FMC Slashes Q3 Guidance to $65M-$125M Revenue, Takes $625M-$675M in Commercial Charges
FMC is trading near its 52-week low of $8.035 (42% below the low).
Summary
FMC cut Q3 revenue guidance to $65M-$125M and guided Adjusted EBITDA to negative $565M-$510M, absorbing $625M-$675M in charges from price cuts and a US pricing-model overhaul. A possible material impairment was also flagged, and covenant talks with its banks are planned.
Key Events · Earnings and Guidance · FMC
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Q3 Guidance Collapses
Revenue now expected at $65M-$125M with Adjusted EBITDA of negative $565M to negative $510M, versus prior expectations for a normal quarter.
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$625M-$675M Commercial Charges
Charges stem from lowering prices on select products held by channel customers in Brazil, Argentina, the US and Canada, plus modifying the US selling and pricing model.
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Potential Material Impairment
The commercial adjustments triggered an intangible asset impairment assessment as of September 30, 2026; the company cannot yet estimate whether or how large a non-cash charge may be.
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Covenant Discussions Planned
FMC expects to be in compliance with covenants at September 30, 2026, but intends to negotiate potential modifications with its bank group over the next year.
Analysis · FMC · Industrial Applications And Services
Investors were told to expect third-quarter revenue of just $65 million to $125 million and Adjusted EBITDA of negative $565 million to negative $510 million — a collapse from prior expectations. To cut prices on products sitting in distributor inventory in Brazil, Argentina, the US and Canada, and to overhaul its US gross-price/high-rebate selling model, the company is taking $625 million to $675 million in charges. Management frames this as clearing a channel blockage to restore replenishment demand, but the near-term numbers are severe: a quarter that would normally generate hundreds of millions in revenue is now guided to a fraction of that, with deeply negative EBITDA. A potential material non-cash intangible impairment for Q3 was also flagged, and the company said it will talk to its banks about loosening covenants over the next year — a sign balance-sheet flexibility is a live concern. Full Q3 results and preliminary 2027-2028 expectations are due October 29-30.
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At the time of this filing, FMC was trading at $4.66 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $1.3B. The 52-week trading range was $8.04 to $31.30. This filing was assessed with negative market sentiment and an importance score of 9 out of 10.