Shares of agricultural chemicals company FMC (NYSE: FMC) were down today, plunging 8.8% as of 2:33 p.m. ET.
While FMC had already warned investors earlier in the month that earnings were going to come in well below its estimates given earlier in the summer, it appears things were even worse than feared. Or, at least, investors were potentially hoping for a stronger outlook.
In the third quarter, FMC reported revenue of $981.9 million and adjusted non-GAAP (generally accepted accounting principles) earnings per share of $0.44. That marks a 29% revenue decline, as well as a 64% profit decline relative to the year-ago quarter. These figures were well below what FMC guided to back in August, but are essentially in-line with FMC's preannouncement made on Oct. 23.
Source Fool.com