...December 8, 2023 Destocking headwinds appear transitory, but uncertainty surrounds the timing of recovery. Demand softness is attributed to destocking in key end markets, where customers are using existing inventory and reducing new purchases of crop protection chemicals. While this unusual demand pattern is temporary, uncertainty lingers around the rate of decline in inventory levels, and timing of resumption of purchases by customers from FMC. We expect revenues will decline in 2023 by low-double-digit percentage points given unexpectedly lower earnings in the second and third quarter of 2023 and uncertainty surrounding near-term demand outlook. However, we believe demand will likely pick up in 2024 when destocking eventually becomes less of a factor. We do not believe there have been fundamental changes in FMC's market position. Credit metrics substantially weakened in 2023, but FMC remains committed to preserving the current rating. FMC's strategic priority to channel available cash...
