Yahoo Finance FMC Corp (FMC), Micropep Partner to Develop Bioherbicides
FMC Corporation FMC announced that it was collaborating with Micropep Technologies to develop micropeptide-based bioherbicides targeting resistant weeds. Under the collaboration, the companies will focus on creating approaches for controlling key herbicide-resistant weeds in soybeans and corn.
The companies signed an exclusive multi-year agreement. However, the companies did not disclose the specific terms of the agreement.
The collaboration is expected to speed up the development of natural weed-control chemicals based on tiny protein molecules that the plant cells naturally produce.
Utilizing Micropep's technology, the companies will combine their R&D capabilities to accelerate the process and boost the chances of identifying innovative biological herbicides. This is an entirely new approach compared with what is now available to growers.
The partnership will benefit from Micropep’s proprietary AI-powered micropeptide discovery platform, and FMC’s scientific and commercial capabilities.
Operating in the United States and France, Micropep is a global leader in breakthrough micropeptide technology. It is developing the next generation of natural solutions to address global challenges in various markets, with agriculture being a key focus area.
FMC Corp is a global agricultural sciences company offering innovative solutions to farmers. FMC is committed to diversifying its world-class R&D pipeline by including a broader portfolio of biologicals that work in tandem with synthetics. Moreover, the company aims to build a large ecosystem of partners in order to speed up the pace of innovation in crop protection. To this end, FMC is investing in the discovery and development of the latest modes of action.
In the third quarter of 2022, the company reported adjusted earnings per share of $1.23, beating the Zacks Consensus Estimate of $1.10 per share. FMC reported earnings per share of $1.43 in the year-ago quarter. FMC’s revenues totaled $1.37 billion in the third quarter of 2022, up around 15% from the year-ago quarter. The top line surpassed the Zacks Consensus Estimate of $1.34 billion.
FMC expects sales to be driven by higher volumes and prices in all regions, partly offset by foreign currency headwinds. The company, thus, raised its revenue outlook for 2022 to $5.6-$5.8 billion from the previously stated $5.5-$5.7 billion. The current 2022 revenue outlook indicates a rise of 13% at the mid-point from the 2021 reported level.
Price Performance
FMC Corp’s shares gained 20.1% in the past year against a 1.7% decline of the industry.
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Zacks Rank & Key Picks
FMC Corp currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the basic materials space are Bunge Limited BG, Sociedad Quimica y Minera SQM and Reliance Steel RS. While BG and SQM currently flaunt a Zacks Rank #1 (Strong Buy), RS has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Bunge Limited’s earnings estimates for 2022 is pegged at $13.89 per share, indicating a growth rate of 7.4%. BG’s earnings estimates have been revised 9.3% upward in the past 60 days. It has a trailing four-quarter average surprise of 18.7%. The stock has gained 9% in a year.
The Zacks Consensus Estimate for Sociedad’s 2022 earnings per share is pegged at $13.13, suggesting 540.5% growth from the year-ago reported figure. Earnings estimates have moved 1.5% north in the past 60 days. SQM has a trailing four-quarter earnings surprise of 37.4%, on average. Its shares have surged 70.7% in the past year.
The Zacks Consensus Estimate for Reliance Steel’s earnings per share is pegged at $28.71 for the current year, indicating a year-over-year growth rate of 29.8%. The consensus estimate for RS’ earnings for the current year has been revised 0.06% upward in the past 60 days. It has a trailing four-quarter average surprise of 13.6% on average. RS has gained 28.8% in a year.
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