FMC Corporation
Company Summary
Description
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. Revenue totaled approximately $3.3 billion in 2016. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium.Website
http://www.fmc.com/Financial Data:
NYSE:FMC from Google FinanceTickers:
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FMC - New York Stock Exchange
Recent news
- 9/22/2017 - FMC Corporation Receives... (subscriber access)
- 8/2/2017 - FMC Corp. Reports 2Q17... (subscriber access)
- 5/4/2017 - FMC Corporation Reports... (subscriber access)
- 5/4/2017 - FMC Corporation Reports... (subscriber access)
- 5/3/2016 - FMC Corporation 1Q16... (subscriber access)
Company Transactions
Date: 11/1/2017
Type: Acquisition
NOTES:
FMC will acquire DuPont's global chewing pest insecticide portfolio, its global cereal broadleaf herbicides, and substantially all of DuPont's global crop protection R&D capabilities. Additionally, DuPont will acquire FMC's Health and Nutrition segment and receive $1.2 billion in cash.
FMC will acquire DuPont's global chewing pest insecticide portfolio, its global cereal broadleaf herbicides, and substantially all of DuPont's global crop protection R&D capabilities. Additionally, DuPont will acquire FMC's Health and Nutrition segment and receive $1.2 billion in cash.
REGIONS:
International
News & Press Releases
Criterion News
- 9/22/2017 - FMC Corporation Receives... (subscriber access)
- 8/2/2017 - FMC Corp. Reports 2Q17... (subscriber access)
- 5/4/2017 - FMC Corporation Reports... (subscriber access)
- 5/4/2017 - FMC Corporation Reports... (subscriber access)
- 5/3/2016 - FMC Corporation 1Q16... (subscriber access)
- 5/3/2016 - FMC Corporation 1Q16... (subscriber access)
- 5/3/2016 - FMC Corporation 1Q16... (subscriber access)
Press Releases
- Although we provide forecasts for adjusted earnings per share, adjusted EBITDA, and free cash flow (non-GAAP financial measures), we are not able to forecast the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for us to forecast. Such elements include, but are not limited to, restructuring, acquisition charges, and discontinued operations. As a result, no GAAP outlook is provided.
- Organic revenue growth (non-GAAP) excludes the impact of foreign currency changes.
- Revenue of $1.08 billion, up 7 percent versus Q3 2019, up 15 percent organically1
- Consolidated GAAP net income of $112 million, up 25 percent versus Q3 2019
- Adjusted EBITDA of $263 million, up 20 percent versus Q3 2019
- Consolidated GAAP earnings of $0.85 per diluted share, up 23 percent versus Q3 2019
- Consolidated adjusted earnings per diluted share of $1.22, up 30 percent versus Q3 2019
- Revenue outlook range of $4.72 to $4.78 billion, reflecting 3 percent growth at the midpoint versus 2019 and 9 percent organic growth1
- Raising adjusted EBITDA outlook to a range of $1.295 to $1.315 billion, reflecting 7 percent growth at the midpoint versus 2019
- Raising adjusted earnings guidance to a range of $6.45 to $6.57 per diluted share, reflecting 7 percent growth at the midpoint versus 2019
- Raising free cash flow guidance to a range of $475 to $525 million, reflecting 66 percent growth at midpoint versus 2019
- Organic revenue growth (non-GAAP) excludes the impact of foreign currency changes.
- Although we provide forecasts for adjusted earnings per share and adjusted EBITDA (non-GAAP financial measures), we are not able to forecast the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for us to forecast. Such elements include, but are not limited to, restructuring, acquisition charges, and discontinued operations. As a result, no GAAP outlook is provided.
- Revenue of $1.16 billion, down 4 percent versus Q2 2019, up 3 percent organically1
- Consolidated GAAP net income of $185 million, up 5 percent versus Q2 2019
- Adjusted EBITDA of $341 million, up 1 percent versus Q2 2019
- Consolidated GAAP earnings of $1.41 per diluted share, up 7 percent versus Q2 2019
- Consolidated adjusted earnings per diluted share of $1.72, up 4 percent versus Q2 2019
- Revenue outlook range of $4.68 to $4.82 billion, reflecting 3 percent growth at the midpoint versus 2019 and 9 percent organic growth1
- Raising adjusted EBITDA outlook to a range of $1.265 to $1.325 billion, reflecting 6 percent growth at the midpoint versus 2019
- Raising adjusted earnings guidance to a range of $6.28 to $6.62 per diluted share, reflecting 6 percent growth at the midpoint versus 2019
- Revenue of $1.25 billion, up 5 percent versus Q1 2019 and 9 percent organically1
- Consolidated GAAP net income of $206 million, down 5 percent versus Q1 2019
- Adjusted EBITDA of $357 million, up 4 percent versus Q1 2019
- Consolidated GAAP earnings of $1.58 per diluted share, down 2 percent versus Q1 2019
- Consolidated adjusted earnings per diluted share of $1.84, up 7 percent versus Q1 2019
- Revenue outlook range of $4.65 to $4.85 billion, reflecting 3 percent growth at the midpoint versus 2019 and 8 percent organic growth1
- Adjusted EBITDA outlook range of $1.23 to $1.34 billion, reflecting 5 percent growth at the midpoint versus 2019
- Adjusted earnings expected to be in the range of $6.05 to $6.70 per diluted share, reflecting 5 percent growth at the midpoint versus 2019
- Organic revenue growth (non-GAAP) excludes the impact of foreign currency changes.
- Although we provide forecasts for adjusted earnings per share and adjusted EBITDA (non-GAAP financial measures), we are not able to forecast the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for us to forecast. Such elements include, but are not limited to, restructuring, acquisition charges, and discontinued operations. As a result, no GAAP outlook is provided.
- Although we provide forecasts for non-GAAP financial measures including, but not limited to, adjusted earnings per share, total company adjusted EBITDA and free cash flow, we are not able to forecast the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for us to forecast. Such elements include, but are not limited to, restructuring, acquisition charges, and discontinued operations. As a result, no GAAP outlook is provided.
- Revenue of $1.2 billion, up 9 percent versus recast Q4 2018
- Consolidated GAAP net loss of $3 million, or $0.02 per diluted share
- Total company adjusted EBITDA of $320 million, up 17 percent versus recast Q4 2018 and at the top end of guidance range
- Consolidated adjusted earnings per diluted share of $1.76, up 21 percent versus recast Q4 2018
- Revenue of $4.6 billion, up 8 percent versus recast 2018
- Consolidated GAAP net income of $480 million
- Total company adjusted EBITDA of $1.22 billion, up 10 percent versus recast 2018
- Consolidated GAAP earnings of $3.62 per diluted share
- Consolidated adjusted earnings per diluted share of $6.09, up 16 percent versus recast 2018
- Returned over $600 million to shareholders, including $400 million in share repurchases
- Revenue of $4.8 to $4.95 billion, reflecting 6 percent growth at the midpoint versus 2019
- Total company adjusted EBITDA of $1.3 to $1.34 billion, reflecting 8 percent growth at the midpoint versus 2019
- 2020 adjusted earnings are expected to be in the range of $6.45 to $6.70 per diluted share, reflecting 8 percent growth at the midpoint versus 2019, excluding any impact from 2020 share repurchases
- Company expects to repurchase $400 to $500 million of FMC shares in 2020
- Recast 2018 financials, as filed on a Form 8-K on March 22, 2019, exclude the former Lithium segment, which allows us to show a true year-over-year comparable metric for the 2019 periods.
- Although we provide forecasts for non-GAAP financial measures including, but not limited to, adjusted earnings per share, total company adjusted EBITDA and free cash flow, we are not able to forecast the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for us to forecast. Such elements include, but are not limited to, restructuring, acquisition charges, and discontinued operations. As a result, no GAAP outlook is provided.
- Revenue of $1.0 billion, up 10 percent versus recast Q3 2018
- Consolidated GAAP net income of $90 million
- Total company adjusted EBITDA of $219 million, up 18 percent versus recast Q3 2018
- Consolidated GAAP earnings of $0.69 per diluted share
- Consolidated adjusted earnings per diluted share of $0.94, up 32 percent versus recast Q3 2018
- GAAP cash from operations of $283 million; adjusted cash from operations of $301 million
- Completed $100 million in share repurchases, for a total of $300 million YTD through September 30, 2019
- Raising full-year revenue outlook to a range of $4.58 to $4.62 billion, reflecting 7 percent growth at the midpoint versus recast 2018
- Raising full-year adjusted EBITDA outlook to a range of $1.2 to $1.22 billion, reflecting 9 percent growth at the midpoint versus recast 2018
- Raising full-year adjusted earnings guidance to a range of $5.80 to $5.90 per diluted share, including the benefit of expected share repurchases in 2019 and reflecting 12 percent growth at the midpoint versus recast 2018
- Maintaining full-year adjusted cash from operations guidance of $750 to $850 million
- Recast 2018 financials, as filed on a Form 8-K on March 22, 2019, exclude the former Lithium segment, which allows us to show a true year-over-year comparable metric for the 2019 periods.
- Although we provide forecasts for adjusted earnings per share and total company adjusted EBITDA (non-GAAP financial measures), we are not able to forecast the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for us to forecast. Such elements include, but are not limited to, restructuring, acquisition charges, and discontinued operations. As a result, no GAAP outlook is provided.
- Revenue of $1.2 billion, up 4.5 percent versus recast Q2 '18
- Consolidated GAAP net income of $176 million
- Total company adjusted EBITDA of $338 million, up 6 percent versus recast Q2 '18
- Consolidated GAAP earnings of $1.32 per diluted share
- Consolidated adjusted earnings per diluted share of $1.66, up 11 percent versus recast Q2 '18
- Completed $100 million in share repurchases, for a total of $200 million in H1 2019
- Maintaining full-year revenue outlook of $4.5 to $4.6 billion, reflecting 6 percent growth at the midpoint versus recast 2018
- Maintaining full-year adjusted EBITDA outlook of $1.18 to $1.22 billion, reflecting 8 percent growth at the midpoint versus recast 2018
- Raising full-year adjusted earnings guidance to a range of $5.68 to $5.88 per diluted share, including the benefit of expected share repurchases in 2019 and reflecting 10 percent growth at the midpoint versus recast 2018
- Recast 2018 financials, as filed on a Form 8-K on March 22, 2019, exclude the former Lithium segment, which allows us to show a true year-over-year comparable metric for the 2019 periods.
- Although we provide forecasts for adjusted earnings per share and total company adjusted EBITDA (non-GAAP financial measures), we are not able to forecast the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for us to forecast. Such elements include, but are not limited to, restructuring, acquisition charges, and discontinued operations. As a result, no GAAP outlook is provided.
- Revenue of $1.2 billion, up 8 percent versus recast Q1 '18
- Consolidated GAAP net income of $217 million
- Total company adjusted EBITDA of $343 million, up 4 percent versus recast Q1 '18
- Consolidated GAAP earnings of $1.62 per diluted share
- Consolidated adjusted earnings per diluted share of $1.72, up 9 percent versus recast Q1 '18
- Company completed spin of its remaining stake in Livent Corporation (NYSE: LTHM) on March 1
- Increased full-year revenue outlook to $4.5 to $4.6 billion, reflecting 6 percent growth at the midpoint versus recast 2018
- Raised full-year adjusted EBITDA outlook to $1.18 to $1.22 billion, reflecting 8 percent growth at the midpoint versus recast 2018
- Raised full-year adjusted earnings guidance to $5.62 to $5.82 per diluted share, reflecting 9 percent growth at the midpoint versus recast 2018 and $0.07 higher than prior guidance
- Completed $150 million in share repurchases year to date, with a total of up to $500 million planned for the full year
- Recast 2018 financials, as filed on a Form 8-K on March 22, 2019, exclude the former Lithium segment, which allows us to show a true year-over-year comparable metric for the 2019 periods.
- Although we provide forecasts for adjusted earnings per share and total company adjusted EBITDA (non-GAAP financial measures), we are not able to forecast the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for us to forecast. Such elements include, but are not limited to, restructuring, acquisition charges, and discontinued operations. As a result, no GAAP outlook is provided.
- Agricultural Solutions segment revenue of $1.1 billion, up 18 percent versus Q4 '17, on a pro forma basis1
- Agricultural Solutions segment EBITDA of $302 million, up 35 percent versus Q4 '17
- Consolidated GAAP earnings of $0.24 per diluted share
- Consolidated adjusted earnings per diluted share of $1.69, up 54 percent versus Q4 '17
- Revenue of $4.45 billion to $4.55 billion, up 5 percent at the midpoint versus recast 2018
- Total company adjusted EBITDA of $1.165 to $1.205 billion, up 7 percent at the midpoint versus recast 2018
- 2019 adjusted earnings are expected to be in the range of $5.55 to $5.75 per diluted share, up 8 percent at the midpoint versus recast 2018, excluding any impact from share repurchases in 2019
- Company expects to repurchase up to $500 million of FMC shares, including $100 million already purchased in 2019
- Company set to spin remaining Livent stake on March 1, 2019
- Pro forma calculations for 2017 include the impact of the DuPont Crop Protection acquisition assuming the acquisition occurred at the beginning of the period. The acquisition occurred on November 1, 2017.
- Although we provide forecasts for adjusted earnings per share and total company adjusted EBITDA (non-GAAP financial measures), we are not able to forecast the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for us to forecast. Such elements include, but are not limited to, restructuring, acquisition charges, and discontinued operations. As a result, no GAAP outlook is provided.
- Adjusted earnings outlook excludes the Lithium segment, as that business is expected to be reported as discontinued operations in 2019, based on our expectation that we will distribute our remaining stake in Livent Corporation (84 percent) to FMC shareholders on March 1, 2019.
- Recast calculations for 2018 exclude the Lithium segment entirely, as we intend to show a true year-over-year comparable metric for the 2019 periods. The recast represents our best estimate at this time. Due to complexities including U.S. Tax Reform, the full recasting is not yet completed. The completed recast results will be filed on a Form 8-K in March 2019.
- Consolidated adjusted earnings per diluted share now expected to be $1.62 to $1.67, up 17 to 21 percent versus the midpoint of prior guidance
- Agricultural Solutions segment revenue was up 18 percent versus Q4 '17, on a pro forma basis3, versus prior guidance of 12 percent growth
- Agricultural Solutions segment EBITDA drives $0.08 adjusted earnings per share outperformance versus midpoint of prior guidance
- Lower tax-rate expected to drive additional $0.15 to $0.20 adjusted earnings per share outperformance versus midpoint of prior guidance
- Revenue growth of 4 to 6 percent versus pro forma 2018
- Total company EBITDA growth of 5 to 9 percent versus pro forma 2018, despite significant headwinds from raw material costs and foreign exchange
- 2019 adjusted earnings are expected to be in the range of $5.55 to $5.75 per diluted share, excluding any impact from share repurchases in 2019
- Although we provide forecasts for adjusted earnings per share (a non-GAAP financial measure), we are not able to forecast the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for us to forecast. Such elements include, but are not limited to, restructuring, acquisition charges, and discontinued operations. As a result, no GAAP outlook is provided.
- Adjusted earnings outlook excludes the Lithium segment, as that business is expected to be reported as discontinued operations in 2019, based on our expectation that we will distribute our remaining stake in Livent Corporation (approximately 85 percent) to FMC shareholders on March 1, 2019.
- Pro forma calculations for 2018 exclude the Lithium segment entirely, as we intend to show a true year-over-year comparable metric for the 2019 periods. Pro forma calculations for 2017 include the impact of the DuPont Crop Protection acquisition assuming the acquisition occurred at the beginning of the period. The acquisition occurred on November 1, 2017.
- Revenue CAGR of 5 to 7 percent
- Adjusted EBITDA CAGR of 7 to 9 percent2
- Free cash flow conversion growing to approximately 70 percent3
- Cash return to shareholders of up to $4.5 billion over 5 years
- Increased regular quarterly dividend to $0.40 per share, up from $0.165 per share
- Authorized new $1 billion share repurchase program, which the Company expects to complete by mid-2020
- Five-year targets are for FMC, excluding Lithium segment financials from all metrics. FMC previously announced that it intends to spin off its approximately 85 percent stake in Livent Corporation to FMC shareholders, in the form of a pro-rata distribution of Livent shares, on March 1, 2019. The planned separation is expected to be tax-free to FMC shareholders.
- Although we provide forecasts for adjusted earnings per share, adjusted EBITDA, adjusted cash from operations and free cash flow (all of which are non-GAAP financial measures), we are not able to forecast the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for us to forecast. Such elements include, but are not limited to, restructuring, acquisition charges, and discontinued operations and related cash activity. As a result, no GAAP outlook is provided.
- Free cash flow conversion refers to free cash flow before financing as a proportion of adjusted earnings.
- FMC will host a webcast conference call on Tuesday, November 6, 2018, at 9:00 a.m. ET.
- If the Livent IPO has been completed prior to November 5, 2018, Livent expects to host a separate webcast conference call on Tuesday, November 6, 2018, at 8:00 a.m. ET. 1
- Consolidated revenue of $1.3 billion, up 92 percent versus Q2 '17
- Consolidated GAAP earnings of $0.96 per diluted share, up 71 percent versus Q2 '17
- Consolidated adjusted earnings per diluted share of $1.78, up 271 percent versus Q2 '17
- Agricultural Solutions segment revenue of $1.2 billion, up 8 percent versus Q2 '17, on a pro forma basis
- Agricultural Solutions segment EBITDA of $344 million, up 202 percent versus Q2 '17
- Lithium segment revenue of $108 million, up 46 percent versus Q2 '17
- Lithium segment EBITDA of $51 million, up 85 percent versus Q2 '17
- 2018 adjusted earnings are expected to be in the range of $5.90 to $6.20 per diluted share, up 123 percent at the mid-point versus 20171
- Although we provide forecasts for adjusted earnings per share and adjusted cash from operations (both of which are non-GAAP financial measures), we are not able to forecast the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for us to forecast. Such elements include, but are not limited to, restructuring, acquisition charges, and discontinued operations and related cash activity. As a result, no GAAP outlook is provided.
- Consolidated revenue of $1.2 billion, up 103 percent versus Q1 '17
- Consolidated GAAP earnings of $1.96 per diluted share
- Consolidated adjusted earnings per diluted share of $1.84, up 328 percent versus Q1 '17
- Agricultural Solutions segment EBITDA of $356 million, up 250 percent versus Q1 '17
- Lithium segment EBITDA of $50 million, up 95 percent versus Q1 '17
- 2018 adjusted earnings are expected to be in the range of $5.90 to $6.20 per diluted share, up 123 percent at the mid-point versus 20171
- Although we provide forecasts for adjusted earnings per share and adjusted cash from operations (both of which are non-GAAP financial measures), we are not able to forecast the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for us to forecast. Such elements include, but are not limited to, restructuring, acquisition charges, and discontinued operations and related cash activity. As a result, no GAAP outlook is provided.
- Although we provide forecasts for adjusted earnings per share and adjusted cash from operations (both of which are non-GAAP financial measures), we are not able to forecast the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for us to forecast. Such elements include, but are not limited to, restructuring, acquisition charges, and discontinued operations and related cash activity. As a result, no GAAP outlook is provided.
- Consolidated revenue of $980 million, up 42 percent versus Q4 '16
- Consolidated GAAP earnings of $3.94 per diluted share
- Consolidated adjusted earnings per diluted share of $1.10, up 67 percent versus Q4 '16
- Agricultural Solutions segment earnings of $189 million, up 48 percent versus Q4 '16
- Lithium segment earnings of $44 million, up 107 percent versus Q4 '16
- 2018 adjusted earnings are expected to be in the range of $5.20 to $5.60 per diluted share1
- Although we provide forecasts for adjusted earnings per share and adjusted cash from operations (both of which are non-GAAP financial measures), we are not able to forecast the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for us to forecast. Such elements include, but are not limited to, restructuring, acquisition charges, and discontinued operations and related cash activity. As a result, no GAAP outlook is provided.
- Please see press release schedules for reasons as to why we will begin to present EBITDA which is a non-GAAP measure. The only difference between segment EBIT and segment EBITDA is depreciation and amortization expense. The forecast for depreciation and amortization for 2018 is $170 million to $180 million of which approximately $145 million is related to FMC Agricultural Solutions and approximately $20 million is related to FMC Lithium.
- 2016 pro forma revenue assumes the transactions with DuPont occurred at the beginning of the year and includes twelve months of revenue from the DuPont Crop Protection business and it excludes the revenue from FMC Health and Nutrition. The pro forma revenue reflects FMC's calculation as of the date hereof based on information currently available. Form 8-K/A will be filed within 75 days of the transaction date and will include unaudited pro forma condensed financial information related to the transactions.
- Consolidated revenue of $646 million, up 3 percent versus Q3 '16
- Consolidated GAAP earnings of $0.41 per diluted share, down 31 percent versus Q3 '16
- Consolidated adjusted earnings per diluted share of $0.70, up 59 percent versus Q3 '16
- Agricultural Solutions segment earnings of $118 million, up 31 percent versus Q3 '16
- Lithium segment earnings of $37 million, up 110 percent versus Q3 '16
- Raising guidance range for 2017 adjusted earnings per diluted share to $2.59 to $2.69, including two months contribution from the recent acquisition 1,2
- Although we provide forecasts for adjusted earnings per share and adjusted cash from operations (both of which are non-GAAP financial measures), we are not able to forecast the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for us to forecast. Such elements include, but are not limited to, restructuring, acquisition charges, and discontinued operations and related cash activity. As a result, no GAAP outlook is provided.
- 2017 Outlook includes two months of contribution from the acquisition of DuPont Crop Protection business that FMC completed on November 1, 2017.
- 2016 pro forma revenue assumes the transactions with DuPont occurred at the beginning of the year and includes twelve months of revenue from the DuPont Crop Protection business and it excludes the revenue from FMC Health and Nutrition. The pro forma revenue reflects FMC's calculation as of the date hereof based on information currently available. Form 8-K/A will be filed within 75 days of the transaction date and will include unaudited pro forma condensed financial information related to the transactions.
- Consolidated revenue of $657 million, up 7 percent versus Q2 '16
- Consolidated GAAP earnings of $0.56 per diluted share, up 14 percent versus Q2 '16
- Consolidated adjusted earnings per diluted share of $0.48, up 4 percent versus Q2 '16
- Agricultural Solutions segment earnings of $96 million, down 5 percent versus Q2 '16
- Lithium segment earnings of $24 million, up 47 percent versus Q2 '16
- Narrowing guidance range for 2017 adjusted earnings per diluted share to $2.30 to $2.501,2
- FMC's previously announced transactions with DuPont on track to close on November 1, 2017
- Although we provide forecasts for adjusted earnings per share and adjusted cash from operations (both of which are non-GAAP financial measures), we are not able to forecast the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for us to forecast. Such elements include, but are not limited to, restructuring, acquisition charges, and discontinued operations and related cash activity. As a result, no GAAP outlook is provided.
- Outlook excludes any earnings from the pending acquisition of a significant portion of DuPont's Crop Protection business, as well as Health and Nutrition which is reported in discontinued operations.
- Achieving a significant reduction in total recordable incident rate.
- Utilizing the highly impactful TH!NK. SAFE. safety awareness program.
- Receiving an A- score from the CDP (formerly the Carbon Disclosure Project).
- Setting aggressive 2020 and 2025 sustainability and environmental impact goals.
- Focusing on various community engagement, product stewardship and process safety initiatives.
- Be Safe, Ethical and Sustainable Stewards
- Drive Innovation in Technology
- Recruit and Develop an Exceptional and Diverse Workforce
- Be More Agile and Efficient
- Maintain a Global Reach with a Local Focus
- Earned a score of A- on its first submission to the Carbon Disclosure Project, recognizing FMC's leadership in addressing climate change
- Demonstrated improved safety performance through significant reductions in the total recordable incident rate
- Increased R&D spending to develop more sustainably advantaged products
- Made progress toward several 2025 environmental targets
- Achieved LEED Gold Certification for its office interior space at the company's global headquarters in Philadelphia
- Consolidated revenue of $596 million, down 2 percent versus Q1 '16
- Consolidated GAAP net loss of $0.92 per diluted share
- Consolidated adjusted earnings per diluted share of $0.43, up 19 percent versus Q1 '16
- Agricultural Solutions segment earnings of $83 million, up 1 percent versus Q1 '16
- Lithium segment earnings of $22 million, up 45 percent versus Q1 '16
- Health and Nutrition results moved to discontinued operations
- Revising guidance for 2017 adjusted earnings per diluted share to a range of $2.20 to $2.601,2
- Although we provide forecasts for adjusted earnings per share and adjusted cash from operations (both of which are non-GAAP financial measures), we are not able to forecast the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for us to forecast. Such elements include, but are not limited to restructuring, acquisition charges, and discontinued operations and related cash activity. As a result, no GAAP outlook is provided.
