FMC plunges after warning of up to $675 million charges in Q3
BUZZ-FMC plunges after warning of up to $675 million charges in Q3 Updates
** Agricultural chemicals company FMC Corporation FMC.N shares plummet 36.3% to $5.15, its lowest since August 2003
** Co warns it will take $625 million to $675 million of charges in Q3, impacting revenue and adjusted EBITDA
** Says charges will be because of "commercial actions" it is taking to boost demand
** FMC will lower the price of select products in Brazil, Argentina, US and Canada
** Co now expects third-quarter revenue between $65 million and $125 million, far below analysts' estimate of $869.3 mln - data compiled by LSEG
** 5 of 19 brokerages rate the stock "buy" or higher, 12 "hold" and 2 "sell"; median PT $12
** Stock trading at 5.40 times expected EPS over the next 12 months, far below industry median of 11.30
** Including session's move, stock down 62.2% YTD
(Reporting by Jayasree Prabhu and Pranav Mathur in Bengaluru)
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FMC plunges after warning of up to $675 million charges in Q3