Yahoo Finance FMC Corp (FMC) Obtains U.S. EPA Approval for Fluindapyr
FMC Corporation FMC has received the U.S. Environmental Protection Agency (EPA) registration for fluindapyr, a new succinate dehydrogenase inhibitor (SDHI) fungicide. It provides an extensive range of activity against a wide range of destructive diseases in row and specialty crops besides turf.
This registration marks the first major regulatory approval for fluindapyr. The company has also submitted for registration of this fungicide in multiple regions, including China, the European Union, Brazil and Argentina.
The grant of these registrations will give global access to this fungicide to farmers, to inhibit various fungal diseases in row crops, including rust diseases, and powdery mildew in specialty crops. There is also evidence suggesting that fluindapyr controls pathogens that are resistant to other chemicals.
Additionally, the U.S. golf course superintendents can address destructive turf diseases such as Bipolaris Leaf Spot, Take-All Root Rot, Large Patch, Anthracnose, Fairy Ring and Dollar Spot with FMC's new Kalida fungicide that is effective in the management of turfgrass diseases to achieve outstanding results. Notably, Kalida is a combination of fluindapyr and flutriafol.
FMC stated that fluindapyr is the outcome of 10 years of research and development. The company is optimistic that its offering of high-performance fluindapyr premixture products will provide growers and golf course superintendents with an effective fungicide with superior performance that is also compatible with the best disease management techniques.
FMC fluindapyr brands will enable growers across the world to provide tailored programs, treat a variety of crops and multiple diseases that often attack the crops at the same time, and export their crops freely.
Shares of FMC have grown 15% in a year compared with the industry’s growth of 50.5%. The estimated earnings growth rate for the current year is pegged at 15.7%.
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In the first quarter, the company recorded adjusted earnings of $1.53 per share, beating the Zacks Consensus Estimate of $1.52. Revenues were $1,195.6 million for the quarter, decreasing 4% from the year-ago quarter and surpassing the Zacks Consensus Estimate of $1,170.3 million.
For 2021, the company anticipates revenues between $4.9 billion and $5.1 billion. The growth is expected to be driven mainly by volumes and price increases. Moreover, it envisions adjusted EBITDA of $1.32-$1.42 billion for 2021, indicating a 10% rise at the midpoint from the 2020 reported figure.
For second-quarter 2021, revenues are projected in the band of $1.19-$1.26 billion, reflecting an increase of 6% at the midpoint from the prior-year quarter’s reported figure. Adjusted earnings are forecasted in the range of $1.68-$1.88 per share, representing an increase of 3% at the midpoint compared with the prior-year quarter.
FMC Corporation Price and Consensus
FMC Corporation price-consensus-chart | FMC Corporation Quote
Zacks Rank & Key Picks
Currently, FMC carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the basic materials space are Cabot Corporation CBT, Dow Inc. DOW and Olin Corporation OLN, each carrying a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Cabot has a projected earnings growth rate of 125.9% for the current year. The company’s shares have soared around 58.8% in a year.
Dow has a projected earnings growth rate of 261.5% for the current year. The company’s shares have jumped roughly 58% in a year.
Olin has a projected earnings growth rate of 473.3% for the current year. The company’s shares have surged 260.3% in a year.
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