Why FMC Corporation Rallied Today
The beaten-down fertilizer stock reported some disappointing earnings, but also de-risked its story by paying down debt.
Overview
Shares of FMC Corporation (NYSE: FMC) rallied on Thursday, up 15.8% as of 12:03 p.m. EDT.
The agricultural chemicals company reported earnings last night. While the initial market reaction was negative due to a revenue miss and guidance cut, there was apparently enough good news to trigger a relief rally in this very beaten-down stock.
Details
In the second quarter, FMC's revenue declined by 17% to $867 million, missing expectations by $30 million. However, adjusted (non-GAAP) earnings per share of $0.26 beat expectations, despite falling an ignominious 62% from the prior year.
Source
Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.