- Outlook excludes any earnings from the pending acquisition of a significant portion of DuPont's Crop Protection business that FMC may benefit from in 2017, as well as Health and Nutrition which is in discontinued operations.
- Although FMC provides forecasts for adjusted earnings per share and adjusted cash from operations (both of which are non-GAAP financial measures), FMC is not able to forecast the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for us to forecast. Such elements include, but are not limited to restructuring, acquisition charges, and discontinued operations and related cash activity. As a result, no GAAP outlook is provided.
- Represents FMC's estimate of the 2017 EBITDA of the acquired business, if it were a standalone business. EBITDA is a non-GAAP financial term and represents earnings before interest, taxes, depreciation, and amortization.
- Consolidated revenue of $866 million, down 4 percent versus Q4 '15
- Consolidated GAAP earnings per diluted share of $0.12
- Consolidated adjusted earnings per diluted share of $0.88, up 14 percent versus Q4 '15
- Agricultural Solutions segment earnings of $127 million, up 25 percent versus Q4 '15
- Health and Nutrition segment earnings of $54 million, up 17 percent versus Q4 '15
- Lithium segment earnings of $21 million, up over 90 percent versus Q4 '15
- 2017 adjusted earnings is expected to be in the range of $3.20 to $3.60 per diluted share1
- Consolidated revenue of $808 million
- Consolidated GAAP earnings per diluted share of $0.59
- Consolidated adjusted earnings per diluted share of $0.67
- Agricultural Solutions segment earnings of $90 million
- Health and Nutrition segment earnings of $45 million
- Lithium segment earnings of $18 million
- Increasing guidance for 2016 adjusted earnings per diluted share by 6 cents at the mid-point of the range to $2.76 to $2.861
- Although we do provide forecasts for adjusted earnings per share and adjusted cash from operations (both of which are non-GAAP financial measures), we are not able to forecast the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for us to forecast. Such elements include, but are not limited to restructuring, acquisition charges, and discontinued operations and related cash activity. As a result, no GAAP outlook is provided.
- Consolidated revenue of $810 million
- Consolidated GAAP earnings per diluted share of $0.49
- Consolidated adjusted earnings per diluted share of $0.69
- Agricultural Solutions segment earnings of $101 million
- Health and Nutrition segment earnings of $45 million
- Lithium segment earnings of $17 million
- Increasing guidance for 2016 adjusted earnings per diluted share by 5 cents to $2.60 to $2.901
- Although we do provide forecasts for adjusted earnings per share and adjusted cash from operations (both of which are non-GAAP financial measures), we are not able to forecast the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for us to forecast. Such elements include, but are not limited to restructuring, acquisition charges, and discontinued operations and related cash activity. As a result, no GAAP outlook is provided.
- 15 percent reduction in energy and greenhouse gas intensity;
- 15 percent reduction in waste intensity; and
- 20 percent reduction in water use intensity in water scarce areas.
- Consolidated revenues of $799 million
- Consolidated adjusted earnings per diluted share of $0.58
- Agricultural Solutions segment earnings of $82 million
- Health and Nutrition segment earnings of $47 million
- Lithium segment earnings of $15 million
- Increasing guidance for 2016 adjusted earnings per diluted share by 5 cents to a range of $2.55 to $2.85
- Consolidated revenues of $899 million
- Consolidated adjusted earnings per diluted share of $0.77
- Agricultural Solutions segment earnings of $101 million
- Health and Nutrition segment earnings of $46 million
- Lithium segment earnings of $11 million
- Consolidated revenues of $3.28 billion
- Consolidated adjusted earnings per diluted share of $2.47
- Agricultural Solutions segment earnings of $364 million
- Health and Nutrition segment earnings of $195 million
- Lithium segment earnings of $23 million
FMC Corporation Announces Date of 2021 Annual Meeting of Stockholders
Source: PR Newswire
Orignial Article: https://contentapi.cision...
PHILADELPHIA, Feb. 3, 2021 /PRNewswire/ --
FMC Corporation (NYSE: FMC) announced today that its 2021 Annual Meeting of Stockholders will be held via live webcast on Tuesday, April 27, 2021, at 2 p.m. ET. Instructions for accessing the webcast are available on the Company's investor relations website, https://investors.fmc.com.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,400 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
The Company's investor relations website, located at https://investors.fmc.com, should be considered as a recognized channel of distribution, and the Company may periodically post important information to the website for investors, including information that the Company may wish to disclose publicly for purposes of complying with the federal securities laws. After April 27, 2021, this type of information will no longer be regularly provided by press release but will continue to be posted on the investor relations website.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within FMC's 2019 Form 10-K filed with the SEC as well as other SEC filings and public communications. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
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SOURCE FMC Corporation
Article Date
2/3/2021FMC Corporation Collaborates with Novozymes to Co-Develop Enzyme Solutions
Source: PR Newswire
Orignial Article: https://contentapi.cision...
PHILADELPHIA, Feb. 1, 2021 /PRNewswire/ --
FMC Corporation (NYSE: FMC), a leading global agricultural sciences company, has entered into a strategic collaboration with Novozymes, the world leader in biological solutions, to research, co-develop and commercialize biological enzyme-based crop protection solutions for growers around the world.
Collaboration between the two companies will concentrate on enzyme-based biocontrol technology for the global fungicide and insecticide markets under a multi-year global agreement. The partnership will focus on developing solutions for controlling key soybean fungal diseases such as Asian Soybean Rust (ASR), in addition to combination products with FMC's leading diamide insecticide technology for controlling key insect pests. The companies will combine their respective R&D capabilities with FMC serving as commercial partner and Novozymes as the manufacturing partner. The partnership will leverage Novozymes' technology to date, and FMC will help expedite and improve the success rate in identifying innovative biological crop protection products by assessing multiple classes of enzymes at the company's high throughput screening laboratory.
"We look forward to partnering with Novozymes in bringing enzymatic technology to the crop protection market," said Mark Douglas, FMC president and chief executive officer. "FMC is committed to delivering differentiated biological products that provide growers with science-backed solutions to help sustainably manage crops, protect yields, and combat resistance. The use of enzymes in agriculture is an exciting new frontier for biologicals."
"We see FMC as a great partner with strong scientific and commercial capabilities – and, importantly, a clear commitment to biological solutions," says Ester Baiget Arnau, Novozymes' president and chief executive officer. "Our partnership with FMC is part of our increased efforts to meet the need for sustainable pest control solutions for growers around the world. Together, we will develop innovative biological solutions for key market segments where FMC is an ideal commercial partner."
According to Novozymes and FMC, enzyme biocontrol technology is a new, differentiated tool to address significant challenges around pest management. As a stand-alone product or an integrated solution, enzymes can deliver high performance with the environmental benefits of a biological. The companies believe enzyme biocontrol technology can potentially support stand-alone products as well as play a critical role in providing comprehensive integrated pest management solutions for farmers.
"Enzymes are a relatively untapped solution in the agricultural market," said Dr. Bénédicte Flambard, global director of FMC Plant Health. "This unique technology will provide a high level of performance and stability that will complement synthetic chemistry. A lower cost of entry will enable use in the row crop markets where growers desire high-performing, sustainable solutions with new modes of action to combat hard-to-control diseases and pests. We are biased for new mode of action molecules, which can better control pests that are building resistance to existing products."
Since 2013, FMC has built a world-class biologicals business with more than 30 biological products in the market across more than 45 countries, 12 biofungicides, bioinsecticides and bionematicides in its R&D pipeline, and a dedicated biologicals research center in Denmark. The company's Accudo® biostimulant was recognized at the 2020 Crop Science Forum and Awards in the Best New Biological Product (Biostimulant) category. In 2019, Presence® and Quartzo® bionematicides received top honors in the Best New Biological Product (Biopesticide) category. FMC plans to launch four new biopesticides from its pipeline over the next four years and is actively assessing additional partnerships to develop and commercialize a diversity of new biological technologies.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,400 employees around the globe. To learn more, please visit fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Arc, Accudo, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within FMC's 2019 Form 10-K filed with the SEC as well as other SEC filings and public communications. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
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SOURCE FMC Corporation
Article Date
2/1/2021FMC Corporation Earns Second Consecutive Perfect Score on 2021 Human Rights Campaign's Corporate Equality Index
Source: PR Newswire
Orignial Article: https://contentapi.cision...
PHILADELPHIA, Jan. 28, 2021 /PRNewswire/ --
FMC Corporation (NYSE: FMC) proudly announces that it received a score of 100 on the Human Rights Campaign Foundation's 2021 Corporate Equality Index (CEI), the nation's foremost benchmarking survey and report measuring corporate policies and practices related to LGBTQ workplace equality. This is the second consecutive year the Company has earned a perfect CEI score.
"While 2020 presented several unprecedented challenges with the pandemic and a focus on racial injustice, particularly in the U.S., FMC has continued to drive progress in creating a workplace that fosters engagement and a sense of belonging for employees," said Mark Douglas, president and chief executive officer at FMC. "Our CEI score reflects how we prioritize and embrace the benefits of diversity in our workforce so employees can grow and contribute to their fullest potential."
FMC supports LGBTQ employees through SPECTRUM, an FMC employee resource group (ERG) for lesbian, gay, bisexual, transgender, and queer employees and their allies. It focuses on increasing the visibility of LGBTQ issues within the Company through education and awareness initiatives. The group holds events throughout the year to reinforce Company commitments to fairness and equality, and advocates for new or modified policies where necessary to establish best practices for LGBTQ inclusion. SPECTRUM is one of six employee resource groups at FMC, which also include The Bridge, a multicultural ERG; Women's Initiative Network (WIN); i-Gen, an intergenerational ERG; Valuing Individuals with Visible and Invisible Disabilities (VIVID); and Honor, a veterans group open to all employees to promote, raise awareness and support veterans within FMC and our local communities.
"Despite remote work arrangements at most FMC sites in 2020, our Diversity and Inclusion team and more than 20 employee resources group chapters were not deterred in supporting employees around the world," said Subarna Malakar, director of Global Diversity and Inclusion at FMC. "They orchestrated more than 50 trainings, discussion sessions, networking events and unique programs focused on life and work challenges during the pandemic."
For more information on the 2021 Corporate Equality Index, or to view the full report, visit www.hrc.org/cei.
About HRC
The Human Rights Campaign Foundation is the educational arm of America's largest civil rights organization working to achieve equality for lesbian, gay, bisexual transgender and queer people. HRC envisions a world where LGBTQ people are embraced as full members of society at home, at work and in every community.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,400 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
The Company's investor relations website, located at https://investors.fmc.com, should be considered as a recognized channel of distribution, and the Company may periodically post important information to the web site for investors, including information that the Company may wish to disclose publicly for purposes of complying with the federal securities laws. After April 27, 2021, this type of information will no longer be regularly provided by press release but will continue to be posted on the investor relations website.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within FMC's 2019 Form 10-K filed with the SEC as well as other SEC filings and public communications. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
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SOURCE FMC Corporation
Article Date
1/28/2021FMC Corporation Updates Fourth Quarter 2020 Outlook
Source: PR Newswire
Orignial Article: https://contentapi.cision...
PHILADELPHIA, Jan. 19, 2021 /PRNewswire/ --
FMC Corporation (NYSE: FMC) today announced that the company is reducing its fourth quarter 2020 outlook. The company is proceeding through its quarterly close, and based on preliminary results expects fourth quarter revenue of approximately $1.15 billion as compared with prior guidance of $1.23 to $1.29 billion, and fourth quarter adjusted EBITDA in the range of $285 to $295 million as compared with prior guidance of $335 to $355 million. Full-year free cash flow guidance of $475 to $525 million in 2020 remains unchanged. The company expects 2021 outlook at or somewhat above long-range plan targets of 5 to 7 percent revenue growth and 7 to 9 percent adjusted EBITDA growth.
In North America, sales were impacted due to supply chain disruptions, including COVID-related factors associated with logistics and a tolling partner. These events occurred during the traditionally busy month of December, resulting in some products not being delivered to customers by quarter end. The company expects a large proportion of those sales will be recognized in first quarter 2021. In Brazil, sales were lower than forecasted due to severe drought that persisted throughout the fourth quarter, resulting in lower demand. The company expects these conditions to continue through first quarter 2021. In Argentina, substantial product inventory located in bonded warehouses was not released by customs officials in a timely manner. This inventory is expected to be released, and sales completed, in first quarter 2021.
"Despite the global pandemic and these near-term operational challenges, we delivered a solid 2020 and remain highly confident in our 2021 outlook and our ability to deliver FMC's long-range growth plan targets," said Mark Douglas, FMC president and CEO.
Details will be discussed during FMC's fourth quarter earnings conference call. FMC will release its fourth quarter 2020 earnings and 2021 outlook on February 9, 2021, after the stock market close via PR Newswire and on the company's website at: https://investors.fmc.com. The company will host a webcast conference call on Wednesday, February 10, 2021, at 9:00 a.m. ET, that is open to the public via internet broadcast and telephone.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,400 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
The Company's investor relations website, located at https://investors.fmc.com, should be considered as a recognized channel of distribution, and the Company may periodically post important information to the web site for investors, including information that the Company may wish to disclose publicly for purposes of complying with the federal securities laws. After April 27, 2021, this type of information will no longer be provided by press release but will continue to be posted on the investor relations website.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: FMC and its representatives may from time to time make written or oral statements that are "forward-looking" and provide other than historical information, including statements contained in this press release, in FMC's other filings with the SEC, and in reports or letters to FMC stockholders.
In some cases, FMC has identified forward-looking statements by such words or phrases as "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words and phrases. Such forward-looking statements are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. Currently, one of the most significant factors is the potential adverse effect of the current COVID-19 pandemic on the financial condition, results of operations, cash flows and performance of FMC, which is substantially influenced by the potential adverse effect of the pandemic on FMC's customers and suppliers and the global economy and financial markets. The extent to which COVID-19 impacts us will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. Additional factors include, among other things, the risk factors and cautionary statements included within FMC's 2019 Form 10-K and FMC's Form 10-Q for the quarter ended September 30, 2020. Moreover, investors are cautioned to interpret many of these factors as being heightened as a result of the ongoing and numerous adverse impacts of the COVID-19 pandemic.
FMC cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
This press release contains certain "non-GAAP financial terms" which are defined on our website https://investors.fmc.com. In addition, we have also provided on our website reconciliations of non-GAAP terms to the most directly comparable GAAP term.
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SOURCE FMC Corporation
Article Date
1/19/20211/14/2021 - FMC Corporation Announces Dates for Fourth Quarter 2020 Earnings Release and Webcast Conference Call
FMC Corporation Announces Dates for Fourth Quarter 2020 Earnings Release and Webcast Conference Call
Source: PR Newswire
Orignial Article: https://contentapi.cision...
PHILADELPHIA, Jan. 14, 2021 /PRNewswire/ --
FMC Corporation (NYSE: FMC) today announced it will release its fourth quarter 2020 earnings on Tuesday, February 9, 2021, after the stock market close via PR Newswire and the company's website https://investors.fmc.com.
The company will host a webcast conference call on Wednesday, February 10, 2021, at 9:00 a.m. ET that is open to the public via internet broadcast and telephone.
Fourth Quarter Conference Call Details:
Internet broadcast: https://investors.fmc.com
Passcode: FMC
Dial-in telephone numbers:
US Toll Free: 1-844-750-4894
International Dial In: 1-412-317-5290
A replay of the call will be available via the internet and telephone from 11:00 a.m. ET on February 10, 2021 until March 3, 2021.
Internet replay: https://investors.fmc.com
US Toll Free: 1-877-344-7529
Canada Toll Free: 855-669-9658
International Toll: 1-412-317-0088
Replay Access Code: 10151213
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,400 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
The Company's investor relations website, located at https://investors.fmc.com, should be considered as a recognized channel of distribution, and the Company may periodically post important information to the web site for investors, including information that the Company may wish to disclose publicly for purposes of complying with the federal securities laws. After April 27, 2021, this type of information will no longer be provided by press release but will continue to be posted on the investor relations website.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within FMC's 2019 Form 10-K filed with the SEC as well as other SEC filings and public communications. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
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SOURCE FMC Corporation
Article Date
1/14/2021FMC Corporation Board Raises Dividend by 9 Percent
Source: PR Newswire
PHILADELPHIA, Dec. 2, 2020 /PRNewswire/ --
FMC Corporation (NYSE: FMC) announced today that its board of directors declared a regular quarterly dividend of 48 cents per share, payable on January 21, 2021, to shareholders of record as of the close of business on December 31, 2020. This represents a 9 percent increase over the Company's previous quarterly dividend.
"Today's announcement reflects our policy to increase the dividend by at least the same rate of net income growth, as a part of our overall commitment to return excess cash to shareholders," said Andrew Sandifer, executive vice president and chief financial officer at FMC.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,400 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
The Company's investor relations website, located at https://investors.fmc.com, should be considered as a recognized channel of distribution, and the Company may periodically post important information to the website for investors, including information that the Company may wish to disclose publicly for purposes of complying with the federal securities laws. After April 27, 2021, this type of information will no longer be provided by press release but will continue to be posted on the investor relations website.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within FMC's 2019 Form 10-K filed with the SEC as well as other SEC filings and public communications. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
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SOURCE FMC Corporation
Article Date
12/2/2020FMC Corporation CFO Andrew Sandifer to Speak at the UBS Chicago Virtual Agriculture & Industrial Chemicals Conference
Source: PR Newswire
PHILADELPHIA, Dec. 2, 2020 /PRNewswire/ --
FMC Corporation (NYSE: FMC) today announced that Andrew Sandifer, executive vice president and chief financial officer, will speak at the UBS Chicago Virtual Agriculture & Industrial Chemicals Conference on December 10th at 10:30 a.m. ET. A live webcast will be available at https://investors.fmc.com.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,400 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
The Company's investor relations website, located at https://investors.fmc.com, should be considered as a recognized channel of distribution, and the Company may periodically post important information to the web site for investors, including information that the Company may wish to disclose publicly for purposes of complying with the federal securities laws. After April 27, 2021, this type of information will no longer be regularly provided by press release but will continue to be posted on the investor relations website.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within FMC's 2019 Form 10-K filed with the SEC as well as other SEC filings and public communications. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
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SOURCE FMC Corporation
Article Date
12/2/2020FMC Corporation Recognized at 2020 Crop Science Awards
Source: PR Newswire
PHILADELPHIA, Nov. 5, 2020 /PRNewswire/ --
FMC Corporation (NYSE: FMC) was recognized with top honors in the Best R&D Pipeline and Best Biological Product (Biostimulant) categories at the Crop Science Forum & Awards 2020.
The annual awards event, formerly Agrow's Crop Science Awards & Forum, recognizes best-in-class scientific, technological and leadership initiatives in the global crop protection industry across 12 categories. Recipients are chosen from entries submitted from around the world and adjudicated by a distinguished judging panel.
"We are pleased that FMC's world-class pipeline of proprietary insecticides, herbicides and fungicides, many featuring new modes of action, has been recognized with this prestigious award," said Dr. Kathleen Shelton, FMC vice president and chief technology officer. "Our technology organization is focused on anticipating grower needs, translating those into potential market opportunities and then directing our research into developing new, sophisticated, sustainable products that address those opportunities."
Best R&D Pipeline
FMC won the Best R&D Pipeline award. The Company's pipeline includes many new product innovations with new modes of action planned for launch over the next decade. For example, FMC is launching Isoflex™ active, the first new breakthrough herbicide mode of action in over 30 years. Isoflex™ active is scheduled for launch in early 2021 in Australia and will be launched in other countries in the coming years pending regulatory approvals. In addition to synthetic chemistries, the pipeline also boasts a growing portfolio of bioinsecticides, biofungicides, bionematicides and biostimulants.
Best New Biological Product (Biostimulant)
FMC won the Best New Biological Product (Biostimulant) category with its Accudo® biostimulant, a microbial innovation valued for enhancing yield gains greater than 15 percent. It enhances root development and has anti-fungal tolerance, delivering superior yield increases compared to competitive products. Accudo® biostimulant also has a superior shelf life of two years compared to competitive biological crop protection products on the market.
Best New Marketing Program - Commended
FMC was commended by the judges for its marketing campaign using augmented reality for Talstar® insecticide in cotton applications. The campaign allowed the FMC Pakistan sales team to create an opportunity for farmers to visualize the deleterious effects of various crop pests on their cotton fields and then demonstrate the efficacy of Talstar® insecticide in a powerful virtual format.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,400 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
The Company's investor relations website, located at https://investors.fmc.com, should be considered as a recognized channel of distribution, and the Company may periodically post important information to the web site for investors, including information that the Company may wish to disclose publicly for purposes of complying with the federal securities laws. After April 27, 2021, this type of information will no longer be provided by press release but will continue to be posted on the investor relations website.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within FMC's 2019 Form 10-K filed with the SEC as well as other SEC filings and public communications. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
View original content to download multimedia:http://www.prnewswire.com/news-releases/fmc-corporation-recognized-at-2020-crop-science-awards-301167542.html
SOURCE FMC Corporation
Article Date
11/5/2020FMC Corporation Delivers Very Strong Third Quarter Results and Raises 2020 Guidance
Source: PR Newswire
PHILADELPHIA, Nov. 2, 2020 /PRNewswire/ --
Third Quarter 2020 Highlights
Full-Year Outlook Highlights2
FMC Corporation (NYSE: FMC) today reported third quarter 2020 revenue of approximately $1.08 billion, an increase of 7 percent versus third quarter 2019. Excluding the impact of foreign currencies, organic sales grew 15 percent year over year. On a GAAP basis, the company reported earnings of $0.85 per diluted share in the third quarter, an increase of 23 percent versus third quarter 2019. Adjusted earnings were $1.22 per diluted share, an increase of 30 percent versus third quarter 2019, and 12 cents above the midpoint of guidance.
Third Quarter Adj. EPS versus Guidance (midpoint)* | +12 cents** |
EBITDA | +12 cents |
Depreciation & amortization | -1 cent |
Interest expense | +1 cent |
Non-controlling interest | +1 cent |
* Guidance refers to midpoint of EPS guidance presented on August 4, 2020 | |
** Contributing factors do not sum to 12 cents, due to rounding | |
Mark Douglas, FMC president and CEO said: "FMC's third quarter performance is a testament to our geographic balance, the strength in demand for our technology portfolio and the continued cost reductions to weather the global pandemic. Given robust demand in the third quarter and continuing strong execution, we are raising our 2020 outlook."
The revenue increase was driven by 12 percent contribution from volume and 3 percent from pricing gains, offset by an 8 percent headwind from foreign currencies. In Asia, revenue increased 16 percent year over year, and 19 percent excluding FX. Volume growth in India, Australia, Pakistan and Indonesia was partially offset by FX headwinds. Latin America sales grew 1 percent year over year, and 18 percent excluding FX headwinds. Pricing helped offset some of the FX headwinds, while the underlying volume gains came from strong insecticide sales in Brazil for soybeans and specialty crops. In North America, sales increased 8 percent year over year, driven primarily by strong herbicide and fungicide sales. Sales in EMEA increased 10 percent year over year, due to a particularly strong quarter for insecticides and cereal herbicides. There was no impact from foreign exchange in EMEA in the quarter.
