News about competition

FMC Corporation's stock fell about 32.4% on Thursday morning, to 11:40 a.m. ET, after the company sharply cut its guidance. Analysts had expected third-quarter sales of $866.7 million and profit of $0.10 per share, but management now says revenue will fall by between $65 million and $125 million, with adjusted EBITDA of negative $510 million to $565 million. The company blames $625 million to $675 million in commercial actions to lower prices on certain products held by channel customers, along with weaker demand and generic competition. FMC is slashing prices to clear old inventory, though the article notes this is unlikely to lift revenue or profits much. With the stock valued above 30 times earnings, the article suggests it could stay flat for a long time.