Agriculture chemicals manufacturer FMC (NYSE: FMC) cut second-quarter and full-year guidance, blaming inventory reductions by channel partners. Investors were clearly caught off guard, sending shares down more than 10% on Monday.

FMC is an agricultural sciences company that manufactures a range of crop protection products. In May, the company surprised investors by trimming its guidance. But it appears that reduction did not go far enough.

On Monday, FMC cut its second-quarter revenue forecast to between $1 billion and $1.03 billion, well-below the $1.45 billion consensus estimate. The company also cut its full-year 2023 sales guidance to a range of between $5.2 billion to $5.4 billion, from $6.08 billion to $6.22 billion.

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Source Fool.com