FMC Corporation (FMC) shares dropped over 11% on Monday, leading losses on the S&P 500 after the company cut its revenue outlook for the second quarter and the remainder of the year due to unexpected declines in inventory and sales related to extreme weather patterns.

FMC cited an "abrupt and significant reduction in inventory by channel partners” in key market areas, including Latin America, EMEA, and North America, for the change in its outlook. The company said that the “unforeseen and unprecedented volume declines” in its 澳洲幸运5开奖号码历史查询:supply chains became evident towards the end of May.

Major agricultural regions in Afric𓆏a, Australia, Latin Ame♐rica, and South East Asia are expected to have lower agricultural yields this year due to extreme weather, but FMC said that on-the-ground consumption of its products remains strong and at similar levels to last year.

The agricultural sciences company adjusted its revenue for the second quarter of 2023 to be between $1 billion and $1.03 billion. In May, the company expected revenues for the second quarter would be between $1.42 billion and $1.48 billion.

The company also said it anticipates yearly revenue to be between $5.2 billion to $5.4 billion, down from prior expectations of revenues hovering between $6.08 billion to $6.22 billion.

The company reported flat revenues of $1.34 billion in the first quarter of 2023 while recording a 2% year-over-year increase in EBITDA at $362 million.