(Reuters) — Crop protection product supplier FMC Corp. has reported a third-quarter loss, hurt by lower sales volumes and prices in South America.
FMC said revenue fell 29 percent during the reported quarter, with volumes declining 26 percent for its products such as herbicide and pesticides.
“Price increases in North America, EMEA (Europe, Middle East and Africa) 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.
Net loss attributable to the company stood at US$3.5 million for the three months ended Sept. 30, compared with a profit of $121 million a year earlier.