FMC Revenue | Q3 2020 |
Organic Growth | 15% |
FX Impact | (8%) |
Total Revenue Change | 7% |
2020 Outlook2
The company is forecasting full-year 2020 revenue to be in the range of $4.72 billion to $4.78 billion, representing an increase of 3 percent at the midpoint versus 2019. Organic growth is expected to be 9 percent. Full-year adjusted EBITDA is now expected to be in the range of $1.295 billion to $1.315 billion, representing 7 percent year-over-year growth at the midpoint and an increase of $10 million versus prior guidance. 2020 adjusted earnings are now expected to be in the range of $6.45 to $6.57 per diluted share, representing a year-over-year increase of 7 percent at the midpoint and 6 cents higher than prior forecast. Full-year earnings growth drivers include significant volume gains in Latin America and Asia, global pricing and continued cost discipline. The company expects full-year free cash flow to be $475 to $525 million, representing a 66 percent increase year-over-year and $25 million higher than prior guidance at the midpoint.
Fourth Quarter Outlook2
Fourth quarter revenue is expected to be in the range of $1.23 billion to $1.29 billion, representing a 5 percent increase at the midpoint compared to fourth quarter 2019, and organic growth of 10 percent excluding foreign currency headwinds. Adjusted EBITDA is forecasted to be in the range of $335 million to $355 million, representing an 8 percent increase at the midpoint versus Q4 2019. FMC expects adjusted earnings per diluted share to be in the range of $1.70 to $1.82 in the fourth quarter, which at the midpoint would be equal to Q4 2019 due to a large positive tax adjustment in the prior year period. The company expects to deploy approximately $170 million of cash in the quarter. This includes paying $57 million in dividends on October 15, closing the previously announced Fluindapyr acquisition for $65 million in early October, and $50 million in planned share repurchases, which restarted in October.
Full Year Outlook | Q4 2020 Outlook | ||
Revenue | $4.72 to $4.78 billion | $1.23 to $1.29 billion | |
Organic Growth | 9% | 10% | |
Estimated FX Impact | (6%) | (5%) | |
Growth at midpoint vs. 2019 | 3% | 5% | |
Adjusted EBITDA | $1.295 to $1.315 billion | $335 to $355 million | |
Growth at midpoint vs. 2019 | 7% | 8% | |
Adjusted EPS^ | $6.45 to $6.57 | $1.70 to $1.82 | |
Growth at midpoint vs. 2019 | 7% | 0%* | |
^ EPS estimates assume 131 million diluted shares. Planned Q4 share repurchases of $50 million are not expected to have any material impact on FMC diluted shares outstanding in the current year. | |||
* Q4 2019 adjusted EPS benefited from a large tax adjustment. | |||
Supplemental Information
The company will post supplemental information on the web at https://investors.fmc.com, including its webcast slides for tomorrow's earnings call, definitions of non-GAAP terms and reconciliations of non-GAAP figures to the nearest available GAAP term.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,400 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
The Company's investor relations website, located at https://investors.fmc.com, should be considered as a recognized channel of distribution, and the Company may periodically post important information to the web site for investors, including information that the Company may wish to disclose publicly for purposes of complying with the federal securities laws. After April 27, 2021, this type of information will no longer be provided by press release but will continue to be posted on the investor relations website.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: FMC and its representatives may from time to time make written or oral statements that are "forward-looking" and provide other than historical information, including statements contained in this press release, in FMC's other filings with the SEC, and in reports or letters to FMC stockholders.
In some cases, FMC has identified forward-looking statements by such words or phrases as "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words and phrases. Such forward-looking statements are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. Currently, one of the most significant factors is the potential adverse effect of the current COVID-19 pandemic on the financial condition, results of operations, cash flows and performance of FMC, which is substantially influenced by the potential adverse effect of the pandemic on FMC's customers and suppliers and the global economy and financial markets. The extent to which COVID-19 impacts us will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. Additional factors include, among other things, the risk factors and cautionary statements included within FMC's 2019 Form 10-K and FMC's Form 10-Q for the quarter ended September 30, 2020. Moreover, investors are cautioned to interpret many of these factors as being heightened as a result of the ongoing and numerous adverse impacts of the COVID-19 pandemic.
FMC cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
This press release contains certain "non-GAAP financial terms" which are defined on our website www.fmc.com/investors. In addition, we have also provided on our website reconciliations of non-GAAP terms to the most directly comparable GAAP term.
FMC CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited, in millions, except per share amounts) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Revenue | $ | 1,084.6 | $ | 1,014.3 | $ | 3,489.9 | $ | 3,412.5 | |||||||
Costs of sales and services | 618.2 | 581.9 | 1,939.3 | 1,884.9 | |||||||||||
Gross margin | $ | 466.4 | $ | 432.4 | $ | 1,550.6 | $ | 1,527.6 | |||||||
Selling, general and administrative expenses | 187.7 | 188.3 | 548.1 | 569.1 | |||||||||||
Research and development expenses | 71.7 | 77.4 | 203.3 | 221.7 | |||||||||||
Restructuring and other charges (income) | 11.0 | 6.8 | 43.9 | 27.3 | |||||||||||
Total costs and expenses | $ | 888.6 | $ | 854.4 | $ | 2,734.6 | $ | 2,703.0 | |||||||
Income from continuing operations before non-operating pension and postretirement charges (income), interest expense, net and income taxes | $ | 196.0 | $ | 159.9 | $ | 755.3 | $ | 709.5 | |||||||
Non-operating pension and postretirement charges (income) | 11.6 | (1.2) | 16.0 | 5.5 | |||||||||||
Interest expense, net | 35.5 | 41.6 | 117.0 | 115.6 | |||||||||||
Income (loss) from continuing operations before income taxes | $ | 148.9 | $ | 119.5 | $ | 622.3 | $ | 588.4 | |||||||
Provision (benefit) for income taxes | 18.4 | 8.7 | 82.3 | 75.6 | |||||||||||
Income (loss) from continuing operations | $ | 130.5 | $ | 110.8 | $ | 540.0 | $ | 512.8 | |||||||
Discontinued operations, net of income taxes | (18.4) | (21.3) | (36.7) | (29.8) | |||||||||||
Net income (loss) | $ | 112.1 | $ | 89.5 | $ | 503.3 | $ | 483.0 | |||||||
Less: Net income (loss) attributable to noncontrolling interests | 0.7 | (0.9) | 1.3 | 2.4 | |||||||||||
Net income (loss) attributable to FMC stockholders | $ | 111.4 | $ | 90.4 | $ | 502.0 | $ | 480.6 | |||||||
Amounts attributable to FMC stockholders: | |||||||||||||||
Income (loss) from continuing operations | $ | 129.8 | $ | 111.7 | $ | 538.7 | $ | 510.4 | |||||||
Discontinued operations, net of tax | (18.4) | (21.3) | (36.7) | (29.8) | |||||||||||
Net income (loss) | $ | 111.4 | $ | 90.4 | $ | 502.0 | $ | 480.6 | |||||||
Basic earnings (loss) per common share attributable to FMC stockholders: | |||||||||||||||
Continuing operations | $ | 1.00 | $ | 0.85 | $ | 4.14 | $ | 3.88 | |||||||
Discontinued operations | (0.14) | (0.16) | (0.28) | (0.22) | |||||||||||
Basic earnings per common share | $ | 0.86 | $ | 0.69 | $ | 3.86 | $ | 3.66 | |||||||
Average number of shares outstanding used in basic earnings per share computations | 129.9 | 130.4 | 129.7 | 131.1 | |||||||||||
Diluted earnings (loss) per common share attributable to FMC stockholders: | |||||||||||||||
Continuing operations | $ | 0.99 | $ | 0.85 | $ | 4.12 | $ | 3.85 | |||||||
Discontinued operations | (0.14) | (0.16) | (0.28) | (0.22) | |||||||||||
Diluted earnings per common share | $ | 0.85 | $ | 0.69 | $ | 3.84 | $ | 3.63 | |||||||
Average number of shares outstanding used in diluted earnings per share computations | 130.8 | 131.6 | 130.6 | 132.4 | |||||||||||
Other Data: | |||||||||||||||
Capital additions and other investing activities | $ | 14.5 | $ | 41.1 | $ | 58.3 | $ | 77.5 | |||||||
Depreciation and amortization expense | 41.5 | 36.6 | 120.7 | 111.1 | |||||||||||
FMC CORPORATION RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO FMC STOCKHOLDERS (GAAP) TO ADJUSTED AFTER-TAX EARNINGS FROM CONTINUING OPERATIONS, ATTRIBUTABLE TO FMC STOCKHOLDERS (NON-GAAP) (Unaudited, in millions, except per share amounts) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Net income (loss) attributable to FMC stockholders (GAAP) | $ | 111.4 | $ | 90.4 | $ | 502.0 | $ | 480.6 | |||||||
Corporate special charges (income): | |||||||||||||||
Restructuring and other charges (income) (a) | 11.0 | 6.8 | 43.9 | 27.3 | |||||||||||
Non-operating pension and postretirement charges (income) (b) | 11.6 | (1.2) | 16.0 | 5.5 | |||||||||||
Transaction-related charges (c) | 14.4 | 16.0 | 40.4 | 52.6 | |||||||||||
Income tax expense (benefit) on Corporate special charges (income) (d) | (6.1) | 0.8 | (16.9) | (12.0) | |||||||||||
Discontinued operations attributable to FMC stockholders, net of income taxes (e) | 18.4 | 21.3 | 36.7 | 29.8 | |||||||||||
Tax adjustment (f) | (0.6) | (9.9) | 1.6 | (10.1) | |||||||||||
Adjusted after-tax earnings from continuing operations attributable to FMC stockholders (Non-GAAP) (1) | $ | 160.1 | $ | 124.2 | $ | 623.7 | $ | 573.7 | |||||||
Diluted earnings per common share (GAAP) | $ | 0.85 | $ | 0.69 | $ | 3.84 | $ | 3.63 | |||||||
Corporate special charges (income) per diluted share, before tax: | |||||||||||||||
Restructuring and other charges (income) | 0.08 | 0.05 | 0.34 | 0.21 | |||||||||||
Non-operating pension and postretirement charges (income) | 0.09 | (0.01) | 0.13 | 0.04 | |||||||||||
Transaction-related charges | 0.11 | 0.12 | 0.31 | 0.40 | |||||||||||
Income tax expense (benefit) on Corporate special charges (income), per diluted share | (0.05) | 0.01 | (0.13) | (0.10) | |||||||||||
Discontinued operations attributable to FMC stockholders, net of income taxes per diluted share | 0.14 | 0.16 | 0.28 | 0.22 | |||||||||||
Tax adjustments per diluted share | — | (0.08) | 0.01 | (0.08) | |||||||||||
Diluted adjusted after-tax earnings from continuing operations per share, attributable to FMC stockholders (Non-GAAP) | $ | 1.22 | $ | 0.94 | $ | 4.78 | $ | 4.32 | |||||||
Average number of shares outstanding used in diluted adjusted after-tax earnings from continuing operations per share computations | 130.8 | 131.6 | 130.6 | 132.4 | |||||||||||
____________________ | |
(1) | The Company believes that the Non-GAAP financial measure "Adjusted after-tax earnings from continuing operations attributable to FMC stockholders" and its presentation on a per share basis provides useful information about the Company's operating results to management, investors, and securities analysts. Adjusted earnings excludes the effects of corporate special charges, tax-related adjustments and the results of our discontinued operations. The Company also believes that excluding the effects of these items from operating results allows management and investors to compare more easily the financial performance of its underlying business from period to period. |
(a) | Three Months Ended September 30, 2020: |
Restructuring and other charges (income) is primarily comprised of charges associated with certain in-flight restructuring programs from the integration of the DuPont Crop Protection Business. These charges include severance, accelerated depreciation on certain fixed assets, and other costs of $6.4 million. The remaining restructuring and other charges (income) primarily includes charges of environmental sites of $4.0 million. | |
Three Months Ended September 30, 2019: | |
Restructuring and other charges (income) is comprised of charges associated with the integration of the DuPont Crop Protection Business. These charges include severance and other costs (benefits) of $2.6 million. All other charges were $4.2 million, which includes charges of environmental sites treated as a Corporate charge of $4.1 million. | |
Nine Months Ended September 30, 2020: | |
Restructuring and other charges (income) is primarily comprised of charges associated with the integration of the DuPont Crop Protection Business. These charges include severance, accelerated depreciation on certain fixed assets, and other costs of $29.6 million. The remaining restructuring and other charges (income) primarily includes charges of environmental sites of $13.7 million. | |
Nine Months Ended September 30, 2019: | |
Restructuring and other charges (income) is comprised of charges associated with the integration of the DuPont Crop Protection Business. These charges include severance, accelerated depreciation on certain fixed assets, and other costs (benefits) of $13.2 million. Additionally, restructuring and other charges (income) includes charges of environmental sites treated as a Corporate charge of $12.3 million and other miscellaneous restructuring and other charges totaling $1.8 million. | |
(b) | Our non-operating pension and postretirement charges (income) are defined as those costs (benefits) related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These are excluded from our Adjusted Earnings and are primarily related to changes in pension plan assets and liabilities which are tied to financial market performance and we consider these costs to be outside our operational performance. We continue to include the service cost and amortization of prior service cost in our Adjusted Earnings results noted above. These elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees. |
(c) | Charges related to legal and professional fees associated with acquisition activities. Except for the completion of certain in-flight initiatives, primarily associated with the finalization of our worldwide ERP system, we completed the integration of the DuPont Crop Protection Business as of June 30, 2020. The transition services agreement is now terminated and the last phase of the ERP system transition went live in November 2020 with a stabilization period that will go into the first quarter of 2021. We anticipate remaining expense of approximately $15 million to $20 million for the completion of these defined in-flight initiatives during the remaining time period. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(in Millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||
DuPont Crop Protection Business Acquisition | |||||||||||||||||
Legal and professional fees (1) | $ | 14.4 | $ | 16.0 | $ | 40.4 | $ | 52.6 | |||||||||
Total Transaction-related charges | $ | 14.4 | $ | 16.0 | $ | 40.4 | $ | 52.6 | |||||||||
____________________ | |||
(1) | Represents transaction costs, costs for transitional employees, other acquired employees related costs, and transactional-related costs such as legal and professional third-party fees. These charges are recorded as a component of "Selling, general and administrative expense" on the condensed consolidated statements of income (loss). | ||
(d) | The income tax expense (benefit) on Corporate special charges (income) is determined using the applicable rates in the taxing jurisdictions in which the corporate special charge or income occurred and includes both current and deferred income tax expense (benefit) based on the nature of the non-GAAP performance measure. |
(e) | Three and Nine Months Ended September 30, 2020 and 2019 |
Discontinued operations, net of income taxes include, in periods up to its separation on March 1, 2019, the results of FMC Lithium, including separation-related costs, as well as provisions, net of recoveries, for environmental liabilities and legal reserves and expenses related to previously discontinued operations. During the nine months ended September 30, 2019, we finalized the sale of the first of two parcels of land of our discontinued site in Newark, California. The gain on sale was approximately $21 million, net of tax, and was partially offset by the results of our FMC Lithium business, which was a net loss due to separation-related costs. These events did not recur in the current period. | |
(f) | We exclude the GAAP tax provision, including discrete items, from the Non-GAAP measure of income, and include a Non-GAAP tax provision based upon the projected annual Non-GAAP effective tax rate. The GAAP tax provision includes certain discrete tax items including, but are not limited to: income tax expenses or benefits that are not related to continuing operating results in the current year; tax adjustments associated with fluctuations in foreign currency remeasurement of certain foreign operations; certain changes in estimates of tax matters related to prior fiscal years; certain changes in the realizability of deferred tax assets and related interim accounting impacts; and changes in tax law. Management believes excluding these discrete tax items assists investors and securities analysts in understanding the tax provision and the effective tax rate related to continuing operating results thereby providing investors with useful supplemental information about FMC's operational performance. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(in Millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||
Non-GAAP tax adjustments | |||||||||||||||||
Revisions to valuation allowances of historical | $ | — | $ | — | $ | (0.4) | $ | 0.6 | |||||||||
Foreign currency remeasurement and other | (0.6) | (9.9) | 2.0 | (10.7) | |||||||||||||
Total Non-GAAP tax adjustments | $ | (0.6) | $ | (9.9) | $ | 1.6 | $ | (10.1) | |||||||||
RECONCILIATION OF NET INCOME (LOSS) (GAAP) TO ADJUSTED EARNINGS FROM CONTINUING OPERATIONS, BEFORE INTEREST, INCOME TAXES, DEPRECIATION AND AMORTIZATION, AND NONCONTROLLING INTERESTS (NON-GAAP) (Unaudited, in millions) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Net income (loss) (GAAP) | $ | 112.1 | $ | 89.5 | $ | 503.3 | $ | 483.0 | |||||||
Restructuring and other charges (income) | 11.0 | 6.8 | 43.9 | 27.3 | |||||||||||
| 11.6 | (1.2) | 16.0 | 5.5 | |||||||||||
Transaction-related charges | 14.4 | 16.0 | 40.4 | 52.6 | |||||||||||
Discontinued operations, net of income taxes | 18.4 | 21.3 | 36.7 | 29.8 | |||||||||||
Interest expense, net | 35.5 | 41.6 | 117.0 | 115.6 | |||||||||||
Depreciation and amortization | 41.5 | 36.6 | 120.7 | 111.1 | |||||||||||
Provision (benefit) for income taxes | 18.4 | 8.7 | 82.3 | 75.6 | |||||||||||
Adjusted earnings from continuing operations, before interest, income taxes, depreciation and amortization, and noncontrolling interests (Non-GAAP) (1) | $ | 262.9 | $ | 219.3 | $ | 960.3 | $ | 900.5 | |||||||
___________________ | |
(1) | Referred to as Adjusted EBITDA. Defined as operating profit excluding corporate special charges (income) and depreciation and amortization expense. |
RECONCILIATION OF CASH PROVIDED (REQUIRED) BY OPERATING ACTIVITIES OF (Unaudited, in millions) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Cash provided (required) by operating activities of continuing operations | $ | 361.9 | $ | 282.6 | $ | 313.5 | $ | 65.8 | |||||||
Transaction and integration costs | 13.8 | 18.4 | 53.3 | 61.5 | |||||||||||
Adjusted cash from operations (2) | $ | 375.7 | $ | 301.0 | $ | 366.8 | $ | 127.3 | |||||||
Capital expenditures | (12.0) | (21.3) | (35.2) | (56.8) | |||||||||||
Other investing activities | (2.5) | (19.8) | (23.1) | (20.7) | |||||||||||
Capital additions and other investing activities | $ | (14.5) | $ | (41.1) | $ | (58.3) | $ | (77.5) | |||||||
Cash provided (required) by operating activities of discontinued operations | (21.0) | (27.5) | (66.3) | (36.2) | |||||||||||
| — | — | 1.1 | 9.2 | |||||||||||
Transaction and integration costs | (13.8) | (18.4) | (53.3) | (61.5) | |||||||||||
Investment in Enterprise Resource Planning system | (11.6) | (15.3) | (42.2) | (42.0) | |||||||||||
Legacy and transformation | $ | (46.4) | $ | (61.2) | $ | (160.7) | $ | (130.5) | |||||||
Free cash flow (Non-GAAP) (3) | $ | 314.8 | $ | 198.7 | $ | 147.8 | $ | (80.7) | |||||||
___________________ | |
(1) | The cash provided (required) by operating activities for the three months ended September 30, 2020 and 2019 is the calculation of the nine months ended September 30, 2020 and 2019 less the previously reported six months ended June 30, 2020 and 2019, respectively. |
(2) | Adjusted cash from operations is defined as cash provided (required) by operating activities of continuing operations excluding the effects of transaction-related cash flows. |
(3) | Free cash flow is defined as Adjusted cash from operations reduced by spending for capital additions and other investing activities as well as legacy and transformation spending. We believe that this Non-GAAP financial measure provides a useful basis for investors and securities analysts about the cash generated by routine business operations, including capital expenditures, in addition to assessing our ability to repay debt, fund acquisitions and return capital to shareholders through share repurchases and dividends. Our use of free cash flow has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of our results under U.S. GAAP. |
RECONCILIATION OF REVENUE CHANGE (GAAP) TO ORGANIC REVENUE CHANGE (NON-GAAP) (1) (Unaudited) | |||||
Three Months Ended | Nine Months Ended | ||||
Total Revenue Change (GAAP) | 7 | % | 2 | % | |
Less: Foreign Currency Impact | (8) | % | (7) | % | |
Organic Revenue Change (Non-GAAP) | 15 | % | 9 | % | |
Full Year Outlook | Q4 2020 Outlook | ||||
Projected Total Revenue Change at Midpoint (GAAP) | 3 | % | 5 | % | |
Less: Estimated Foreign Currency Impact | (6) | % | (5) | % | |
Projected Organic Revenue Change (Non-GAAP) | 9 | % | 10 | % | |
___________________ | |
(1) | We believe organic revenue growth (non-GAAP) provides management and investors with useful supplemental information regarding our ongoing revenue performance and trends by presenting revenue growth excluding the impact of fluctuations in foreign exchange rates. |
FMC CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in millions) | |||||||
September 30, 2020 | December 31, 2019 | ||||||
Cash and cash equivalents | $ | 297.1 | $ | 339.1 | |||
Trade receivables, net of allowance of $22.5 in 2020 and $26.3 in 2019 | 2,137.9 | 2,231.2 | |||||
Inventories | 1,155.5 | 1,017.0 | |||||
Prepaid and other current assets | 424.7 | 487.5 | |||||
Total current assets | $ | 4,015.2 | $ | 4,074.8 | |||
Property, plant and equipment, net | 739.2 | 758.0 | |||||
Goodwill | 1,464.2 | 1,467.5 | |||||
Other intangibles, net | 2,610.6 | 2,629.0 | |||||
Deferred income taxes | 256.7 | 257.4 | |||||
Other long-term assets | 686.3 | 686.0 | |||||
Total assets | $ | 9,772.2 | $ | 9,872.7 | |||
Short-term debt and current portion of long-term debt | $ | 194.1 | $ | 227.7 | |||
Accounts payable, trade and other | 757.2 | 900.1 | |||||
Advanced payments from customers | 5.5 | 492.7 | |||||
Accrued and other liabilities | 683.6 | 680.6 | |||||
Accrued customer rebates | 530.7 | 280.6 | |||||
Guarantees of vendor financing | 97.0 | 75.7 | |||||
Accrued pensions and other postretirement benefits, current | 4.3 | 4.3 | |||||
Income taxes | 95.9 | 62.2 | |||||
Total current liabilities | $ | 2,368.3 | $ | 2,723.9 | |||
Long-term debt, less current portion | $ | 3,028.3 | $ | 3,031.1 | |||
Long-term liabilities | 1,407.2 | 1,556.3 | |||||
Equity | 2,968.4 | 2,561.4 | |||||
Total liabilities and equity | $ | 9,772.2 | $ | 9,872.7 | |||
FMC CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in millions) | |||||||
Nine Months Ended September 30, | |||||||
2020 | 2019 | ||||||
Cash provided (required) by operating activities of continuing operations | $ | 313.5 | $ | 65.8 | |||
Cash provided (required) by operating activities of discontinued operations | (66.3) | (36.2) | |||||
Cash provided (required) by investing activities of continuing operations | (100.5) | (119.5) | |||||
Cash provided (required) by investing activities of discontinued operations | 1.1 | 9.2 | |||||
Cash provided (required) by financing activities of continuing operations | (186.4) | 374.8 | |||||
Cash provided (required) by financing activities of discontinued operations | — | (37.2) | |||||
Effect of exchange rate changes on cash | (3.4) | 1.1 | |||||
Increase (decrease) in cash and cash equivalents | $ | (42.0) | $ | 258.0 | |||
Cash and cash equivalents of continuing operations, beginning of period | $ | 339.1 | $ | 134.4 | |||
Cash and cash equivalents of discontinued operations | — | 27.3 | |||||
Cash and cash equivalents, beginning of period | $ | 339.1 | $ | 161.7 | |||
Cash and cash equivalents, end of period | $ | 297.1 | $ | 419.7 | |||
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SOURCE FMC Corporation
Article Date
11/2/2020FMC Corporation CEO Mark Douglas to Speak at the Stephens Annual Investment Conference
Source: PR Newswire
PHILADELPHIA, Oct. 29, 2020 /PRNewswire/ --
FMC Corporation (NYSE: FMC) today announced that Mark Douglas, president and chief executive officer, will speak at the Stephens Annual Investment Conference on November 18th at 3:00 p.m. ET. A live webcast will be available at https://investors.fmc.com.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,400 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
The Company's investor relations website, located at https://investors.fmc.com, should be considered as a recognized channel of distribution, and the Company may periodically post important information to the web site for investors, including information that the Company may wish to disclose publicly for purposes of complying with the federal securities laws. After April 27, 2021, this type of information will no longer be regularly provided by press release but will continue to be posted on the investor relations website.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within FMC's 2019 Form 10-K filed with the SEC as well as other SEC filings and public communications. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
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SOURCE FMC Corporation
Article Date
10/29/2020FMC Corporation Elects Brian Blair Vice President and Treasurer
Source: PR Newswire
PHILADELPHIA, Oct. 29, 2020 /PRNewswire/ --
FMC Corporation (NYSE: FMC) announced today that Brian Blair, deputy treasurer, has been elected vice president and treasurer, effective November 1, 2020. He will report to Andrew Sandifer, executive vice president and chief financial officer.
