural sciences, specializing in crop protection, plant health, and professional pest control solutions. With a market cap of $7.83 billion, FMC delivers innovative products and sustainable technologies that enhance agricultural productivity worldwide. The company is set to release its Q3 earnings report after the market closes on Tuesday, Oct. 29.

Ahead of the event, analysts expect FMC to report a profit of $0.61 per share, up 38.6% from $0.44 in the year-ago quarter. The company has surpassed Wall Street's earnings estimates in two of the last four quarters while missing on other two occasions.

Its adjusted earnings of $0.63 per share for the last quarter surpassed the consensus estimate by 26%. FMC's earnings beat was driven by substantial revenue and improved margins, supported by solid demand and effective cost management.

For fiscal 2024, analysts expect FMC to report EPS of $3.40, down 10.1% from $3.78 in fiscal 2023.  

FMC stock is down 2.1% on a YTD basis, significantly underperforming the broader S&P 500 Index's ($SPX) 21.9% gains and the Materials Select Sector SPDR Fund (XLB) 12.6% gain over the same time frame.

FMC has been caught in the storm of macroeconomic headwinds, its price momentum dragging through in 2024. But things seem to be turning. On July 31, FMC closed over 10% higher after reporting Q2 results. The company’s revenue stood at $1.04 billion, surpassing Wall Street estimates of $995.30 million. Plus, FMC expects full-year revenue ranging from $4.3 billion to $4.5 billion.

The consensus opinion on FMC stock is moderately optimistic, with an overall “Moderate Buy” rating. Of 17 analysts covering the stock, six advise a “Strong Buy” rating, one suggests a “Moderate Buy,” nine indicate a “Hold,” and one advises “Moderate Sell.” 

FMC's average analyst price target is $69.94, indicating a potential upside of 13.2% from the current levels.

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On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.