FMC posts loss on tepid demand for crop protection products

Oct 30 (Reuters) - Crop protection product supplier FMC Corp reported a third-quarter loss on Monday, hurt by lower sales volumes and prices in South America.

FMC said revenue fell 29% during the reported quarter, with volumes declining 26% for its products such as herbicide and pesticides. "Price increases in North America, EMEA and Asia were more than offset by price decreases in Latin America," the company said in a statement.

Worries over supply chain disruptions following the pandemic had prompted distributors to stock up on crop protection products, leading to a buildup of excess inventories.

Worries over prices had also forced farmers to delay their purchases closer to the day of application, hurting volumes, Morningstar analyst Seth Goldstein said ahead of earnings.

Net loss attributable to the company stood at $3.5 million, or 3 cents per share, for the three months ended Sept. 30, compared with a profit of $121 million, or 95 cents per share, a year earlier.

FMC also reaffirmed its full-year outlook. (Reporting by Sourasis Bose in Bengaluru; Editing by Anil D'Silva)