Blair will assume the treasurer responsibilities from Brian Angeli, vice president, Corporate Strategy, who has also served as treasurer since 2018. Angeli has been named vice president, Corporate Strategy and Precision Agriculture. He will focus exclusively on leading FMC Ventures, Precision Agriculture, Corporate Strategy and Development and related initiatives that are accelerating the company's long-term growth.
"Brian Blair is a seasoned finance leader who brings exceptional experience to the treasurer role," said Mark Douglas, FMC president and chief executive officer. "I'm pleased to have him join the executive team and look forward to his guidance and leadership of the FMC Treasury group."
Blair joined FMC in 2010 as Corporate Finance manager and has held roles of increasing responsibility in the Treasury function. He was most recently named deputy treasurer in 2018. Prior to FMC, Blair was a derivatives consultant at Chatham Financial, and served as a nuclear submarine officer in the U.S. Navy from 1997 to 2005. Blair earned his Bachelor of Science in Electrical Engineering from the U.S. Naval Academy and holds an MBA from Boston University.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,400 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
The Company's investor relations website, located at https://investors.fmc.com, should be considered as a recognized channel of distribution, and the Company may periodically post important information to the web site for investors, including information that the Company may wish to disclose publicly for purposes of complying with the federal securities laws. After April 27, 2021, this type of information will no longer be provided by press release but will continue to be posted on the investor relations website.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within FMC's 2019 Form 10-K filed with the SEC as well as other SEC filings and public communications. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
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SOURCE FMC Corporation
Article Date
10/29/2020FMC Corporation Announces New Executive Role, Vice President and Chief Sustainability Officer, and Elects New Vice President of Procurement and Global Facilities
Source: PR Newswire
PHILADELPHIA, Oct. 26, 2020 /PRNewswire/ --
FMC Corporation (NYSE: FMC) announced today that Dr. Karen Totland, vice president, Procurement, Sustainability and Global Facilities, has been appointed to the newly created role of vice president and chief sustainability officer (CSO). Thaisa Hugenneyer, director of Business Process Transformation, has been elected vice president, Procurement and Global Facilities. Totland and Hugenneyer will report to Mark Douglas, president and CEO. Both roles are effective January 1, 2021.
Chief Sustainability Officer
"Sustainability at FMC has made great progress under Karen's leadership since 2013, with award-winning programming, aggressive goals, and expanded commitments for reporting and engagement," said Mark Douglas, FMC president and CEO. "Establishing an Office of the CSO led by a seasoned executive is an important step in broadening FMC's Environmental, Social and Governance (ESG) efforts and further elevating sustainability across every facet of our company. Corporate Sustainability, Diversity & Inclusion, Product Stewardship, Government Affairs, Industry Affairs, Corporate Philanthropy and Corporate Social Responsibility will be integrated under one, unified organization."
Totland joined FMC in 2010 and previously worked at leading fragrance and flavor company Firmenich. She holds a Ph.D. in chemistry from the University of Ottawa and conducted post-doctoral research at the Massachusetts Institute of Technology. She currently serves as chairperson of the American Red Cross Eastern Pennsylvania Region Board of Directors.
Procurement and Global Facilities
Hugenneyer currently leads a multi-year Business Process Modernization (BPM) effort that includes upgrading the FMC enterprise-wide financial reporting system to SAP's new S/4HANA platform.
"Thaisa has been an exceptional leader, successfully guiding one of the most complex systems and process transformation initiatives in our company's history," said Douglas. "She is ideally suited to lead our Procurement and Global Facilities organizations, having spent a majority of her career in a variety of global, regional and business procurement roles prior to leading the BPM effort. I am pleased to welcome her to the FMC executive team and look forward to her leadership."
Hugenneyer joined FMC in 2011 and held numerous roles of increasing responsibility in the Procurement function. She led an SAP initiative in 2017 related to the divestiture of FMC's Lithium and Health and Nutrition businesses prior to leading the company's business process transformation. Hugenneyer previously worked in a variety of Procurement and project management roles at Rohm and Haas Company and DuPont. She earned a Bachelor of Science in Business Administration from Maua University in Brazil and an MBA from Drexel University.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,400 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
The Company's investor relations website, located at https://investors.fmc.com, should be considered as a recognized channel of distribution, and the Company may periodically post important information to the web site for investors, including information that the Company may wish to disclose publicly for purposes of complying with the federal securities laws. After April 27, 2021, this type of information will no longer be provided by press release but will continue to be posted on the investor relations website.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within FMC's 2019 Form 10-K filed with the SEC as well as other SEC filings and public communications. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
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SOURCE FMC Corporation
Article Date
10/26/20209/17/2020 - FMC Corporation Announces Dates for Third Quarter 2020 Earnings Release and Webcast Conference Call
FMC Corporation Announces Dates for Third Quarter 2020 Earnings Release and Webcast Conference Call
Source: PR Newswire
PHILADELPHIA, Sept. 17, 2020 /PRNewswire/ --
FMC Corporation (NYSE: FMC) today announced it will release its third quarter 2020 earnings on Monday, November 2, 2020, after the stock market close via PR Newswire and the company's website https://investors.fmc.com.
The company will host a webcast conference call on Tuesday, November 3, 2020, at 9:00 a.m. ET that is open to the public via internet broadcast and telephone.
Third Quarter Conference Call Details:
Internet broadcast: https://investors.fmc.com
Passcode: FMC
Dial-in telephone numbers:
US Toll Free: 1-844-750-4894
Canada Toll Free: 1-855-669-9657
International Dial-In: 1-412-317-5290
A replay of the call will be available via the internet and telephone from 11:00 a.m. ET on November 3, 2020 until November 24, 2020.
Internet replay: https://investors.fmc.com
US Toll Free: 1-877-344-7529
Canada Toll Free: 1-855-669-9658
International Dial-In: 1-412-317-0088
Replay Access Code: 10147860
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,400 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
The Company's investor relations website, located at https://investors.fmc.com, should be considered as a recognized channel of distribution, and the Company may periodically post important information to the web site for investors, including information that the Company may wish to disclose publicly for purposes of complying with the federal securities laws. After April 27, 2021, this type of information will no longer be provided by press release but will continue to be posted on the investor relations website.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within FMC's 2019 Form 10-K filed with the SEC as well as other SEC filings and public communications. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
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SOURCE FMC Corporation
Article Date
9/17/2020FMC Corporation Announces Upcoming Investor Technology Update
Source: PR Newswire
PHILADELPHIA, Sept. 15, 2020 /PRNewswire/ --
FMC Corporation (NYSE: FMC) announced that it will hold its Investor Technology Update on November 17, 2020, starting at 10:00 a.m. ET via webcast. During the two-hour event, senior leadership will outline FMC's innovation strategy and investments, review the R&D pipeline, detail upcoming product launches and review capital allocation priorities.
The Investor Technology Update will be open to the public through a live audio webcast accessible via https://investors.fmc.com. The Company will also post supplemental information on the day of the event. For those who are not able to listen to the live webcast, the full webcast will be archived for one year on FMC's website.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,400 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
The Company's investor relations website, located at https://investors.fmc.com, should be considered as a recognized channel of distribution, and the Company may periodically post important information to the web site for investors, including information that the Company may wish to disclose publicly for purposes of complying with the federal securities laws. After April 27, 2021, this type of information will no longer be provided by press release but will continue to be posted on the investor relations website.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within FMC's 2019 Form 10-K filed with the SEC as well as other SEC filings and public communications. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
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SOURCE FMC Corporation
Article Date
9/15/2020FMC Corporation CEO Mark Douglas and CFO Andrew Sandifer to Speak at Credit Suisse 33rd Annual Basic Materials Conference
Source: PR Newswire
PHILADELPHIA, Aug. 31, 2020 /PRNewswire/ --
FMC Corporation (NYSE: FMC) today announced that Mark Douglas, president and chief executive officer, and Andrew Sandifer, executive vice president and chief financial officer, will speak at the Credit Suisse 33rd Annual Basic Materials Conference on September 17th at 9:30 a.m. ET. A live webcast will be available at www.fmc.com/investors.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,400 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
The Company's investor relations website, located at https://investors.fmc.com, should be considered as a recognized channel of distribution, and the Company may periodically post important information to the web site for investors, including information that the Company may wish to disclose publicly for purposes of complying with the federal securities laws. After April 27, 2021, this type of information will no longer be regularly provided by press release but will continue to be posted on the investor relations website.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within FMC's 2019 Form 10-K filed with the SEC as well as other SEC filings and public communications. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
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SOURCE FMC Corporation
Article Date
8/31/2020FMC Corporation Collaborates with Zymergen to Accelerate Discovery of Breakthrough Crop Protection Technologies
Source: PR Newswire
PHILADELPHIA and EMERYVILLE, Calif., Aug. 20, 2020 /PRNewswire/ --
FMC Corporation (NYSE: FMC), a leading agricultural sciences company, and Zymergen, a science and material innovation company focused on rethinking biology, today announced a new collaboration focused on creating breakthrough crop protection solutions. FMC and Zymergen will develop a new, and faster, natural products discovery process that leads to the development of novel crop protection solutions for growers around the world. Leveraging Zymergen's vast molecular library—the largest metagenomic database in the world—and deep expertise in synthetic biology, FMC will help dramatically improve the rate of success in developing innovative crop protection products.
"We look forward to working together with Zymergen to identify new molecules in ways we have not been able to in the past. FMC has an established and effective molecule discovery process that begins with chemistry. Together, we have an unparalleled advantage to quickly learn from nature and accelerate our product pipeline to address customers' needs with precision," said Dr. Kathleen Shelton, vice president and chief technology officer of FMC. "We're proud to work collaboratively with leading companies like Zymergen as we enter a new era of innovation, building upon the ingenuity that has long existed in our R&D pipeline."
Changing consumer sentiment and increased regulatory scrutiny have created opportunities to use technology in driving sustainability. This collaboration will enhance both FMC and Zymergen's investments in sustainable innovations that address rising food needs for a growing global population.
FMC and Zymergen will target biochemical processes specific to known pests and scale the production process for viable natural product gene clusters. Harnessing Zymergen's proprietary library of over one million gene clusters—by far the largest of its kind—as well as the company's industry-leading fermentation capabilities and bioinformatics experience, FMC will provide criteria that reflect growers' most important needs for novel modes of action to manage resistance. These selection criteria will inform Zymergen's computational models and, in turn, speed discovery of higher-performing crop protection solutions based on nature.
"Zymergen's expertise in synthetic biology, automation, and machine learning will complement FMC's deep understanding of agriculture," said Zach Serber, chief science officer and co-founder, Zymergen. "By partnering with nature to discover and produce molecules, we can create breakthrough solutions which address critical industry problems. Together, our goal is to convert the complexity of nature to create useful products that allow growers to better control pests and diseases."
This collaboration builds on Zymergen's product portfolio across applications, including agriculture, electronics and personal care. Zymergen is already working with industry leaders across a range of product areas to deliver innovations that help the grower, with a focus on crop nutrition and protection. FMC is building an ecosystem of partners to accelerate the speed of innovation to address agriculture's most pressing challenges. FMC's R&D team of more than 800 scientists and associates are guiding one of the most robust discovery and development pipelines in the agricultural industry, including the first novel herbicide mode of action in over 30 years.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,400 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
The Company's investor relations website, located at https://investors.fmc.com, should be considered as a recognized channel of distribution, and the Company may periodically post important information to the web site for investors, including information that the Company may wish to disclose publicly for purposes of complying with the federal securities laws. After April 27, 2021, this type of information will no longer be regularly provided by press release but will continue to be posted on the investor relations website.
About Zymergen
Zymergen is a science and material innovation company rethinking biology and reimagining the world. A World Economic Forum Tech Pioneer, Zymergen partners with nature to create never-before imagined materials and products across industries – from agriculture to electronics, consumer care to pharmaceuticals, and more. The company creates sustainable materials that are in use today, delivering value for Fortune 1000 companies with over $1 billion worth of products using Zymergen microbial innovations sold to date. At Zymergen, we make tomorrow.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within FMC's 2019 Form 10-K filed with the SEC as well as other SEC filings and public communications. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
View original content to download multimedia:http://www.prnewswire.com/news-releases/fmc-corporation-collaborates-with-zymergen-to-accelerate-discovery-of-breakthrough-crop-protection-technologies-301115328.html
SOURCE FMC Corporation
Article Date
8/20/2020FMC Corporation Raises Full-Year 2020 Guidance Following a Solid Second Quarter Result
Source: PR Newswire
PHILADELPHIA, Aug. 4, 2020 /PRNewswire/ --
Second Quarter 2020 Highlights
Full-Year Outlook Highlights2
FMC Corporation (NYSE: FMC) today reported second quarter 2020 revenue of approximately $1.16 billion, a decrease of 4 percent versus second quarter 2019. Excluding the impact of foreign currencies, organic sales grew 3 percent year over year. On a GAAP basis, the company reported earnings of $1.41 per diluted share in the second quarter, an increase of 7 percent versus second quarter 2019. Second quarter adjusted earnings were $1.72 per diluted share, an increase of 4 percent versus second quarter 2019, and 6 cents above the midpoint of guidance.
Second Quarter Adj. EPS versus Guidance (midpoint)* | +6 cents** |
EBITDA | +6 cents |
Depreciation & amortization | -1 cent |
Interest expense | -0.5 cent |
Non-controlling interest | +0.5 cent |
Share count | +0.5 cent |
* | Guidance refers to EPS guidance presented on May 5, 2020 of $1.58 to $1.74 |
** | Contributing factors do not sum to 6 cents, due to rounding |
Mark Douglas, FMC president and CEO said: "FMC delivered solid financial performance despite challenging global conditions that included severe headwinds from foreign currencies, impacts from COVID-19, and adverse weather in Europe. FMC's geographic balance, strength in demand for our product portfolio and pricing actions all contributed to earnings growth in the quarter, as did the proactive cost controls implemented at the outset of the pandemic."
FMC revenue decline was driven by a 7 percent headwind from foreign currencies, offset partially by a 2 percent contribution from volume and a 1 percent contribution from price. Latin America sales grew 2 percent year over year, and 24 percent excluding FX headwinds. Pricing helped offset some of the FX headwinds, while the underlying volume gains came from strong herbicide and insecticide sales in Argentina and robust sales for sugarcane applications in Brazil. In Asia, revenue increased 2 percent year over year, and 8 percent excluding FX. Volume growth in India, Pakistan and Australia, as well as modest pricing across the region, were mostly offset by FX headwinds. In North America, sales decreased 6 percent year over year, driven primarily by our planned activities to reduce channel inventories of pre-emergent herbicides, partially offset by strong insecticide sales. Sales in EMEA decreased 13 percent year over year and decreased 10 percent excluding FX, due to poor weather conditions in Northern and Eastern Europe as well as forecasted registration losses and product rationalizations.
FMC Revenue | Q2 2020 |
Organic Growth | 3% |
FX Impact | (7%) |
Total Revenue Change | (4%) |
2020 Outlook2
The company is forecasting full-year 2020 revenue to be in the range of $4.68 billion to $4.82 billion, representing an increase of 3 percent at the midpoint versus 2019. Organic growth is expected to be 9 percent, which is 1 percent higher than the prior guidance. Full-year adjusted EBITDA is now expected to be in the range of $1.265 billion to $1.325 billion, representing 6 percent year-over-year growth at the midpoint and an increase of 1 percent versus prior guidance. 2020 adjusted earnings are now expected to be in the range of $6.28 to $6.62 per diluted share, representing a year-over-year increase of 6 percent at the midpoint and 7 cents higher than prior forecast. Full-year earnings growth drivers include volume in Latin America and Asia Pacific, pricing and continued cost discipline.
"While we expect continued challenges related to the global pandemic and foreign currency headwinds throughout 2020, we are more confident in our outlook for the remainder of the year and are raising the midpoints of our EBITDA and EPS guidance," said Douglas.
Third and Fourth Quarter Outlook2
Third quarter revenue is expected to be in the range of $1.045 billion to $1.105 billion, representing a 6 percent increase at the midpoint compared to third quarter 2019, and organic growth of 12 percent excluding foreign currency headwinds. Adjusted EBITDA is forecasted to be in the range of $233 million to $257 million, representing a 12 percent increase at the midpoint versus Q3 2019. FMC expects adjusted earnings per diluted share to be in the range of $1.03 to $1.17 in the third quarter, which is an increase of 17 percent at the midpoint versus Q3 2019.
Fourth quarter revenue is expected to be in the range of $1.23 billion to $1.31 billion, representing a 6 percent increase at the midpoint compared to fourth quarter 2019, and organic growth of 11 percent excluding foreign currency headwinds. Adjusted EBITDA is forecasted to be in the range of $335 million to $371 million, representing a 10 percent increase at the midpoint versus Q4 2019. FMC expects adjusted earnings per diluted share to be in the range of $1.71 to $1.91 in the fourth quarter, which represents growth of 3 percent at the midpoint versus Q4 2019.
Full Year Outlook | Q3 2020 Outlook | Q4 2020 Outlook | |
Revenue | $4.68 to $4.82 billion | $1.045 to $1.105 billion | $1.23 to $1.31 billion |
Organic Growth | 9% | 12% | 11% |
Estimated FX Impact | (6%) | (6%) | (5%) |
Growth at midpoint vs. | 3% | 6% | 6% |
Adjusted EBITDA | $1.265 to $1.325 billion | $233 to $257 million | $335 to $371 million |
Growth at midpoint vs. | 6% | 12% | 10% |
Adjusted EPS^ | $6.28 to $6.62 | $1.03 to $1.17 | $1.71 to $1.91 |
Growth at midpoint vs. | 6% | 17% | 3%* |
^ | EPS estimates assume 131 million diluted shares. |
* | Q4 2019 adjusted EPS benefited from a large tax adjustment. |
Supplemental Information
The company will post supplemental information on the web at https://investors.fmc.com, including its webcast slides for tomorrow's earnings call, definitions of non-GAAP terms and reconciliations of non-GAAP figures to the nearest available GAAP term.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,400 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
The Company's investor relations website, located at https://investors.fmc.com, should be considered as a recognized channel of distribution, and the Company may periodically post important information to the web site for investors, including information that the Company may wish to disclose publicly for purposes of complying with the federal securities laws. After April 27, 2021, this type of information will no longer be provided by press release but will continue to be posted on the investor relations website.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: FMC and its representatives may from time to time make written or oral statements that are "forward-looking" and provide other than historical information, including statements contained in this press release, in FMC's other filings with the SEC, and in reports or letters to FMC stockholders.
In some cases, FMC has identified forward-looking statements by such words or phrases as "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words and phrases. Such forward-looking statements are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. Currently, one of the most significant factors is the potential adverse effect of the current COVID-19 pandemic on the financial condition, results of operations, cash flows and performance of FMC, which is substantially influenced by the potential adverse effect of the pandemic on FMC's customers and suppliers and the global economy and financial markets. The extent to which COVID-19 impacts us will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. Additional factors include, among other things, the risk factors and cautionary statements included within FMC's 2019 Form 10-K and FMC's Form 10-Q for the quarter ended June 30, 2020. Moreover, investors are cautioned to interpret many of these factors as being heightened as a result of the ongoing and numerous adverse impacts of the COVID-19 pandemic.
FMC cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
This press release contains certain "non-GAAP financial terms" which are defined on our website www.fmc.com/investors. In addition, we have also provided on our website reconciliations of non-GAAP terms to the most directly comparable GAAP term.
