FMC Corporation FMC has announced the global brand name Dodhylex active for tetflupyrolimet, a new mode of action herbicide effective against the most challenging grass weeds in rice.
The global brand will ensure that farmers worldwide recognize this innovative mechanism of action in the newest herbicide products that FMC plans to offer in 2025. The Dodhylex name is derived from the site of action - dihydroorotate dehydrogenase - and the herbicide's capacity to prevent the nutrients required for the weed to survive.
Dodhylex active is the first HRAC/WSSA Group 28 active ingredient and the industry's first new herbicide with a novel mode of action in over three decades. According to studies, Dodhylex active effectively controls significant broadleaf weeds, sedges and grass weeds in the rice market throughout the entire growing season. Dodhylex active is also being tested on sugarcane, wheat, soybeans and corn by FMC.
Shares of FMC have lost 22.2% over the past year against a 1.9% rise of its industry.
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FMC, on its second-quarter call, said that it expects 2023 revenues in the range of $5.20-$5.40 billion, indicating a decline of 9% at the midpoint from 2022 levels. The company expects adjusted EBITDA in the band of $1.30-$1.40 billion, indicating a 4% year-over-year decline at the midpoint. FMC now projects 2023 adjusted earnings per share in the range of $5.86-$6.80, suggesting a decrease of 15% at the midpoint from the 2022 level.
The company sees third-quarter revenues in the range of $1.19-$1.27 billion, indicating an 11% decline at the midpoint from the prior-year levels. Adjusted earnings are forecast in the range of 90 cents-$1.32 per share, indicating a decline of 10% at the midpoint from the prior-year quarter’s levels. It also expects adjusted EBITDA in the range of $240-$290 million for the quarter, a 2% increase at the midpoint from the prior-year quarter’s levels.
FMC Corporation Price and Consensus
FMC Corporation price-consensus-chart | FMC Corporation Quote
Zacks Rank & Key Picks
FMC currently carries a Zacks Rank #5 (Strong Sell).
Better-ranked stocks in the basic materials space include Carpenter Technology Corporation CRS, Denison Mine Corp. DNN and Veritiv Corporation VRTV.
Carpenter Technology currently carries a Zacks Rank #1 (Strong Buy). The stock has rallied roughly 61.2% in the past year. CRS beat the Zacks Consensus Estimate in three of the last four quarters while meeting in one. It delivered a trailing four-quarter earnings surprise of 9.8%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.
Denison Mines currently carries a Zacks Rank #1. The stock has gained roughly 5.2% in the past year. DNN beat the Zacks Consensus Estimate in three of the last four quarters while meeting once. It delivered a trailing four-quarter earnings surprise of 75%, on average.
Veritiv currently carries a Zacks Rank #2 (Buy). The stock has rallied roughly 29.1% in the past year. VRTV beat the Zacks Consensus Estimate in three of the last four quarters. It delivered a trailing four-quarter earnings surprise of 6%, on average.
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