FMC Corp swings to loss in first quarter, clouded by low demand

May 6 (Reuters) - Agriculture chemicals maker FMC Corp reported a first-quarter loss on Monday compared to a year-ago profit, weighed down by destocking due to excess inventory and low demand across all its key regions.

The company reported a net loss attributable to FMC stockholders of $2.7 million, or a loss of 2 cents per share, compared with net income of $196 million, or $1.55 per share, a year ago.

Chemical companies have been impacted by destocking trends due to pandemic-induced excess inventory and sluggish demand in major markets, including China, the U.S., Latin American countries and Europe.

The Philadelphia-based company reported net sales for the quarter at $918 million, compared with $1.34 billion in the year-ago quarter with its North American segment, which accounts for about 25% of the company's revenue, slide by 48%.

Low demand and adverse weather conditions have been plaguing the herbicide marker, which had previously announced that it intends to lay off 8% of its global workforce and initiated discharges in its Brazil business.

FMC, in February, had said that it expects to incur pretax charges in the range of $180 million to $215 million related to these restructuring actions.

The herbicide maker also reaffirmed its full-year revenue outlook and adjusted profit per share forecast.

FMC says it sees profit in the second quarter to be between 43 cents and 72 cents, on a per-share basis. Analysts, on average, had expected second-quarter profit per share of 68 cents, according to LSEG data.

"We expect the market to continue to improve as we progress through the year and transition to more normal conditions in 2025", said CEO Mark Douglas.

(Reporting by Saikeerthi in Bengaluru; Editing by Alan Barona)