1. | Organic revenue growth (non-GAAP) excludes the impact of foreign currency changes. |
2. | Although we provide forecasts for adjusted earnings per share and adjusted EBITDA (non- GAAP financial measures), we are not able to forecast the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for us to forecast. Such elements include, but are not limited to, restructuring, acquisition charges, and discontinued operations. As a result, no GAAP outlook is provided. |
FMC CORPORATION | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Revenue | $ | 1,155.3 | $ | 1,206.1 | $ | 2,405.3 | $ | 2,398.2 | |||||||
Costs of sales and services | 632.6 | 655.6 | 1,321.1 | 1,303.0 | |||||||||||
Gross margin | $ | 522.7 | $ | 550.5 | $ | 1,084.2 | $ | 1,095.2 | |||||||
Selling, general and administrative expenses | 171.0 | 196.9 | 360.4 | 380.8 | |||||||||||
Research and development expenses | 64.3 | 73.1 | 131.6 | 144.3 | |||||||||||
Restructuring and other charges (income) | 19.5 | 12.7 | 32.9 | 20.5 | |||||||||||
Total costs and expenses | $ | 887.4 | $ | 938.3 | $ | 1,846.0 | $ | 1,848.6 | |||||||
Income from continuing operations before non-operating | $ | 267.9 | $ | 267.8 | $ | 559.3 | $ | 549.6 | |||||||
Non-operating pension and postretirement charges (income) | 2.2 | 3.3 | 4.4 | 6.7 | |||||||||||
Interest expense, net | 40.7 | 39.5 | 81.5 | 74.0 | |||||||||||
Income (loss) from continuing operations before income | $ | 225.0 | $ | 225.0 | $ | 473.4 | $ | 468.9 | |||||||
Provision (benefit) for income taxes | 29.2 | 30.6 | 63.9 | 66.9 | |||||||||||
Income (loss) from continuing operations | $ | 195.8 | $ | 194.4 | $ | 409.5 | $ | 402.0 | |||||||
Discontinued operations, net of income taxes | (10.8) | (18.1) | (18.3) | (8.5) | |||||||||||
Net income (loss) | $ | 185.0 | $ | 176.3 | $ | 391.2 | $ | 393.5 | |||||||
Less: Net income (loss) attributable to noncontrolling | 0.6 | 1.8 | 0.6 | 3.3 | |||||||||||
Net income (loss) attributable to FMC stockholders | $ | 184.4 | $ | 174.5 | $ | 390.6 | $ | 390.2 | |||||||
Amounts attributable to FMC stockholders: | |||||||||||||||
Income (loss) from continuing operations | $ | 195.2 | $ | 192.6 | $ | 408.9 | $ | 398.7 | |||||||
Discontinued operations, net of tax | (10.8) | (18.1) | (18.3) | (8.5) | |||||||||||
Net income (loss) | $ | 184.4 | $ | 174.5 | $ | 390.6 | $ | 390.2 | |||||||
Basic earnings (loss) per common share attributable to | |||||||||||||||
Continuing operations | $ | 1.50 | $ | 1.46 | $ | 3.15 | $ | 3.02 | |||||||
Discontinued operations | (0.08) | (0.14) | (0.14) | (0.06) | |||||||||||
Basic earnings per common share | $ | 1.42 | $ | 1.32 | $ | 3.01 | $ | 2.96 | |||||||
Average number of shares outstanding used in basic | 129.7 | 131.1 | 129.6 | 131.4 | |||||||||||
Diluted earnings (loss) per common share attributable to | |||||||||||||||
Continuing operations | $ | 1.49 | $ | 1.46 | $ | 3.13 | $ | 3.00 | |||||||
Discontinued operations | (0.08) | (0.14) | (0.14) | (0.06) | |||||||||||
Diluted earnings per common share | $ | 1.41 | $ | 1.32 | $ | 2.99 | $ | 2.94 | |||||||
Average number of shares outstanding used in diluted | 130.6 | 132.3 | 130.5 | 132.7 | |||||||||||
Other Data: | |||||||||||||||
Capital additions and other investing activities | $ | 19.2 | $ | 15.6 | $ | 43.8 | $ | 36.4 | |||||||
Depreciation and amortization expense | 40.1 | 37.2 | 79.2 | 74.5 | |||||||||||
FMC CORPORATION | |||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO FMC STOCKHOLDERS (GAAP) TO | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Net income (loss) attributable to FMC stockholders (GAAP) | $ | 184.4 | $ | 174.5 | $ | 390.6 | $ | 390.2 | |||||||
Corporate special charges (income): | |||||||||||||||
Restructuring and other charges (income) (a) | 19.5 | 12.7 | 32.9 | 20.5 | |||||||||||
Non-operating pension and postretirement charges (income) (b) | 2.2 | 3.3 | 4.4 | 6.7 | |||||||||||
Transaction-related charges (c) | 13.0 | 20.1 | 26.0 | 36.6 | |||||||||||
Income tax expense (benefit) on Corporate special charges (income) (d) | (5.9) | (7.1) | (10.8) | (12.8) | |||||||||||
Discontinued operations attributable to FMC stockholders, net of | 10.8 | 18.1 | 18.3 | 8.5 | |||||||||||
Tax adjustment (f) | — | (1.4) | 2.2 | (0.2) | |||||||||||
Adjusted after-tax earnings from continuing operations | $ | 224.0 | $ | 220.2 | $ | 463.6 | $ | 449.5 | |||||||
Diluted earnings per common share (GAAP) | $ | 1.41 | $ | 1.32 | $ | 2.99 | $ | 2.94 | |||||||
Corporate special charges (income) per diluted share, before tax: | |||||||||||||||
Restructuring and other charges (income) | 0.15 | 0.10 | 0.25 | 0.16 | |||||||||||
Non-operating pension and postretirement charges (income) | 0.02 | 0.02 | 0.03 | 0.05 | |||||||||||
Transaction-related charges | 0.10 | 0.15 | 0.20 | 0.28 | |||||||||||
Income tax expense (benefit) on Corporate special charges (income), per diluted share | (0.04) | (0.06) | (0.08) | (0.10) | |||||||||||
Discontinued operations attributable to FMC stockholders, net of | 0.08 | 0.14 | 0.14 | 0.06 | |||||||||||
Tax adjustments per diluted share | — | (0.01) | 0.02 | — | |||||||||||
Diluted adjusted after-tax earnings from continuing | $ | 1.72 | $ | 1.66 | $ | 3.55 | $ | 3.39 | |||||||
Average number of shares outstanding used in diluted adjusted | 130.6 | 132.3 | 130.5 | 132.7 | |||||||||||
____________________ | |
(1) | The Company believes that the Non-GAAP financial measure "Adjusted after-tax earnings from continuing operations attributable |
(a) | Three Months Ended June 30, 2020: |
Restructuring and other charges (income) is comprised of charges associated with the integration of the DuPont Crop Protection Business. | |
Three Months Ended June 30, 2019: | |
Restructuring and other charges (income) is primarily comprised of charges associated with the integration of the DuPont Crop Protection | |
Six Months Ended June 30, 2020: | |
Restructuring and other charges (income) is primarily comprised of charges associated with the integration of the DuPont Crop Protection | |
Six Months Ended June 30, 2019: | |
Restructuring and other charges (income) is primarily comprised of charges associated with the integration of the DuPont Crop Protection | |
(b) | Our non-operating pension and postretirement charges (income) are defined as those costs (benefits) related to interest, expected return |
(c) | Charges related to legal and professional fees associated with acquisition activities. Except for the completion of certain in-flight initiatives, primarily |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(in Millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||
DuPont Crop Protection Business Acquisition | |||||||||||||||
Legal and professional fees (1) | $ | 13.0 | $ | 20.1 | $ | 26.0 | $ | 36.6 | |||||||
Total Transaction-related charges | $ | 13.0 | $ | 20.1 | $ | 26.0 | $ | 36.6 | |||||||
____________________ | |
(1) | Represents transaction costs, costs for transitional employees, other acquired employees related costs, and transactional- |
(d) | The income tax expense (benefit) on Corporate special charges (income) is determined using the applicable rates in the |
(e) | Three and Six Months Ended June 30, 2020 and 2019 |
Discontinued operations, net of income taxes include, in periods up to its separation on March 1, 2019, the results of FMC | |
(f) | We exclude the GAAP tax provision, including discrete items, from the Non-GAAP measure of income, and include a |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(in Millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Non-GAAP tax adjustments | |||||||||||||||
Revisions to valuation allowances of historical deferred | — | 0.2 | $ | (0.4) | $ | 0.6 | |||||||||
Foreign currency remeasurement and other discrete items | — | (1.6) | 2.6 | (0.8) | |||||||||||
Total Non-GAAP tax adjustments | $ | — | $ | (1.4) | $ | 2.2 | $ | (0.2) | |||||||
RECONCILIATION OF NET INCOME (LOSS) (GAAP) TO ADJUSTED EARNINGS FROM CONTINUING | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Net income (loss) (GAAP) | $ | 185.0 | $ | 176.3 | $ | 391.2 | $ | 393.5 | |||||||
Restructuring and other charges (income) | 19.5 | 12.7 | 32.9 | 20.5 | |||||||||||
Non-operating pension and postretirement charges (income) | 2.2 | 3.3 | 4.4 | 6.7 | |||||||||||
Transaction-related charges | 13.0 | 20.1 | 26.0 | 36.6 | |||||||||||
Discontinued operations, net of income taxes | 10.8 | 18.1 | 18.3 | 8.5 | |||||||||||
Interest expense, net | 40.7 | 39.5 | 81.5 | 74.0 | |||||||||||
Depreciation and amortization | 40.1 | 37.2 | 79.2 | 74.5 | |||||||||||
Provision (benefit) for income taxes | 29.2 | 30.6 | 63.9 | 66.9 | |||||||||||
Adjusted earnings from continuing operations, before interest, | $ | 340.5 | $ | 337.8 | $ | 697.4 | $ | 681.2 | |||||||
___________________ | |
(1) | Referred to as Adjusted EBITDA. Defined as operating profit excluding corporate special charges (income) and depreciation and |
RECONCILIATION OF CASH PROVIDED (REQUIRED) BY OPERATING ACTIVITIES OF | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In Millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Cash provided (required) by operating activities of continuing | $ | 260.5 | $ | 66.1 | $ | (48.4) | $ | (216.8) | |||||||
Transaction and integration costs | 17.0 | 23.2 | 39.5 | 43.1 | |||||||||||
Adjusted cash from operations (2) | $ | 277.5 | $ | 89.3 | $ | (8.9) | $ | (173.7) | |||||||
Capital expenditures | (7.7) | (16.4) | (23.2) | (35.5) | |||||||||||
Other investing activities | (11.5) | 0.8 | (20.6) | (0.9) | |||||||||||
Capital additions and other investing activities | $ | (19.2) | $ | (15.6) | $ | (43.8) | $ | (36.4) | |||||||
Cash provided (required) by operating activities of discontinued | (25.9) | (14.4) | (45.3) | (8.7) | |||||||||||
Cash provided (required) by investing activities of discontinued | 1.1 | — | 1.1 | 9.2 | |||||||||||
Transaction and integration costs | (17.0) | (23.2) | (39.5) | (43.1) | |||||||||||
Investment in Enterprise Resource Planning system | (12.0) | (14.1) | (30.6) | (26.7) | |||||||||||
Legacy and transformation | $ | (53.8) | $ | (51.7) | $ | (114.3) | $ | (69.3) | |||||||
Free cash flow (Non-GAAP) (3) | $ | 204.5 | $ | 22.0 | $ | (167.0) | $ | (279.4) | |||||||
___________________ | |
(1) | The cash provided (required) by operating activities for the three months ended June 30, 2020 and 2019 is the calculation of the six |
(2) | Adjusted cash from operations is defined as cash provided (required) by operating activities of continuing operations excluding |
(3) | Free cash flow is defined as Adjusted cash from operations reduced by spending for capital additions and other investing activities |
RECONCILIATION OF REVENUE CHANGE (GAAP) TO | |||||
Three Months Ended | Six Months Ended | ||||
Total Revenue Change (GAAP) | (4) | % | — | % | |
Less: Foreign Currency Impact | (7) | % | (6) | % | |
Organic Revenue Change (Non-GAAP) | 3 | % | 6 | % | |
Full Year Outlook | Q3 2020 Outlook | Q4 2020 Outlook | ||||||
Projected Total Revenue Change at Midpoint (GAAP) | 3 | % | 6 | % | 6 | % | ||
Less: Estimated Foreign Currency Impact | (6) | % | (6) | % | (5) | % | ||
Projected Organic Revenue Change (Non-GAAP) | 9 | % | 12 | % | 11 | % | ||
___________________ | |
(1) | We believe organic revenue growth (non-GAAP) provides management and investors with useful supplemental information |
FMC CORPORATION | |||||||
June 30, 2020 | December 31, 2019 | ||||||
Cash and cash equivalents | $ | 342.7 | $ | 339.1 | |||
Trade receivables, net of allowance of $24.8 in 2020 and $26.3 in 2019 | 2,342.4 | 2,231.2 | |||||
Inventories | 1,138.5 | 1,017.0 | |||||
Prepaid and other current assets | 464.6 | 487.5 | |||||
Total current assets | $ | 4,288.2 | $ | 4,074.8 | |||
Property, plant and equipment, net | 733.8 | 758.0 | |||||
Goodwill | 1,460.7 | 1,467.5 | |||||
Other intangibles, net | 2,603.9 | 2,629.0 | |||||
Deferred income taxes | 249.6 | 257.4 | |||||
Other long-term assets | 657.5 | 686.0 | |||||
Total assets | $ | 9,993.7 | $ | 9,872.7 | |||
Short-term debt and current portion of long-term debt | $ | 505.9 | $ | 227.7 | |||
Accounts payable, trade and other | 842.2 | 900.1 | |||||
Advanced payments from customers | 7.0 | 492.7 | |||||
Accrued and other liabilities | 632.2 | 680.6 | |||||
Accrued customer rebates | 489.5 | 280.6 | |||||
Guarantees of vendor financing | 108.6 | 75.7 | |||||
Accrued pensions and other postretirement benefits, current | 4.3 | 4.3 | |||||
Income taxes | 93.2 | 62.2 | |||||
Total current liabilities | $ | 2,682.9 | $ | 2,723.9 | |||
Long-term debt, less current portion | $ | 3,027.5 | $ | 3,031.1 | |||
Long-term liabilities | 1,432.4 | 1,556.3 | |||||
Equity | 2,850.9 | 2,561.4 | |||||
Total liabilities and equity | $ | 9,993.7 | $ | 9,872.7 | |||
FMC CORPORATION | |||||||
Six Months Ended June 30, | |||||||
2020 | 2019 | ||||||
Cash provided (required) by operating activities of continuing operations | $ | (48.4) | $ | (216.8) | |||
Cash provided (required) by operating activities of discontinued operations | (45.3) | (8.7) | |||||
Cash provided (required) by investing activities of continuing operations | (74.4) | (63.1) | |||||
Cash provided (required) by investing activities of discontinued operations | 1.1 | 9.2 | |||||
Cash provided (required) by financing activities of continuing operations | 174.9 | 239.1 | |||||
Cash provided (required) by financing activities of discontinued operations | — | (37.2) | |||||
Effect of exchange rate changes on cash | (4.3) | (0.8) | |||||
Increase (decrease) in cash and cash equivalents | $ | 3.6 | $ | (78.3) | |||
Cash and cash equivalents of continuing operations, beginning of period | $ | 339.1 | $ | 134.4 | |||
Cash and cash equivalents of discontinued operations | — | 27.3 | |||||
Cash and cash equivalents, beginning of period | $ | 339.1 | $ | 161.7 | |||
Cash and cash equivalents, end of period | $ | 342.7 | $ | 83.4 | |||
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SOURCE FMC Corporation
Article Date
8/4/20207/17/2020 - FMC Corporation Declares Quarterly Dividend
FMC Corporation Declares Quarterly Dividend
Source: PR Newswire
PHILADELPHIA, July 17, 2020 /PRNewswire/ --
FMC Corporation (NYSE: FMC) announced today that its board of directors declared a regular quarterly dividend of 44 cents per share, payable on October 15, 2020, to shareholders of record as of the close of business on September 30, 2020.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,400 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within FMC's 2019 Form 10-K filed with the SEC as well as other SEC filings and public communications. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
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SOURCE FMC Corporation
Article Date
7/17/2020FMC Corporation Announces Election of John Davidson to Board of Directors
Source: PR Newswire
PHILADELPHIA, July 13, 2020 /PRNewswire/ --
FMC Corporation (NYSE: FMC) announced the election of Carol Anthony ("John") Davidson to the company's Board of Directors, effective July 13, 2020. He will serve as a member of the Board's Audit and Sustainability Committees.
Davidson brings to the FMC Board his extensive experience as a finance leader in global corporations across multiple industries. He has a strong track record of building and leading global teams and implementing governance and controls processes. He previously served as senior vice president, controller and chief accounting officer of Tyco International from 2004 to 2012 where he led financial reporting, internal controls and accounting policies and processes. Prior to Tyco, Davidson held senior global leadership positions in finance and related disciplines at Eastman Kodak Company and Dell Computer Corporation. He is a Certified Public Accountant and began his career at Arthur Andersen & Co.
"We are honored to welcome John to the FMC Board of Directors," said Mark Douglas, president and chief executive officer of FMC. "He brings extensive financial experience and broad capabilities in several critical areas, including risk, compliance, audit and accounting. The Board looks forward to his engagement and contributions."
Davidson currently serves on the board of directors of TE Connectivity and Legg Mason. He previously was a director at Allergan, Plc., DaVita, Inc., and Pentair, Plc., and served on the board of governors of the Financial Industry Regulatory Authority, which regulates and oversees the U.S. financial industry in the interest of investor protection and market integrity. He was also a trustee of the Financial Accounting Foundation, an organization that oversees the processes for setting financial accounting and reporting standards in the U.S.
"I am pleased to join the FMC Corporation board at this important time," said Davidson. "It has been exciting to see the transformation of this company over the last several years into a fast-growing agricultural sciences leader. I look forward to working with the CEO, Mark Douglas, the directors and the management team in executing the company's growth strategy and continuing to build long-term shareholder value."
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,400 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within FMC's 2019 Form 10-K filed with the SEC as well as other SEC filings and public communications. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
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SOURCE FMC Corporation
Article Date
7/13/2020FMC Corporation Partners with Nutrien Ag Solutions to Deploy Arc(TM) Farm Intelligence Platform in the U.S.
Source: PR Newswire
PHILADELPHIA, July 9, 2020 /PRNewswire/ -- FMC Corporation has partnered with Nutrien Ag Solutions on a pilot program to use the new FMC Arc™ farm intelligence platform. This platform delivers real-time pest mapping and predictive forecasts of diamondback moth populations in brassica crops to Nutrien Ag Solutions pest control advisors (PCAs) in the Salinas Valley of California. Crops being monitored include Brussels sprouts, broccoli and cauliflower.
The diamondback moth is one of the most prolific pests on brassica crops throughout the world with an estimated annual economic impact exceeding $4 billion.
"We are excited to collaborate with Nutrien Ag Solutions to bring the power of FMC's Arc farm intelligence platform to brassica crops," said Ronaldo Pereira, president FMC Americas Region. "This unique technology will enhance the ability of Nutrien Ag Solutions representatives to help growers better manage destructive diamondback moths through an integrated pest management strategy."
The pilot program launched in late May 2020 and will run through mid-September 2020, the peak season for diamondback moths. Nutrien Ag Solutions PCAs and scouts will be actively monitoring insect traps throughout the Salinas Valley while FMC Arc farm intelligence will visualize that data as detailed maps on a proprietary mobile app. This functionality helps PCAs and growers easily track the progression of pest pressure and, ultimately, predict it. The highly visual and accessible pest information will help Nutrien Ag Solutions PCAs be more efficient and effective in scouting and delivering pest management recommendations to growers than in the past. FMC plans to refine and validate an advanced pest prediction model for diamondback moths based on current and historical data.
"As we continue to evolve our digital platform for our customers and employees, we're committed to partnerships that enhance our digital agronomy offerings and simplify the experience for our growers," says Sol Goldfarb, vice president of digital strategy at Nutrien Ag Solutions. "Our pilot program with FMC's Arc farm intelligence is providing our PCAs with cutting-edge technology to track pest pressure. We're excited to work with FMC on this pilot and other opportunities to use technology to better understand and manage pest pressure. The opportunity to trial products such as Arc farm intelligence is critical to further advance our digital platform and stay true to our goal to be the ag retailer of the future."
Arc Farm Intelligence Platform
Arc farm intelligence is the first mobile platform to use predictive modeling based on real-time data to ensure the right crop protection products are applied precisely where and when they are needed to improve sustainability, optimize crop yields and enhance grower return on investment.
The innovative platform offers a full suite of features, including customized alerts through a mobile app to indicate when action is needed in a field, two-way communication between the user and the FMC technical services team, reliable data and high-quality graphics, including graphs and heat maps. Arc farm intelligence has been engineered with open APIs and can easily be plugged into existing digital ecosystems.
For more information about the Arc farm intelligence platform, visit arc.fmc.com.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,400 employees around the globe. To learn more, please visit fmc.com.
About Nutrien Ag Solutions
Nutrien Ag Solutions is the retail division of Nutrien Ltd. It combines global innovation with local expertise to provide full-acre solutions through a network of trusted crop consultants at retail locations around the world. Nutrien Ag Solutions strives to help growers achieve the highest yields with the most sustainable solutions possible, offering a wide selection of products, including our proprietary brands: Dyna-Gro® Seed, Loveland Products, Inc.® and Proven® Seed. Learn more at NutrienAgSolutions.com.
Hero insecticide is a Restricted Use Pesticide. Always read and follow all label directions, precautions and restrictions for use. Some products may not be registered for sale or use in all states. FMC, the FMC logo, Authority, Boral, Centium, Command, Cyazypyr, Gambit, Hero, Presence, Quartzo, Rynaxypyr, Talstar and Arc are trademarks of FMC Corporation or an affiliate. ©2020 FMC Corporation. All rights reserved.
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SOURCE FMC Corporation
Article Date
7/9/20207/8/2020 - FMC Corporation Announces Dates for Second Quarter 2020 Earnings Release and Webcast Conference Call
FMC Corporation Announces Dates for Second Quarter 2020 Earnings Release and Webcast Conference Call
Source: PR Newswire
PHILADELPHIA, July 8, 2020 /PRNewswire/ --
FMC Corporation (NYSE: FMC) today announced it will release its second quarter 2020 earnings on Tuesday, August 4, 2020, after the stock market close via PR Newswire and the company's website https://investors.fmc.com.
The company will host a webcast conference call on Wednesday, August 5, 2020, at 9:00 a.m. ET that is open to the public via internet broadcast and telephone.
Second Quarter Conference Call Details:
Internet broadcast: https://investors.fmc.com
Passcode: FMC
Dial-in telephone numbers:
US Toll Free: 1-866-652-5200
Canada Toll Free: 1-855-669-9657
Other International Toll Free: 1-412-317-6060
A replay of the call will be available via the internet and telephone from 11:00 a.m. ET on August 5, 2020 until September 5, 2020.
Internet replay: https://investors.fmc.com
US Toll Free: 1-877-344-7529
International Toll Free: 1-412-317-0088
Replay Access Code: 10145995
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,400 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within FMC's 2019 Form 10-K filed with the SEC as well as other SEC filings and public communications. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
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SOURCE FMC Corporation
Article Date
7/8/20206/29/2020 - FMC Corporation Collaborates with Cyclica to Improve Research Efficiency Using Artificial Intelligence
FMC Corporation Collaborates with Cyclica to Improve Research Efficiency Using Artificial Intelligence
Source: PR Newswire
PHILADELPHIA, June 29, 2020 /PRNewswire/ --
FMC Corporation (NYSE: FMC) has entered into a collaboration with Cyclica Inc, a leading biotechnology company specializing in artificial intelligence (AI) and computational biophysics, to accelerate and improve the efficiency of discovering new crop protection chemistry. This is among the first of several new technology collaborations and approaches that FMC is pursuing to expand its research of novel active ingredients that protect crops from diseases and destructive pests.
"Today we have an award-winning pipeline of more than 25 promising new molecules," said Dr. Kathleen Shelton, vice president and chief technology officer of FMC. "Discovering a new molecule with the right efficacy, mode of action and sustainability profile is a complex, multi-year process requiring hundreds of researchers testing tens of thousands of compounds annually. Augmenting our traditional research and screening processes with the power of artificial intelligence will help us identify and assess more molecules faster and with greater precision."
FMC will use Ligand Design™ and Ligand Express™, Cyclica's proprietary AI platforms, to optimize the discovery of novel compounds at a pace that far exceeds typical chemistry discovery research programs. Powered by MatchMaker™, a deep learning proteome screening technology, and POEM™, a machine learning technology for predicting molecular properties, Ligand Design™ and Ligand Express™ will assess millions of chemical structures, providing FMC researchers with a greater volume of high-quality molecule predictions that are specific to the pesticidal target of interest. A similar AI-augmented approach to discovery research has been used successfully for years in industries that require extensive data analysis, significant investments and lengthy development timelines, such as pharmaceuticals and healthcare.
"We are excited to partner with FMC scientists in their quest to innovate novel molecules that control pests and diseases in agriculture," says Naheed Kurji, cofounder, president and CEO of Cyclica. "Ligand Design™ and Ligand Express™ have been instrumental in the design and screening of new medicines, and we look forward to applying those learnings in support of FMC's global discovery research programs."
FMC's R&D team of more than 800 scientists and associates are guiding one of the most robust discovery and development pipelines in the agricultural industry at 22 innovation centers and field stations around the world. The company's global R&D is headquartered at the FMC Stine Research Center in Newark, Delaware, and its biologicals research is conducted at the FMC European Innovation Center in Hørsholm, Denmark.
Terms of the collaboration with Cyclica are not disclosed.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,400 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
About Cyclica Inc.
Cyclica is the first company to approach polypharmacology with a structure-based, AI-augmented in silico discovery platform, centered on Ligand Design and Ligand Express. Powered by MatchMaker™, a proprietary deep learning proteome screening technology, and POEM™, an innovative supervised learning technology for predicting molecular properties, Cyclica's platform is suited uniquely to the design of novel, chemical matter by simultaneously prioritizing compounds based on their on- and off-target polypharmacological profiles as well as their developmental properties. With a world-class team that has deep roots in the industry, a first-in-class platform, and an innovative decentralized partnership model, Cyclica is creating medicines with greater precision for unmet patient needs.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within FMC's 2019 Form 10-K filed with the SEC as well as other SEC filings and public communications. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
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SOURCE FMC Corporation
Article Date
6/29/2020FMC Corporation Launches FMC Ventures to Advance Emerging Ag Technology Innovation
Source: PR Newswire
PHILADELPHIA, June 25, 2020 /PRNewswire/ --
FMC Corporation (NYSE: FMC) announced today that it has launched FMC Ventures. The new venture capital arm of FMC Corporation is targeting strategic investments in start-ups and early-stage companies that are developing and applying emerging technologies in the agricultural industry.
"At FMC, we are investing in the future of agriculture," said Mark Douglas, president and chief executive officer at FMC. "Through FMC Ventures, we are able to quickly identify, assess and invest in emerging, sustainable technologies that will complement our technology portfolio and deliver strong return on investment."
FMC Ventures evaluates emerging technologies of relevance to the agricultural industry and will invest in those that create unique competitive advantage for FMC. Agriculture's most pressing challenges are being addressed through advances in artificial intelligence (AI), genomics, robotics, precision agriculture, biopesticides, synthetic biology and other innovations. As progress in these disciplines converge, they will radically alter how crop inputs are developed, sold and applied. The new venture capital arm of FMC will initially focus investments in these advanced technology areas.
Investment in Trace Genomics
FMC Ventures announced its first portfolio investment in Trace Genomics, Inc. With operations in Burlingame, CA, and Ames, IA, the start-up combines DNA sequencing with machine learning that not only explains how soil diseases emerge, but also identifies beneficial microorganisms that can be developed into biological products that counter harmful pathogens. Trace Genomics' technology can identify bacteria, fungi, nematodes and pathogens, as well as their interactions with each other and the plant. An in-depth analysis of microbial diversity and its impact on crops are critical data sets needed by agronomists to recommend the right biological products.
"Trace Genomics' superior sequencing and analytical approach to managing soil data will complement the growth objectives for our biological portfolio," said Amar Singh, managing director of FMC Ventures. "Understanding the important role of soil biology and accurate prediction of disease risk in fields will be increasingly important as the adoption of sustainable, biological crop protection products continues to accelerate around the world. Soil tests on the market today are insufficient to answer all the right questions in detail. Trace Genomics technology changes that."
Trace Genomics was recently selected as one of the World Economic Forum's Technology Pioneers, which recognizes the world's most promising start-ups and scale-ups that are at the forefront of technological and business model innovation.
"FMC has deep roots in the food production system worldwide—I know because I've worked with their products and technologies for over four decades," said Trace Genomics CEO Dan Vradenburg. "Having a global leader like FMC in our corner validates our investments to change how we nurture soil, our most important agricultural asset. To create a future where this planet can feed 10 billion people, we need to collaborate across the food and agriculture system. All stakeholders in agriculture—and certainly solution providers like FMC—want science-backed soil intelligence to unlock the full potential of our living soil. We look forward to collaborating with them as we expand agricultural practices and solutions to help improve farm productivity in a more sustainable manner and restore our living soil."
FMC Corporation will retain a minority equity stake in Trace Genomics. Additional terms of the agreement were not disclosed.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,400 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
About Trace Genomics
Trace Genomics has developed the first analytics engine that learns as it maps the living soil. Founded in 2015 by two Stanford PhDs, Poornima Parameswaran and Diane Wu, Trace Genomics helps agricultural industry professionals including agronomists and growers maximize the value of every acre. The company is building the largest, most actionable body of soil intelligence, making their customers experts on what's underground. Working collaboratively across the agriculture ecosystem, Trace Genomics has operations in Ames, Iowa and Silicon Valley. Dan Vradenburg joined the company in 2019 as CEO, bringing four decades of farming knowledge and business expertise. Positioning the company for scale and success, Vradenburg has appointed an experienced and accomplished leadership team. The company has raised over $35 million in funding.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within FMC's 2019 Form 10-K filed with the SEC as well as other SEC filings and public communications. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
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SOURCE FMC Corporation
Article Date
6/25/2020FMC Corporation Announces New Arc(TM) Farm Intelligence Platform
Source: PR Newswire
PHILADELPHIA, May 21, 2020 /PRNewswire/ --
FMC Corporation (NYSE: FMC) today announced the launch of Arc™ farm intelligence, an exclusive precision agriculture platform that enables growers and advisors to more accurately predict pest pressure before it becomes a problem. Arc™ farm intelligence is the first mobile platform to use predictive modeling based on real-time data to help ensure the right crop protection products are applied precisely where and when they are needed to improve sustainability, optimize crop yield and enhance grower return on investment (ROI).
"Farmers rely on data and information every day to make critical decisions about protecting their crops from destructive insects, disease and weeds," said Mark Douglas, president and CEO-elect of FMC. "Arc™ farm intelligence raises the game in predictive modeling and analytics, enabling our team to provide advisors and growers with crop protection advice and insights faster, easier and in a smarter way. Delivering better information to growers increases sustainability, adds value, strengthens relationships and promotes more business opportunities."
The innovative platform offers a full suite of features, including customized alerts through a mobile app to indicate when action is needed in a field, two-way communication with FMC agronomists, reliable data and high-quality graphics, including graphs and heat maps. Arc™ farm intelligence has been engineered with open APIs and can easily be plugged into growers' existing digital ecosystems.
"Our first offering under the Arc™ farm intelligence platform utilizes aggregated historical data, entomological models, hyper-local weather data, and real-time regional pest mapping to increase a grower's confidence when making insect management decisions," said Sara Sterling, director of Precision Agriculture at FMC. "Powered by advanced scouting and machine learning, this tool predicts insect pressure one week in advance with more than 90 percent confidence for key insects in select crops. Feedback has been overwhelmingly positive in Brazil and Greece, where it has been used on cotton, and we look forward to introducing Arc™ farm intelligence in additional countries and crops."
The platform will be launched commercially next week in Greece for cotton, and it is being piloted in other countries, including Brazil, Spain and the United States, on a broad range of crops from brassicas to corn to lettuce. The Arc™ farm intelligence app will be available for growers in Greece for free from the Android and iOS app stores.
Arc™ farm intelligence is the latest addition to FMC's Precision Agriculture solutions, which are designed to ensure the right crop protection products are applied exactly where and when they are needed to increase sustainability, as well as optimize yield quality and quantity and improve ROI. Other FMC Precision Agriculture solutions include 3RIVE 3D® application technology, a revolutionary at-plant crop protection delivery system that helps growers efficiently cover more ground in less time with fewer refills – saving water, fuel, labor and time; and PrecisionPac® solutions, an innovative dispensing system that minimizes waste with custom herbicide blends specific to each grower's field size and weed spectrum.
To learn more about Arc™ farm intelligence, visit arc.fmc.com.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,400 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Arc, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within FMC's 2019 Form 10-K filed with the SEC as well as other SEC filings and public communications. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
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SOURCE FMC Corporation
Article Date
5/21/2020FMC Corporation to Acquire Fluindapyr Active Ingredient Assets from Isagro S.p.A.
Source: PR Newswire
PHILADELPHIA, May 6, 2020 /PRNewswire/ --
FMC Corporation (NYSE: FMC) and Isagro S.p.A. have agreed to a binding offer whereby FMC will acquire Isagro's Fluindapyr active ingredient assets for €55 million (approximately $60 million). The cash transaction, expected to close by the end of third quarter 2020, will transfer to FMC all intellectual property, know-how, registrations, product formulations and other global assets of the proprietary broad-spectrum fungicide molecule.
Fluindapyr, originally discovered by Isagro, has been jointly developed by FMC and Isagro under a 2012 research and development collaboration agreement. Each company has been investing in its own fungicide formulations based on Fluindapyr active ingredient, and each is pursuing registrations in select regions and countries. The transaction will provide FMC with full global rights to Fluindapyr active ingredient, including key U.S., European, Asian and Latin American fungicide markets.
"Fluindapyr is an important SDHi molecule in the FMC portfolio that combats a variety of diseases in row crops, specialty crops and turf," said Mark Douglas, president and CEO-elect of FMC. "This acquisition strengthens our fungicide product line. We expect a pre-launch in Paraguay this year, an initial launch in the U.S. in 2021, followed by launches in China, Europe, Argentina, Brazil and other countries."
The transaction, subject to customary regulatory approvals from relevant antitrust authorities and the finalization and transfer of commercial agreements, excludes liabilities, Isagro sites and workforce. Additional financial details have not been disclosed.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,400 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: FMC and its representatives may from time to time make written or oral statements that are "forward-looking" and provide other than historical information, including statements contained in this press release, in FMC's other filings with the SEC, and in reports or letters to FMC stockholders.
In some cases, FMC has identified forward-looking statements by such words or phrases as "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words and phrases. Such forward-looking statements are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. Currently, one of the most significant factors is the potential adverse effect of the current COVID-19 pandemic on the financial condition, results of operations, cash flows and performance of FMC, which is substantially influenced by the potential adverse effect of the pandemic on FMC's customers and suppliers and the global economy and financial markets. The extent to which COVID-19 impacts us will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. Additional factors include, among other things, the risk factors and cautionary statements included within FMC's 2019 Form 10-K and FMC's Form 10-Q for the quarter ended March 31, 2020. Moreover, investors are cautioned to interpret many of these factors as being heightened as a result of the ongoing and numerous adverse impacts of the COVID-19 pandemic.
FMC cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
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SOURCE FMC Corporation
Article Date
5/6/2020FMC Corporation Announces Strong First Quarter and Forecasts Solid Full-Year Revenue Performance Driven by Strong Organic Growth
Source: PR Newswire
PHILADELPHIA, May 5, 2020 /PRNewswire/ --
First Quarter 2020 Highlights
Full-Year Outlook2
FMC Corporation (NYSE: FMC) today reported first quarter 2020 revenue of $1.25 billion, an increase of 5 percent versus first quarter 2019, with growth in Latin America, North America and EMEA. Excluding the impact of foreign currencies, organic revenue growth was 9 percent. On a GAAP basis, the company reported earnings of $1.58 per diluted share in the first quarter, a decrease of 2 percent versus first quarter 2019. First quarter adjusted earnings were $1.84 per diluted share, an increase of 7 percent versus first quarter 2019.
First Quarter Adjusted EPS versus Q1 2019 | +12 cents |
EBITDA | +9 cents |
Depreciation and amortization | -1 cent |
Interest expense | -4 cents |
Tax rate | +3 cents |
Non-controlling interest | +1 cent |
Share count | +4 cents |
"FMC delivered another quarter of above-market growth, against an industry-leading comparison from last year," said Pierre Brondeau, CEO and chairman of FMC. "We effectively navigated the challenges presented by the COVID-19 pandemic during the quarter. Our global operations, supply chain and commercial teams worked diligently to ensure customers had timely access to critical crop protection products through the quarter."
FMC revenue growth was driven by a 7 percent contribution from volume and a 2 percent contribution from price, offset partially by a 4 percent headwind from foreign currencies. FMC achieved higher pricing in all regions, which partially offset FX headwinds in many countries. Latin America sales grew 26 percent year over year and 38 percent excluding FX, driven by robust volume growth broadly across the region. Each product segment grew at least 20 percent in Latin America, with herbicides growing the fastest, due to sugarcane replanting in Brazil. In North America, sales increased 3 percent year over year, driven by demand for Rynaxypyr® insect control and new products, including pre-emergent herbicide Authority® Edge. Sales in EMEA grew 1 percent year over year and 4 percent excluding FX, due to very strong demand for fungicides and solid growth in herbicides, which were partially offset by product rationalizations. In Asia, revenue decreased 3 percent year over year, but was flat excluding FX. The decline was driven primarily by foreign currency headwinds and product rationalizations, which were partially offset by double-digit growth in India and Pakistan.
FMC Revenue Q1 2020 | ||
Organic Growth 9% | ||
FX Impact (4%) | ||
Total Revenue Growth 5% |
FMC first quarter adjusted EBITDA was $357 million, an increase of 4 percent from the prior-year period. This increase was driven primarily by volume gains in Latin America and EMEA, price increases in all regions, and new products. The favorable volume and price impacts more than offset significant currency headwinds – caused by a strengthening U.S. dollar versus most currencies around the world – and slightly higher costs.
2020 and Second Quarter Outlook2
The company is forecasting solid underlying demand through the end of the year. FMC full-year 2020 revenue is now forecasted to be in the range of $4.65 billion to $4.85 billion, representing an increase of 3 percent at the midpoint versus 2019. Excluding the impact of foreign currencies, organic growth is expected to be 8 percent. Despite an increase in full-year organic growth versus previous forecast, the revenue range is down due to currency headwinds and ongoing global pandemic risks.
Full-year adjusted EBITDA is now expected to be in the range of $1.23 billion to $1.34 billion, representing 5 percent year-over-year growth at the midpoint. The company believes that COVID-related and currency headwinds – partially offset by cost savings and strong price increases – could reduce EBITDA by a range of $0 to $70 million ($35 million at midpoint of guidance) as compared to our prior guidance.
2020 adjusted earnings are now expected to be in the range of $6.05 to $6.70 per diluted share, representing an increase of 5 percent year over year at the midpoint.
The company announced on April 22 that it amended its Credit Agreement and Term Loan Agreement to increase the maximum permitted leverage ratio to 4.25 through December 31, 2020. The higher leverage ratio provides significant headroom above any of the COVID-19 related scenarios assessed by the company. While the company has no concerns about liquidity, it is suspending share repurchases until the impact of the global pandemic is better understood. However, the company will maintain regular quarterly dividend payments.
Second quarter revenue is expected to be in the range of $1.17 billion to $1.23 billion, which is flat at the midpoint compared to second quarter 2019, although organic growth would be 5 percent excluding foreign currency headwinds. Adjusted EBITDA is forecasted to be in the range of $317 million to $347 million, representing a 2 percent decrease at the midpoint versus Q2 2019. FMC expects adjusted earnings per diluted share to be in the range of $1.58 to $1.74 in the second quarter, which is flat at the midpoint versus Q2 2019.
"Despite forecasting solid organic growth, we believe the second quarter will present the most challenging and uncertain conditions related to COVID-19 and currencies. FX will be a strong headwind at a time of year when price increases are the most difficult to implement," said Brondeau. "Cost-savings measures implemented in March will partially offset these headwinds."
Full Year Outlook | Q2 2020 Outlook | |
Revenue | $4.65 to $4.85 billion | $1.17 to $1.23 billion |
Organic Growth | 8% | 5% |
Estimated FX Impact | (5%) | (5%) |
Growth at midpoint vs. 2019 | 3% | flat |
Adjusted EBITDA | $1.23 to $1.34 billion | $317 to $347 million |
Growth at midpoint vs. 2019 | 5% | (2%) |
Adjusted EPS^ | $6.05 to $6.70 | $1.58 to $1.74 |
Growth at midpoint vs. 2019 | 5% | flat |
^ EPS estimates assume 131 million diluted shares. | ||
Supplemental Information
The company will post supplemental information on the web at www.fmc.com/investors, including its webcast slides for tomorrow's earnings call, definitions of non-GAAP terms and reconciliations of non-GAAP figures to the nearest available GAAP term.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,400 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: FMC and its representatives may from time to time make written or oral statements that are "forward-looking" and provide other than historical information, including statements contained in this press release, in FMC's other filings with the SEC, and in reports or letters to FMC stockholders.
In some cases, FMC has identified forward-looking statements by such words or phrases as "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words and phrases. Such forward-looking statements are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. Currently, one of the most significant factors is the potential adverse effect of the current COVID-19 pandemic on the financial condition, results of operations, cash flows and performance of FMC, which is substantially influenced by the potential adverse effect of the pandemic on FMC's customers and suppliers and the global economy and financial markets. The extent to which COVID-19 impacts us will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. Additional factors include, among other things, the risk factors and cautionary statements included within FMC's 2019 Form 10-K and FMC's Form 10-Q for the quarter ended March 31, 2020. Moreover, investors are cautioned to interpret many of these factors as being heightened as a result of the ongoing and numerous adverse impacts of the COVID-19 pandemic.
FMC cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
This press release contains certain "non-GAAP financial terms" which are defined on our website www.fmc.com/investors. In addition, we have also provided on our website reconciliations of non-GAAP terms to the most directly comparable GAAP term.
FMC CORPORATION | |||||||
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Revenue | $ | 1,250.0 | $ | 1,192.1 | |||
Costs of sales and services | 688.5 | 647.4 | |||||
Gross margin | $ | 561.5 | $ | 544.7 | |||
Selling, general and administrative expenses | 189.4 | 183.9 | |||||
Research and development expenses | 67.3 | 71.2 | |||||
Restructuring and other charges (income) | 13.4 | 7.8 | |||||
Total costs and expenses | $ | 958.6 | $ | 910.3 | |||
Income from continuing operations before non-operating pension and | $ | 291.4 | $ | 281.8 | |||
Non-operating pension and postretirement charges (income) | 2.2 | 3.4 | |||||
Interest expense, net | 40.8 | 34.5 | |||||
Income (loss) from continuing operations before income taxes | $ | 248.4 | $ | 243.9 | |||
Provision (benefit) for income taxes | 34.7 | 36.3 | |||||
Income (loss) from continuing operations | $ | 213.7 | $ | 207.6 | |||
Discontinued operations, net of income taxes | (7.5) | 9.6 | |||||
Net income (loss) | $ | 206.2 | $ | 217.2 | |||
Less: Net income (loss) attributable to noncontrolling interests | — | 1.5 | |||||
Net income (loss) attributable to FMC stockholders | $ | 206.2 | $ | 215.7 | |||
Amounts attributable to FMC stockholders: | |||||||
Income (loss) from continuing operations | $ | 213.7 | $ | 206.1 | |||
Discontinued operations, net of tax | (7.5) | 9.6 | |||||
Net income (loss) | $ | 206.2 | $ | 215.7 | |||
Basic earnings (loss) per common share attributable to FMC stockholders: | |||||||
Continuing operations | $ | 1.65 | $ | 1.56 | |||
Discontinued operations | (0.06) | 0.07 | |||||
Basic earnings per common share | $ | 1.59 | $ | 1.63 | |||
Average number of shares outstanding used in basic earnings per share computations | 129.5 | 131.9 | |||||
Diluted earnings (loss) per common share attributable to FMC stockholders: | |||||||
Continuing operations | $ | 1.64 | $ | 1.55 | |||
Discontinued operations | (0.06) | 0.07 | |||||
Diluted earnings per common share | $ | 1.58 | $ | 1.62 | |||
Average number of shares outstanding used in diluted earnings per share computations | 130.5 | 133.2 | |||||
Other Data: | |||||||
Capital additions and other investing activities | $ | 24.6 | $ | 20.8 | |||
Depreciation and amortization expense | 39.1 | 37.3 | |||||
FMC CORPORATION | |||||||
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO FMC STOCKHOLDERS (GAAP) TO | |||||||
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Net income (loss) attributable to FMC stockholders (GAAP) | $ | 206.2 | $ | 215.7 | |||
Corporate special charges (income): | |||||||
Restructuring and other charges (income) (a) | 13.4 | 7.8 | |||||
Non-operating pension and postretirement charges (income) (b) | 2.2 | 3.4 | |||||
Transaction-related charges (c) | 13.0 | 16.5 | |||||
Income tax expense (benefit) on Corporate special charges (income) (d) | (4.9) | (5.7) | |||||
Discontinued operations attributable to FMC stockholders, net of income taxes (e) | 7.5 | (9.6) | |||||
Tax adjustment (f) | 2.2 | 1.2 | |||||
Adjusted after-tax earnings from continuing operations attributable to FMC | $ | 239.6 | $ | 229.3 | |||
Diluted earnings per common share (GAAP) | $ | 1.58 | $ | 1.62 | |||
Corporate special charges (income) per diluted share, before tax: | |||||||
Restructuring and other charges (income) | 0.10 | 0.06 | |||||
Non-operating pension and postretirement charges (income) | 0.02 | 0.03 | |||||
Transaction-related charges | 0.10 | 0.11 | |||||
Income tax expense (benefit) on Corporate special charges (income), per diluted share | (0.04) | (0.04) | |||||
Discontinued operations attributable to FMC stockholders, net of income taxes per diluted share | 0.06 | (0.07) | |||||
Tax adjustments per diluted share | 0.02 | 0.01 | |||||
Diluted adjusted after-tax earnings from continuing operations per share, | $ | 1.84 | $ | 1.72 | |||
Average number of shares outstanding used in diluted adjusted after-tax earnings from continuing operations per share computations | 130.5 | 133.2 | |||||
(1) | The Company believes that the Non-GAAP financial measure "Adjusted after-tax earnings from continuing operations attributable to FMC stockholders" and its presentation on a per share basis provides useful information about the Company's operating results to management, investors, and securities analysts. Adjusted earnings excludes the effects of corporate special charges, tax-related adjustments and the results of our discontinued operations. The Company also believes that excluding the effects of these items from operating results allows management and investors to compare more easily the financial performance of its underlying business from period to period. |
(a) | Three Months Ended March 31, 2020: |
Restructuring and other charges (income) is comprised of charges associated with the continued integration of the DuPont Crop Protection Business. These charges include severance, accelerated depreciation on certain fixed assets, and other costs (benefits) of $7.0 million. The remaining restructuring and other charges (income) primarily includes charges of environmental sites of $6.4 million. | |
Three Months Ended March 31, 2019: | |
Restructuring and other charges (income) is primarily comprised of charges associated with the integration of the DuPont Crop Protection Business. These charges include severance, accelerated depreciation on certain fixed assets, and other costs (benefits) of $3.9 million. Additionally, restructuring and other charges (income) includes charges of environmental sites of $2.6 million and Corporate charges of $1.3 million. | |
(b) | Our non-operating pension and postretirement charges (income) are defined as those costs (benefits) related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These are excluded from our Adjusted Earnings and are primarily related to changes in pension plan assets and liabilities which are tied to financial market performance and we consider these costs to be outside our operational performance. We continue to include the service cost and amortization of prior service cost in our Adjusted Earnings results noted above. These elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees. |
(c) | Charges related to legal and professional fees associated with acquisition activities. We expect these charges associated with integrating the DuPont Crop Protection Business to be largely completed by the first half of 2020 which coincides with significant portions of the ERP system adoption and the TSA exit. |
Three Months Ended March 31, | |||||||
(in Millions) | 2020 | 2019 | |||||
DuPont Crop Protection Business Acquisition | |||||||
Legal and professional fees (1) | $ | 13.0 | $ | 16.5 | |||
Total Transaction-related charges | $ | 13.0 | $ | 16.5 | |||
(1) | Represents transaction costs, costs for transitional employees, other acquired employees related costs, and transactional-related costs such as legal and professional third-party fees. These charges are recorded as a component of "Selling, general and administrative expense" on the condensed consolidated statements of income (loss). | |||
(d) | The income tax expense (benefit) on Corporate special charges (income) is determined using the applicable rates in the taxing jurisdictions in which the corporate special charge or income occurred and includes both current and deferred income tax expense (benefit) based on the nature of the non-GAAP performance measure. | |||
(e) | Three Months Ended March 31, 2020 and 2019 | |||
Discontinued operations, net of income taxes include, in periods up to its separation on March 1, 2019, the results of FMC Lithium, including separation-related costs, as well as provisions, net of recoveries, for environmental liabilities and legal reserves and expenses related to previously discontinued operations. During the three months ended March 31, 2019, we finalized the sale of the first of two parcels of land of our discontinued site in Newark, California. The gain on sale was approximately $21 million, net of tax, and was partially offset by the results of our FMC Lithium business, which was a net loss due to separation-related costs. These events did not recur in the current period. | ||||
(f) | We exclude the GAAP tax provision, including discrete items, from the Non-GAAP measure of income, and include a Non-GAAP tax provision based upon the projected annual Non-GAAP effective tax rate. The GAAP tax provision includes certain discrete tax items including, but are not limited to: income tax expenses or benefits that are not related to continuing operating results in the current year; tax adjustments associated with fluctuations in foreign currency remeasurement of certain foreign operations; certain changes in estimates of tax matters related to prior fiscal years; certain changes in the realizability of deferred tax assets and related interim accounting impacts; and changes in tax law. Management believes excluding these discrete tax items assists investors and securities analysts in understanding the tax provision and the effective tax rate related to continuing operating results thereby providing investors with useful supplemental information about FMC's operational performance. | |||
Three Months Ended March 31, | |||||||
(in Millions) | 2020 | 2019 | |||||
Non-GAAP tax adjustments | |||||||
Revisions to valuation allowances of historical deferred tax assets | $ | (0.5) | $ | 0.4 | |||
Foreign currency remeasurement and other discrete items | 2.7 | 0.8 | |||||
Total Non-GAAP tax adjustments | $ | 2.2 | $ | 1.2 | |||
RECONCILIATION OF NET INCOME (LOSS) (GAAP) TO ADJUSTED EARNINGS FROM CONTINUING | |||||||
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Net income (loss) (GAAP) | $ | 206.2 | $ | 217.2 | |||
Restructuring and other charges (income) | 13.4 | 7.8 | |||||
Non-operating pension and postretirement charges (income) | 2.2 | 3.4 | |||||
Transaction-related charges | 13.0 | 16.5 | |||||
Discontinued operations, net of income taxes | 7.5 | (9.6) | |||||
Interest expense, net | 40.8 | 34.5 | |||||
Depreciation and amortization | 39.1 | 37.3 | |||||
Provision (benefit) for income taxes | 34.7 | 36.3 | |||||
Adjusted earnings from continuing operations, before interest, | $ | 356.9 | $ | 343.4 | |||
(1) | Referred to as Adjusted EBITDA. Defined as operating profit excluding corporate special charges (income) and depreciation and amortization expense. | |||
RECONCILIATION OF CASH PROVIDED (REQUIRED) BY OPERATING ACTIVITIES OF | |||||||
Three Months Ended March 31, | |||||||
(In Millions) | 2020 | 2019 | |||||
Cash provided (required) by operating activities of continuing operations (GAAP) | $ | (308.9) | $ | (282.9) | |||
Transaction and integration costs | 22.5 | 19.9 | |||||
Adjusted cash from operations (1) | $ | (286.4) | $ | (263.0) | |||
Capital expenditures | (15.5) | (19.1) | |||||
Other investing activities | (9.1) | (1.7) | |||||
Capital additions and other investing activities | $ | (24.6) | $ | (20.8) | |||
Cash provided (required) by operating activities of discontinued operations | (19.4) | 5.7 | |||||
Cash provided (required) by investing activities of discontinued operations | — | 9.2 | |||||
Transaction and integration costs | (22.5) | (19.9) | |||||
Investment in Enterprise Resource Planning system | (18.6) | (12.6) | |||||
Legacy and transformation | $ | (60.5) | $ | (17.6) | |||
Free cash flow (Non-GAAP) (2) | $ | (371.5) | $ | (301.4) | |||
___________________ | |
(1) | Adjusted cash from operations is defined as cash provided (required) by operating activities of continuing operations excluding the effects of transaction-related cash flows. |
(2) | Free cash flow is defined as Adjusted cash from operations reduced by spending for capital additions and other investing activities as well as legacy and transformation spending. We believe that this Non-GAAP financial measure provides a useful basis for investors and securities analysts about the cash generated by routine business operations, including capital expenditures, in addition to assessing our ability to repay debt, fund acquisitions and return capital to shareholders through share repurchases and dividends. Our use of free cash flow has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of our results under U.S. GAAP. |
FMC CORPORATION | |||||||
March 31, 2020 | December 31, 2019 | ||||||
Cash and cash equivalents | $ | 436.2 | $ | 339.1 | |||
Trade receivables, net of allowance of $22.9 in 2020 and $26.3 in 2019 | 2,460.1 | 2,231.2 | |||||
Inventories | 1,062.7 | 1,017.0 | |||||
Prepaid and other current assets | 513.0 | 487.5 | |||||
Total current assets | $ | 4,472.0 | $ | 4,074.8 | |||
Property, plant and equipment, net | 735.7 | 758.0 | |||||
Goodwill | 1,459.6 | 1,467.5 | |||||
Other intangibles, net | 2,611.7 | 2,629.0 | |||||
Deferred income taxes | 234.5 | 257.4 | |||||
Other long-term assets | 675.7 | 686.0 | |||||
Total assets | $ | 10,189.2 | $ | 9,872.7 | |||
Short-term debt and current portion of long-term debt | $ | 250.2 | $ | 227.7 | |||
Accounts payable, trade and other | 838.4 | 900.1 | |||||
Advanced payments from customers | 213.5 | 492.7 | |||||
Accrued and other liabilities | 630.3 | 680.6 | |||||
Accrued customer rebates | 389.0 | 280.6 | |||||
Guarantees of vendor financing | 64.3 | 75.7 | |||||
Accrued pensions and other postretirement benefits, current | 4.3 | 4.3 | |||||
Income taxes | 66.5 | 62.2 | |||||
Total current liabilities | $ | 2,456.5 | $ | 2,723.9 | |||
Long-term debt, less current portion | $ | 3,531.8 | $ | 3,031.1 | |||
Long-term liabilities | 1,498.2 | 1,556.3 | |||||
Equity | 2,702.7 | 2,561.4 | |||||
Total liabilities and equity | $ | 10,189.2 | $ | 9,872.7 | |||
FMC CORPORATION | |||||||
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Cash provided (required) by operating activities of continuing operations | $ | (308.9) | $ | (282.9) | |||
Cash provided (required) by operating activities of discontinued operations | (19.4) | 5.7 | |||||
Cash provided (required) by investing activities of continuing operations | (43.2) | (33.4) | |||||
Cash provided (required) by investing activities of discontinued operations | — | 9.2 | |||||
Cash provided (required) by financing activities of continuing operations | 474.8 | 287.6 | |||||
Cash provided (required) by financing activities of discontinued operations | — | (37.2) | |||||
Effect of exchange rate changes on cash | (6.2) | (1.2) | |||||
Increase (decrease) in cash and cash equivalents | $ | 97.1 | $ | (52.2) | |||
Cash and cash equivalents of continuing operations, beginning of period | $ | 339.1 | $ | 134.4 | |||
Cash and cash equivalents of discontinued operations | — | 27.3 | |||||
Cash and cash equivalents, beginning of period | $ | 339.1 | $ | 161.7 | |||
Cash and cash equivalents, end of period | $ | 436.2 | $ | 109.5 | |||
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SOURCE FMC Corporation
Article Date
5/5/2020FMC Corporation Recognized as 2020 Responsible Care® Company of the Year by American Chemistry Council
Source: PR Newswire
PHILADELPHIA, May 4, 2020 /PRNewswire/ --
FMC Corporation (NYSE: FMC) announced today that it has received the American Chemistry Council's (ACC) Responsible Care® Company of the Year Award for the second consecutive year, and for the third time since 2017. The annual award is the highest ACC distinction that recognizes excellence and leadership in environmental, health, safety and sustainability (EHS&S) performance. In addition, FMC was honored as a finalist in the Initiative of the Year category, and nine U.S.-based FMC sites were recognized for environmental, health and safety achievements.
"FMC is honored to be recognized again for our commitment to safety and sustainability," said Pierre Brondeau, chairman and chief executive officer of FMC Corporation. "EHS&S is deeply engrained throughout our company. Every day, FMC teams around the world commit to the guiding principles of Responsible Care at plants, labs and offices."
The ACC also honored the following FMC program and sites at its 2020 Responsible Care & Sustainability Conference Virtual Event:
Initiative of the Year Finalist
The FMC STOP-THINK-ACT global campaign addresses the influence of human error on preventable incidents and highlights the detrimental and life-changing impact a single unsafe moment can have on one's life and the lives of coworkers, family and friends.
Facility Safety Awards – ACC presents these awards to member companies with significant achievements in employee health and safety performance. Nine FMC sites received distinctions: Manati, Puerto Rico; Newark, Delaware; Sparks, Georgia; Rochelle, Illinois; Madera, California; Mobile, Alabama; Philadelphia, Pennsylvania; Wyoming, Illinois; Middleport, New York.
"FMC leadership and employees are very proud of these recognitions," said Linda Froelich, director of sustainability at FMC. "We are continuously evaluating and developing new environmental, health, safety and sustainability systems and procedures for our employees at sites across the globe."
FMC Corporation has been an active member of ACC Responsible Care® since its inception in 1988. In 2019 FMC was recognized with two prestigious American Chemistry Council Awards including the Responsible Care® Company of the Year Award and a Sustainability Leadership Award. In 2017 FMC was honored with the Responsible Care® Company of the Year Award.
To learn more about the FMC's EHS&S goals and accomplishments, please visit: fmc.com/sustainability.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,400 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within FMC's 2019 Form 10-K filed with the SEC as well as other SEC filings and public communications. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
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SOURCE FMC Corporation
Article Date
5/4/20204/30/2020 - FMC Corporation CFO Andrew Sandifer to Speak at Goldman Sachs Industrials & Materials Conference
FMC Corporation CFO Andrew Sandifer to Speak at Goldman Sachs Industrials & Materials Conference
Source: PR Newswire
PHILADELPHIA, April 30, 2020 /PRNewswire/ --
FMC Corporation (NYSE: FMC) today announced that Andrew Sandifer, executive vice president and chief financial officer, will speak at the Goldman Sachs Industrials & Materials Conference on May 14 at 1:50 p.m. ET. A live webcast will be available on the FMC Investor Relations website.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,400 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within FMC's 2019 Form 10-K filed with the SEC as well as other SEC filings and public communications. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
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SOURCE FMC Corporation
Article Date
4/30/2020FMC Corporation CFO Andrew Sandifer to Speak at BMO Farm to Market Conference
Source: PR Newswire
PHILADELPHIA, April 30, 2020 /PRNewswire/ --
FMC Corporation (NYSE: FMC) today announced that Andrew Sandifer, executive vice president and chief financial officer, will speak at the BMO Farm to Market Conference on May 13 at 9:20 a.m. ET. A live webcast will be available on the FMC Investor Relations website.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,400 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within FMC's 2019 Form 10-K filed with the SEC as well as other SEC filings and public communications. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
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SOURCE FMC Corporation
Article Date
4/30/20204/28/2020 - FMC Corporation Declares Quarterly Dividend
FMC Corporation Declares Quarterly Dividend
Source: PR Newswire
PHILADELPHIA, April 28, 2020 /PRNewswire/ --
FMC Corporation (NYSE: FMC) announced today that its board of directors declared a regular quarterly dividend of 44 cents per share, payable on July 16, 2020, to shareholders of record as of the close of business on June 30, 2020.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,400 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within FMC's 2019 Form 10-K filed with the SEC as well as other SEC filings and public communications. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
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SOURCE FMC Corporation
Article Date
4/28/20204/22/2020 - FMC Corporation Provides Update on Liquidity and Confirms Strong First Quarter Performance
FMC Corporation Provides Update on Liquidity and Confirms Strong First Quarter Performance
Source: PR Newswire
PHILADELPHIA, April 22, 2020 /PRNewswire/ --
FMC Corporation (NYSE: FMC) today announced it has amended its Credit Agreement and Term Loan Agreement to increase the maximum leverage ratio permitted under each agreement. The maximum leverage ratio applicable on the last day of each fiscal quarter will increase to 4.25 through the period ending December 31, 2020, step down to 4.0 for the period ending March 31, 2021 and step down to 3.5 for the period ending June 30, 2021. The company's maximum leverage ratio was previously 4.0 for the period ending March 31, 2020, with a step down to 3.5 for the period ending June 30, 2020.
"We have no concerns about our liquidity," said Pierre Brondeau, chairman and CEO of FMC. "In an abundance of caution, we believed it was a prudent step to increase the maximum leverage ratio permitted under our credit facilities. The higher leverage ratio provides significant headroom above any of the COVID-19 related scenarios we have assessed."
As previously scheduled, FMC will release its first quarter 2020 earnings on Tuesday, May 5, 2020, after the stock market close. The company expects to report another very strong quarter, in line with expectations. Preliminary first quarter sales grew approximately 5 percent versus a robust Q1 2019. The company expects adjusted EBITDA and adjusted earnings to be at the midpoint of the first quarter guidance ranges of $356 million and $1.81 per diluted share, respectively.1
"As expected, demand in Q1 was robust, but the COVID-19 pandemic has made logistics more difficult. Our supply chain performed extremely well to overcome most of the challenges," said Brondeau. "We will discuss on the May 6th earnings call how we see the rest of the year unfolding."
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,400 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within FMC's 2019 Form 10-K filed with the SEC as well as other SEC filings and public communications. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
This press release contains certain "non-GAAP financial terms" which are defined on our website www.fmc.com. In addition, we have also provided on our website at www.fmc.com reconciliations of non-GAAP terms to the most directly comparable GAAP term.
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SOURCE FMC Corporation
Article Date
4/22/2020FMC Corporation Announces Dates for First Quarter 2020 Earnings Release and Postpones Investor Technology Day
Source: PR Newswire
PHILADELPHIA, April 2, 2020 /PRNewswire/ --
FMC Corporation (NYSE: FMC) today announced it will release its first quarter 2020 earnings on Tuesday, May 5, 2020, after the stock market close via PR Newswire and the company's website at: http://www.fmc.com/investors.
The company will host a webcast conference call on Wednesday, May 6, 2020, at 9:00 a.m. ET that is open to the public via Internet broadcast and telephone.
The company also announced the postponement of its Investor Technology Day to a later date. The event had been scheduled for June 17, 2020, at the FMC Stine Research Center in Newark, Delaware. This decision has been made to protect the health of those who were planning to attend, in consideration of ongoing COVID-19 developments.
First Quarter Conference Call Details:
Internet broadcast: fmc.com/investors
Passcode: FMC
Dial-in telephone numbers:
United States: 844-767-5679
International: 409-207-6967
Access code: 7106970
A replay of the call will be available via the internet and telephone from 11:00 a.m. ET on May 6, 2020, until June 6, 2020.
Internet replay: fmc.com/investors
United States: 866-207-1041
International: 402-970-0847
Access code: 6858785
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,400 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within FMC's 2019 Form 10-K filed with the SEC as well as other SEC filings and public communications. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
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SOURCE FMC Corporation
Article Date
4/2/2020FMC Corporation 2020 Annual Meeting of Shareholders Changed to Virtual Meeting Format
Source: PR Newswire
PHILADELPHIA, March 19, 2020 /PRNewswire/ --
FMC Corporation (NYSE: FMC) announced today that its 2020 Annual Meeting of Stockholders, scheduled to take place on Tuesday, April 28, 2020, at 2 p.m. ET, will be held in a virtual meeting format only instead of the in-person meeting format announced previously.
The Proxy Supplement filed with the SEC and being provided to stockholders of record as of March 4, 2020 describes how stockholders can participate in the virtual annual meeting. A replay of the webcast will be available on the Investor Relations page of the Company's website at www.fmc.com/investors until May 28, 2020.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,400 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within FMC's 2019 Form 10-K filed with the SEC as well as other SEC filings and public communications. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
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SOURCE FMC Corporation
Article Date
3/19/2020FMC Corporation Board Declares Quarterly Dividend
Source: PR Newswire
PHILADELPHIA, Feb. 28, 2020 /PRNewswire/ --
FMC Corporation (NYSE: FMC) announced today that its board of directors declared a regular quarterly dividend of 44 cents per share, payable on April 16, 2020, to shareholders of record as of the close of business on March 31, 2020.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,400 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within FMC's 2019 Form 10-K filed with the SEC as well as other SEC filings and public communications. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
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SOURCE FMC Corporation
Article Date
2/28/2020FMC Corporation Delivers Strong Fourth Quarter and Full-Year Results
Source: PR Newswire
PHILADELPHIA, Feb. 5, 2020 /PRNewswire/ --
Fourth Quarter 2019 Highlights1
Full-Year 2019 Highlights1
Full-Year 2020 Outlook2
FMC Corporation (NYSE: FMC) today reported fourth quarter 2019 revenue of $1.2 billion, an increase of 9 percent versus recast fourth quarter 2018, driven by higher volumes across all regions. Excluding the impact of foreign exchange, year-over-year sales grew 11 percent organically. On a GAAP basis, the company reported a loss of $0.02 per diluted share in the fourth quarter. This compares to recast GAAP earnings of $0.24 per diluted share in the fourth quarter of 2018.1
Fourth quarter adjusted earnings were $1.76 per diluted share, an increase of 21 percent versus recast fourth quarter 2018, and 25 cents above the midpoint of guidance. Year-over-year growth in the quarter was driven by strong operational performance and a lower share count; EBITDA growth contributed 34 cents of the EPS growth, and the lower share count contributed 5 cents of EPS growth. Total company adjusted EBITDA was $320 million, an increase of 17 percent versus recast fourth quarter 2018 and at the top end of guidance. 1
2019 Fourth Quarter Adj. EPS | vs. Q4 2018 |
EBITDA | +34 cents |
Interest expense | -8 cents |
Non-controlling interest | -1 cent |
Share count | +5 cents |
Total EPS Growth | +30 cents |
"Our financial outperformance reflects the strength of our portfolio and new technology launches," said Pierre Brondeau, chairman and CEO of FMC. "FMC delivered continued strong revenue growth in the quarter driven by high demand in all regions despite adverse weather conditions in Europe and Asia."
FMC fourth quarter revenue growth was driven by an 11 percent contribution from volume, partially offset by a 2 percent currency headwind. FMC achieved higher year-over-year pricing in Latin America, EMEA and Asia. Latin America sales grew 10 percent year over year, led by strong growth in Argentina following significant changes the company made to its go-to-market access in that country. In North America, revenue increased 10 percent driven by volume growth and strength in Rynaxypyr® and Cyazypyr® insect controls. In Asia, revenue increased 9 percent with double-digit growth in India, China, Indonesia and Pakistan, driven by strong demand for the diamides and new product launches. Sales in EMEA grew 5 percent year over year due to higher demand for herbicides and insecticides in France and Russia.
FMC Revenue1 | Q4 2019 | Full Year 2019 |
Organic Growth | 11% | 11% |
FX Impact | (2%) | (3%) |
Total Revenue Growth | 9% | 8% |
For the full year, FMC reported revenue of $4.6 billion, an increase of 8 percent compared to recast 2018. Excluding the impact of foreign exchange, year-over-year sales grew 11 percent organically. On a GAAP basis, the company reported full-year earnings of $477 million, or $3.62 per diluted share. Full-year adjusted earnings were $6.09 per diluted share, an increase of 16 percent compared to the prior year. 1
2019 Full Year Adj. EPS | vs. 2018 |
EBITDA | +72 cents |
Interest expense | -16 cents |
Tax rate | +9 cents |
Non-controlling interest | +3 cents |
Share count | +17 cents |
Total EPS Growth | +85 cents |
Free cash flow in 2019 was $302 million, more than double compared to recast 2018. 1 This was lower than the guidance range, due primarily to slower than expected collection of refunds of value added and similar taxes and delayed collections in Pakistan and Indonesia. Delays in collecting these tax refunds were driven by short-term complexities of operating in multiple SAP systems, particularly in India. Weather conditions in Pakistan and Indonesia impacted grower liquidity late in the quarter, which hampered collections. Both factors are execution related and will reverse. FMC expects to collect this cash in 2020.
2020 Outlook2
FMC full-year revenue is forecasted to be in the range of $4.8 to $4.95 billion, an increase of 6 percent at the midpoint versus 2019 driven by volume and pricing in all regions. Total company adjusted EBITDA is expected to be in the range of $1.3 to $1.34 billion, an increase of 8 percent at the midpoint versus 2019. Full-year adjusted earnings are expected to be in the range of $6.45 to $6.70 per diluted share, an increase of 8 percent at the midpoint versus 2019 and assuming weighted average diluted shares outstanding (WADSO) of approximately 131 million.
First Quarter 2020 Outlook2
First quarter revenue is expected to be in the range of $1.23 billion to $1.27 billion, representing 5 percent growth at the midpoint compared to first quarter 2019. Total company adjusted EBITDA is forecasted to be in the range of $346 million to $366 million, representing a 4 percent increase at the midpoint versus Q1 2019. FMC expects adjusted earnings per diluted share to be in the range of $1.76 to $1.86 in the first quarter, representing an increase of 5 percent at the midpoint versus Q1 2019 and assuming WADSO of approximately 131 million.
Full Year 2020 Outlook2 | Q1 2020 Outlook2 | |
Revenue | $4.8 to $4.95 billion | $1.23 to $1.27 billion |
Organic Growth | 7% | 7% |
Estimated FX Impact | (1%) | (2%) |
Growth at midpoint vs. 2019 | 6% | 5% |
Adjusted EBITDA | $1.3 to $1.34 billion | $346 to $366 million |
Growth at midpoint vs. 2019 | 8% | 4% |
Adjusted EPS^ | $6.45 to $6.70 | $1.76 to $1.86 |
Growth at midpoint vs. 2019 | 8% | 5% |
Share Count (WADSO)^ | ~131 million | ~131 million |
^ Outlook for EPS and WADSO does not include the impact of any potential share repurchases in 2020. | ||
Supplemental Information
The company will post supplemental information on the web at www.fmc.com, including its 2020 Outlook Statement, webcast slides for tomorrow's earnings call, definitions of non-GAAP terms and reconciliations of non-GAAP figures to the nearest available GAAP term.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,400 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: FMC and its representatives may from time to time make written or oral statements that are "forward-looking" and provide other than historical information, including statements contained in this press release, in FMC's other filings with the SEC, and in reports or letters to FMC stockholders.
In some cases, FMC has identified forward-looking statements by such words or phrases as "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words and phrases. Such forward-looking statements are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors included within FMC's 2018 Form 10-K filed with the SEC. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
This press release contains certain "non-GAAP financial terms" which are defined on our website www.fmc.com. In addition, we have also provided on our website at www.fmc.com reconciliations of non-GAAP terms to the most directly comparable GAAP term.
FMC CORPORATION | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
(In Millions, Except Per Share Data) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Revenue | $ | 1,197.3 | $ | 1,099.4 | $ | 4,609.8 | $ | 4,285.3 | |||||||
Costs of sales and services | 641.3 | 607.7 | 2,526.2 | 2,405.5 | |||||||||||
Gross margin | $ | 556.0 | $ | 491.7 | $ | 2,083.6 | $ | 1,879.8 | |||||||
Selling, general and administrative expenses | $ | 223.8 | $ | 202.6 | $ | 792.9 | $ | 790.0 | |||||||
Research and development expenses | 76.4 | 76.8 | 298.1 | 287.7 | |||||||||||
Restructuring and other charges (income) | 143.7 | 34.8 | 171.0 | 61.2 | |||||||||||
Total costs and expenses | $ | 1,085.2 | $ | 921.9 | $ | 3,788.2 | $ | 3,544.4 | |||||||
Income (loss) from continuing operations before equity in (earnings) loss of affiliates, non-operating pension and postretirement charges (income), interest expense, net and income taxes | $ | 112.1 | $ | 177.5 | $ | 821.6 | $ | 740.9 | |||||||
Equity in (earnings) loss of affiliates | — | — | — | (0.1) | |||||||||||
Non-operating pension and postretirement charges (income) | 2.6 | — | 8.1 | (0.5) | |||||||||||
Interest expense, net | 42.9 | 31.4 | 158.5 | 133.1 | |||||||||||
Income (loss) from continuing operations before income taxes | $ | 66.6 | $ | 146.1 | $ | 655.0 | $ | 608.4 | |||||||
Provision (benefit) for income taxes | 35.9 | (10.6) | 111.5 | 70.8 | |||||||||||
Income (loss) from continuing operations | $ | 30.7 | $ | 156.7 | $ | 543.5 | $ | 537.6 | |||||||
Discontinued operations, net of income taxes | (33.5) | (122.1) | (63.3) | (26.1) | |||||||||||
Net income (loss) | $ | (2.8) | $ | 34.6 | $ | 480.2 | $ | 511.5 | |||||||
Less: Net income (loss) attributable to noncontrolling interests | 0.4 | 2.2 | 2.8 | 9.4 | |||||||||||
Net income (loss) attributable to FMC stockholders | $ | (3.2) | $ | 32.4 | $ | 477.4 | $ | 502.1 | |||||||
Amounts attributable to FMC stockholders: | |||||||||||||||
Income (loss) from continuing operations, net of tax | $ | 30.3 | $ | 157.7 | $ | 540.7 | $ | 531.4 | |||||||
Discontinued operations, net of tax | (33.5) | (125.3) | (63.3) | (29.3) | |||||||||||
Net income (loss) | $ | (3.2) | $ | 32.4 | $ | 477.4 | $ | 502.1 | |||||||
Basic earnings (loss) per common share attributable to FMC stockholders: | |||||||||||||||
Continuing operations | $ | 0.23 | $ | 1.17 | $ | 4.12 | $ | 3.94 | |||||||
Discontinued operations | (0.25) | (0.93) | (0.48) | (0.22) | |||||||||||
Basic earnings per common share | $ | (0.02) | $ | 0.24 | $ | 3.64 | $ | 3.72 | |||||||
Average number of shares outstanding used in basic earnings per share computations | 129.7 | 133.7 | 130.8 | 134.4 | |||||||||||
Diluted earnings (loss) per common share attributable to FMC stockholders: | |||||||||||||||
Continuing operations | $ | 0.23 | $ | 1.17 | $ | 4.10 | $ | 3.91 | |||||||
Discontinued operations | (0.25) | (0.93) | (0.48) | (0.22) | |||||||||||
Diluted earnings per common share | $ | (0.02) | $ | 0.24 | $ | 3.62 | $ | 3.69 | |||||||
Average number of shares outstanding used in diluted earnings per share computations | 130.9 | 135.1 | 132.0 | 135.9 | |||||||||||
Other Data: | |||||||||||||||
Capital additions | $ | 78.3 | $ | 38.7 | $ | 152.7 | $ | 88.7 | |||||||
Depreciation and amortization expense | 39.0 | 38.8 | 150.1 | 150.2 | |||||||||||
FMC CORPORATION | |||||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO FMC STOCKHOLDERS (GAAP) | |||||||||||||||
TO ADJUSTED AFTER-TAX EARNINGS FROM CONTINUING OPERATIONS, | |||||||||||||||
ATTRIBUTABLE TO FMC STOCKHOLDERS (NON-GAAP) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
(In Millions, except per share amounts) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Net income (loss) attributable to FMC stockholders (GAAP) | $ | (3.2) | $ | 32.4 | $ | 477.4 | $ | 502.1 | |||||||
Corporate special charges (income): | |||||||||||||||
Restructuring and other charges (income) (a) | 143.7 | 34.8 | 171.0 | 61.2 | |||||||||||
Non-operating pension and postretirement charges (income) (b) | 2.6 | — | 8.1 | (0.5) | |||||||||||
Transaction-related charges (c) | 25.2 | 22.2 | 77.8 | 156.5 | |||||||||||
Income tax expense (benefit) on Corporate special charges (income) (d) | (37.2) | (16.2) | (49.2) | (52.8) | |||||||||||
Adjustment for noncontrolling interest, net of tax on Corporate special charges (income) | — | (0.5) | — | (0.5) | |||||||||||
Discontinued operations attributable to FMC stockholders, net of income taxes (e) | 33.5 | 125.3 | 63.3 | 29.3 | |||||||||||
Tax adjustment (f) | 65.4 | (0.7) | 55.3 | 17.3 | |||||||||||
Adjusted after-tax earnings from continuing operations attributable to FMC stockholders (Non-GAAP) (1) | $ | 230.0 | $ | 197.3 | $ | 803.7 | $ | 712.6 | |||||||
Diluted earnings per common share (GAAP) | $ | (0.02) | $ | 0.24 | $ | 3.62 | $ | 3.69 | |||||||
Corporate special charges (income) per diluted share, before tax: | |||||||||||||||
Restructuring and other charges (income) | 1.10 | 0.26 | 1.29 | 0.44 | |||||||||||
Non-operating pension and postretirement charges (income) | 0.02 | — | 0.06 | — | |||||||||||
Transaction-related charges | 0.19 | 0.16 | 0.59 | 1.15 | |||||||||||
Income tax expense (benefit) on Corporate special charges (income), per diluted share | (0.28) | (0.12) | (0.37) | (0.39) | |||||||||||
Adjustment for noncontrolling interest, net of tax on Corporate special charges (income) per diluted share | — | — | — | — | |||||||||||
Discontinued operations attributable to FMC stockholders, net of income taxes per diluted share | 0.25 | 0.93 | 0.48 | 0.22 | |||||||||||
Tax adjustments per diluted share | 0.50 | (0.01) | 0.42 | 0.13 | |||||||||||
Diluted adjusted after-tax earnings from continuing operations per share, attributable to FMC stockholders (Non-GAAP) | $ | 1.76 | $ | 1.46 | $ | 6.09 | $ | 5.24 | |||||||
Average number of shares outstanding used in diluted adjusted after-tax earnings from continuing operations per share computations | 130.9 | 135.1 | 132.0 | 135.9 | |||||||||||
____________________ | |
(1) | The Company believes that the Non-GAAP financial measure "Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders", and its presentation on a per share basis, provides useful information about the Company's operating results to investors and securities analysts. Adjusted earnings excludes the effects of Corporate special charges, tax-related adjustments and the results of our discontinued operations. The Company also believes that excluding the effects of these items from operating results allows management and investors to compare more easily the financial performance of its underlying businesses from period to period. |
(a) | Three Months Ended December 31, 2019: |
Restructuring and other charges (income) is primarily comprised of charges of environmental sites of $96.4 million. $72.8 million of those charges were due to the unfavorable court ruling related to our decommissioned plant near Pocatello, Idaho. Restructuring and other charges (income) also includes a charge of $34.1 million as a result of the decision to exit all sales of Furadan® insecticide/nematicide (as well as Curaterr® insecticide/nematicide and any other brands used with carbofuran) end-use products globally. There were restructuring charges of $13.2 million associated with the continued integration of the DuPont Crop Protection Business. We expect restructuring charges associated with the continued integration of the DuPont Crop Protection Business to be largely complete by the first half of 2020. | |
Three Months Ended December 31, 2018: | |
Restructuring and other charges (income) is primarily comprised of charges associated with the integration of the DuPont Crop Protection Business of $15.8 million. $8.8 million of these charges were for asset write-offs, $5.5 million was for severance, and $1.5 million was for other miscellaneous charges. There were also additional restructuring charges as well as other charges totaling $3.7 million. Additionally, restructuring and other charges (income) includes charges of environmental sites of $13.0 million and other Corporate charges of $2.3 million. | |
Twelve Months Ended December 31, 2019: | |
Restructuring and other charges (income) primarily consists of charges of environmental sites of $108.7 million. As noted above, $72.8 million of those charges were due to the unfavorable court ruling related to our decommissioned plant near Pocatello, Idaho. Restructuring and other charges (income) also includes a charge of $34.1 million as a result of the decision made to exit all sales of Furadan® insecticide/nematicide (as well as Curaterr® insecticide/nematicide and any other brands used with carbofuran) end-use products globally. There were restructuring charges of $26.4 million associated with the continued integration of the DuPont Crop Protection Business. All remaining charges totaled $1.8 million. | |
Twelve Months Ended December 31, 2018: | |
Restructuring and other charges (income) primarily consists of the total gain on sales of $87.2 million from the divestments of certain product portfolios as part of our commitment to both the European Commission and Competition Commission of India related to the DuPont Crop Protection Acquisition. Restructuring and other charges (income) also consists of $27.8 million of charges due to our decision to exit the Ewing R&D facility and $58.8 million of charges related to the change in our market access model in India. Other restructuring charges as we continued to integrate the acquired DuPont Crop Protection Business totaled to $21.7 million. There were also additional restructuring charges as well as other charges totaling $12.3 million. Restructuring and other charges (income) includes charges of environmental sites of $21.7 million and other Corporate charges of $6.1 million. | |
(b) | Our non-operating pension and postretirement charges (income) are defined as those costs (benefits) related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These are excluded from our Adjusted Earnings and are primarily related to changes in pension plan assets and liabilities which are tied to financial market performance and we consider these costs to be outside our operational performance. We continue to include the service cost and amortization of prior service cost in our Adjusted Earnings results noted above. These elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees. |
(c) | Charges related to the expensing of the inventory fair value step-up resulting from the application of acquisition accounting and legal and professional fees. We expect these charges associated with integrating the DuPont Crop Protection Business to be largely completed by the first half of 2020 which coincides with significant portions of the ERP system adoption and the TSA exit. Amounts represent the following: |
Three Months Ended | Twelve Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
(in Millions) | 2019 | 2018 | 2019 | 2018 | |||||||||||||
DuPont Crop Protection Acquisition | |||||||||||||||||
Legal and professional fees (1) | $ | 25.2 | $ | 22.2 | $ | 77.8 | $ | 86.9 | |||||||||
Inventory fair value amortization (2) | — | — | — | 69.6 | |||||||||||||
Total transaction-related charges | $ | 25.2 | $ | 22.2 | $ | 77.8 | $ | 156.5 | |||||||||
____________________ | ||
(1) | Represents transaction costs, costs for transitional employees, other acquired employees related costs, and transactional-related costs such as legal and professional third-party fees. These charges are recorded as a component of "Selling, general and administrative expense" on the condensed consolidated statements of income (loss). | |
(2) | These charges are included in "Costs of sales and services" on the condensed consolidated statements of income (loss). | |
(d) | The income tax expense (benefit) on Corporate special charges (income) is determined using the applicable rates in the taxing jurisdictions in which the Corporate special charge or income occurred and includes both current and deferred income tax expense (benefit) based on the nature of the non-GAAP performance measure. | |
(e) | Discontinued operations, net of income taxes include, in periods up to its separation on March 1, 2019, the results of FMC Lithium, including separation related costs, as well as provisions, net of recoveries, for environmental liabilities and legal reserves and expenses related to previously discontinued operations. | |
Three Months Ended December 31, 2019 and 2018: | ||
The three months ended December 31, 2019 has no results of our FMC Lithium segment compared to a full quarter for the three months ended December 31, 2018. During the three months ended December 31, 2018, we recorded a charge of approximately $106 million as a result of negotiations for a settlement agreement primarily to address discontinued operations at our Middleport, New York plant which was the subject of an Administrative Order on Consent (AOC) entered into with the EPA and New York State Department of Environmental Conservation in 1991. | ||
Twelve Months Ended December 31, 2019 and 2018: | ||
The twelve months ended December 31, 2019 includes two months of results of our FMC Lithium segment compared to a full twelve months in 2018. Partially offsetting the loss was the gain on sale of approximately $21 million, net of tax from the sale of the first of two parcels of land of our discontinued site in Newark, California. Discontinued operations, net of income taxes for the twelve months ended December 31, 2018 includes the charge of approximately $106 million associated with our Middleport, New York plant discussed above. | ||
(f) | We exclude the GAAP tax provision, including discrete items, from the Non-GAAP measure of income, and instead include a Non-GAAP tax provision based upon the annual Non-GAAP effective tax rate. The GAAP tax provision includes certain discrete tax items including, but not limited to: income tax expenses or benefits that are not related to ongoing business operations in the current year; unusual or infrequently occurring items; tax adjustments associated with fluctuations in foreign currency remeasurement of certain foreign operations; certain changes in estimates of tax matters related to prior fiscal years; certain changes in the realizability of deferred tax assets; and changes in tax law. Management believes excluding these discrete tax items assists investors and securities analysts in understanding the tax provision and the effective tax rate related to ongoing operations thereby providing investors with useful supplemental information about FMC's operational performance. | |
Three Months Ended | Twelve Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
(in Millions) | 2019 | 2018 | 2019 | 2018 | |||||||||||||
Tax adjustments: | |||||||||||||||||
Impacts of Tax Cuts and Jobs Act (1) | $ | — | $ | (11.1) | $ | — | $ | 7.8 | |||||||||
Revisions to valuation allowances of historical deferred tax assets | 34.9 | (1.8) | 35.5 | (2.3) | |||||||||||||
Foreign currency remeasurement and other discrete items | 30.5 | 12.2 | 19.8 | 11.8 | |||||||||||||
Total Non-GAAP tax adjustments | $ | 65.4 | $ | (0.7) | $ | 55.3 | $ | 17.3 | |||||||||
___________________ | |||
(1) | On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the "Act"), which, among other things, reduced the federal income tax rate from 35% to 21% effective January 1, 2018, and imposed a transition tax on deemed repatriated earnings of foreign subsidiaries payable over eight years. During the twelve months ended December 31, 2018, we recorded an adjustment to our provisional tax expense of $7.8 million of income tax expense pertaining to a change in the net transition tax to be paid, the impact of the remeasurement of the Company's U.S. net deferred tax assets and the realizability of the Company's U.S. state net deferred tax assets. | ||
RECONCILIATION OF NET INCOME (LOSS) (GAAP) TO ADJUSTED EARNINGS FROM CONTINUING OPERATIONS, BEFORE INTEREST AND INCOME TAXES, DEPRECIATION AND AMORTIZATION, AND NONCONTROLLING INTERESTS (NON-GAAP) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
(In Millions) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Net income (loss) (GAAP) | $ | (2.8) | $ | 34.6 | $ | 480.2 | $ | 511.5 | |||||||
Restructuring and other charges (income) | 143.7 | 34.8 | 171.0 | 61.2 | |||||||||||
Non-operating pension and postretirement charges (income) | 2.6 | — | 8.1 | (0.5) | |||||||||||
Transaction-related charges | 25.2 | 22.2 | 77.8 | 156.5 | |||||||||||
Discontinued operations, net of income taxes | 33.5 | 122.1 | 63.3 | 26.1 | |||||||||||
Interest expense, net | 42.9 | 31.4 | 158.5 | 133.1 | |||||||||||
Depreciation and amortization | 39.0 | 38.8 | 150.1 | 150.2 | |||||||||||
Provision (benefit) for income taxes | 35.9 | (10.6) | 111.5 | 70.8 | |||||||||||
Adjusted earnings from continuing operations, before interest, income taxes, depreciation and amortization, and noncontrolling interests (Non-GAAP) (1) | $ | 320.0 | $ | 273.3 | $ | 1,220.5 | $ | 1,108.9 | |||||||
___________________ | |
(1) | Referred to as Adjusted EBITDA. Adjusted EBITDA is defined as operating profit excluding depreciation and amortization expense. |
RECONCILIATION OF CASH PROVIDED (REQUIRED) BY OPERATING ACTIVITIES (GAAP) TO FREE CASH FLOW (NON-GAAP) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
(In Millions) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Cash provided (required) by operating activities of continuing operations (GAAP) (1) | $ | 489.8 | $ | (17.6) | $ | 555.6 | $ | 362.7 | |||||||
Transaction and integration costs | 15.6 | 20.3 | 77.1 | 101.1 | |||||||||||
Adjusted cash from operations (2) | $ | 505.4 | $ | 2.7 | $ | 632.7 | $ | 463.8 | |||||||
Capital expenditures | $ | (37.1) | $ | (37.0) | $ | (93.9) | $ | (83.0) | |||||||
Other investing activities | (33.3) | (5.6) | (54.0) | (13.6) | |||||||||||
Capital additions and other investing activities | $ | (70.4) | $ | (42.6) | $ | (147.9) | $ | (96.6) | |||||||
Cash provided (required) by operating activities of discontinued operations | $ | (30.9) | $ | (28.0) | $ | (67.1) | $ | 5.7 | |||||||
Cash provided (required) by investing activities of discontinued operations | — | (32.4) | 9.2 | (93.4) | |||||||||||
Transaction and integration costs | (15.6) | (20.3) | (77.1) | (101.1) | |||||||||||
Investment in Enterprise Resource Planning system | (6.0) | (18.4) | (48.0) | (48.5) | |||||||||||
Legacy and transformation | $ | (52.5) | $ | (99.1) | $ | (183.0) | $ | (237.3) | |||||||
Free cash flow (Non-GAAP) (3) | $ | 382.5 | $ | (139.0) | $ | 301.8 | $ | 129.9 | |||||||
___________________ | |
(1) | The cash provided (required) by operating activities for the three months ended December 31, 2019 and 2018 is the calculation of the twelve months ended December 31, 2019 and 2018 less the previously reported nine months ended September 30, 2019 and 2018, respectively. |
(2) | Adjusted cash from operations is defined as cash provided (required) by operating activities of continuing operations excluding the effects of transaction-related cash flows. |
(3) | Free cash flow is defined as Adjusted cash from operations reduced by spending for capital additions and other investing activities as well as legacy and transformation spending. We believe that this Non-GAAP financial measure provides a useful basis for investors and securities analysts about the cash generated by routine business operations, including capital expenditures, in addition to assessing our ability to repay debt, fund acquisitions and return capital to shareholders through share repurchases and dividends. |
FMC CORPORATION | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(Unaudited) | |||||||
(In Millions) | December 31, 2019 | December 31, 2018 | |||||
Cash and cash equivalents | $ | 339.1 | $ | 134.4 | |||
Trade receivables, net of allowance of $26.3 in 2019 and $22.4 in 2018 | 2,231.2 | 2,143.8 | |||||
Inventories | 1,017.0 | 1,025.5 | |||||
Prepaid and other current assets | 487.5 | 432.6 | |||||
Current assets of discontinued operations held for sale | — | 293.9 | |||||
Total current assets | $ | 4,074.8 | $ | 4,030.2 | |||
Property, plant and equipment, net | 758.0 | 756.9 | |||||
Goodwill | 1,467.5 | 1,468.1 | |||||
Other intangibles, net | 2,629.0 | 2,703.4 | |||||
Deferred income taxes | 257.4 | 272.8 | |||||
Other long-term assets | 686.0 | 384.1 | |||||
Noncurrent assets of discontinued operations held for sale | — | 358.8 | |||||
Total assets | $ | 9,872.7 | $ | 9,974.3 | |||
Short-term debt and current portion of long-term debt | $ | 227.7 | $ | 547.7 | |||
Accounts payable, trade and other | 900.1 | 795.5 | |||||
Advanced payments from customers | 492.7 | 458.4 | |||||
Accrued and other liabilities | 680.6 | 570.8 | |||||
Accrued customer rebates | 280.6 | 365.3 | |||||
Guarantees of vendor financing | 75.7 | 67.1 | |||||
Accrued pensions and other postretirement benefits, current | 4.3 | 6.2 | |||||
Income taxes | 62.2 | 85.1 | |||||
Current liabilities of discontinued operations held for sale | — | 97.3 | |||||
Total current liabilities | $ | 2,723.9 | $ | 2,993.4 | |||
Long-term debt, less current portion | $ | 3,031.1 | $ | 2,145.0 | |||
Long-term liabilities | 1,556.3 | 1,579.4 | |||||
Long-term liabilities of discontinued operations held for sale | — | 46.1 | |||||
Equity | 2,561.4 | 3,210.4 | |||||
Total liabilities and equity | $ | 9,872.7 | $ | 9,974.3 | |||
FMC CORPORATION | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(Unaudited) | |||||||
Year Ended December 31, | |||||||
(In Millions) | 2019 | 2018 | |||||
Cash provided (required) by operating activities of continuing operations | $ | 555.6 | $ | 362.7 | |||
Cash provided (required) by operating activities of discontinued operations | (67.1) | 5.7 | |||||
Cash provided (required) by investing activities of continuing operations | (195.9) | (37.5) | |||||
Cash provided (required) by investing activities of discontinued operations | 9.2 | (93.4) | |||||
Cash provided (required) by financing activities of continuing operations | (87.0) | (397.3) | |||||
Cash provided (required) by financing activities of discontinued operations | (37.2) | 34.0 | |||||
Effect of exchange rate changes on cash | (0.2) | 4.5 | |||||
Increase (decrease) in cash and cash equivalents | $ | 177.4 | $ | (121.3) | |||
Cash and cash equivalents of continuing operations, beginning of period | $ | 134.4 | $ | 281.8 | |||
Cash and cash equivalents of discontinued operations | 27.3 | 1.2 | |||||
Cash and cash equivalents, beginning of period | 161.7 | 283.0 | |||||
Less: cash and cash equivalent of discontinued operations, end of period | — | 27.3 | |||||
Cash and cash equivalents of continuing operations, end of period | $ | 339.1 | $ | 134.4 | |||
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SOURCE FMC Corporation
Article Date
2/5/2020FMC Corporation Announces Date of 2020 Annual Meeting of Stockholders
Source: PR Newswire
PHILADELPHIA, Jan. 22, 2020 /PRNewswire/ --
FMC Corporation (NYSE: FMC) announced today that its 2020 Annual Meeting of Stockholders will be held on Tuesday, April 28, 2020, at 2 p.m. ET at FMC Tower at Cira Centre South, 2929 Walnut Street, Philadelphia, Pennsylvania 19104.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,500 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within FMC's 2018 Form 10-K filed with the SEC as well as other SEC filings and public communications. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
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SOURCE FMC Corporation
Article Date
1/22/20201/21/2020 - FMC Corporation Receives Perfect Score on 2020 Human Rights Campaign's Corporate Equality Index
FMC Corporation Receives Perfect Score on 2020 Human Rights Campaign's Corporate Equality Index
Source: PR Newswire
PHILADELPHIA, Jan. 21, 2020 /PRNewswire/ --
FMC Corporation (NYSE: FMC) announced today that it has received a perfect score of 100 percent on the 2020 Corporate Equality Index (CEI), a national benchmarking survey and report measuring corporate policies and practices related to lesbian, gay, bisexual, transgender and queer (LGBTQ) workplace equality, administered by the Human Rights Campaign Foundation.
"FMC has focused on driving meaningful progress in diversity and inclusion at FMC, including several significant policy changes related to parental leave and domestic partner and transgender inclusion benefits in the U.S. over the past several years. Creating a workplace where people feel engaged and a sense of belonging matters not only for current employees but also to the next generation of employees and the future of our company," said Pierre Brondeau, chairman and chief executive officer at FMC. "Our CEI score reflects the importance we place on recognizing and appreciating each other's differences so that all of our employees around the world can grow and contribute to their fullest potential."
FMC proudly supports LGBTQ employees through SPECTRUM, an FMC employee resource group (ERG) for lesbian gay, bisexual, transgender, and queer employees and their allies. It focuses on increasing the visibility of LGBTQ issues within the Company through education and awareness initiatives. The group holds events throughout the year to reinforce Company commitments to fairness and equality, and advocates for new policy or policy modifications where necessary to establish best practices for LGBTQ inclusion. SPECTRUM is one of six employee resource groups at FMC, which also include The Bridge, a multicultural ERG; Women's Initiative Network (WIN); i-Gen, an intergenerational ERG; Valuing Individuals with Visible and Invisible Disabilities (VIVID); and Honor, a veterans group open to all employees to promote, provide awareness and support veterans within FMC and our local communities.
"As a global company, FMC faces unique opportunities and challenges in advancing diversity and inclusion," said Subarna Malakar, director of Global Diversity and Inclusion at FMC. "Through the implementation of employee resource groups and regional inclusion councils, we are able to increase the visibility of diversity through customized awareness initiatives tailored for employees from around the world. These efforts are critical in creating an inclusive culture that allows all FMC employees to feel a sense of pride and belonging."
For more information on the 2020 Corporate Equality Index, or to view the full report, visit www.hrc.org/cei.
About the Human Rights Campaign Foundation
The Human Rights Campaign Foundation is the educational arm of America's largest civil rights organization working to achieve equality for lesbian, gay, bisexual transgender and queer people. HRC envisions a world where LGBTQ people are embraced as full members of society at home, at work and in every community.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,500 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within FMC's 2018 Form 10-K filed with the SEC as well as other SEC filings and public communications. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
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SOURCE FMC Corporation
Article Date
1/21/20201/7/2020 - FMC Corporation Announces Dates for Fourth Quarter 2019 Earnings Release and Webcast Conference Call
FMC Corporation Announces Dates for Fourth Quarter 2019 Earnings Release and Webcast Conference Call
Source: PR Newswire
PHILADELPHIA, Jan. 7, 2020 /PRNewswire/ --
FMC Corporation (NYSE: FMC) today announced it will release its fourth quarter 2019 earnings on Wednesday, February 5, 2020, after the stock market close via PR Newswire and the company's website at: http://www.fmc.com.
The company will host a webcast conference call on Thursday, February 6, 2020 at 9:00 a.m. ET that is open to the public via internet broadcast and telephone.
Conference Call Details:
Internet broadcast: http://www.fmc.com
Passcode: FMC
Dial-in telephone numbers:
United States: (844) 767-5679
International: (409) 207-6967
Access code: 2130933
A replay of the call will be available via the internet and telephone from 11:00 a.m. ET on February 6, 2020 until March 6, 2020.
Internet replay: http://www.fmc.com
United States: (866) 207-1041
International: (402) 970-0847
Access code: 4660100
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,500 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within FMC's 2018 Form 10-K filed with the SEC as well as other SEC filings and public communications. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
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SOURCE FMC Corporation
Article Date
1/7/202012/19/2019 - FMC Corporation Board Raises Dividend by 10 Percent
FMC Corporation Board Raises Dividend by 10 Percent
Source: PR Newswire
PHILADELPHIA, Dec. 19, 2019 /PRNewswire/ --
FMC Corporation (NYSE: FMC) announced today that its board of directors declared a regular quarterly dividend of 44 cents per share, payable on January 16, 2020, to shareholders of record as of the close of business on December 31, 2019. This represents a 10 percent increase over the Company's previous quarterly dividend.
"Today's dividend increase is in line with the Company's previously communicated policy to regularly reward shareholders by increasing the dividend at least at the same rate of net income growth," said Andrew Sandifer, executive vice president and chief financial officer at FMC.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,500 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within FMC's 2018 Form 10-K filed with the SEC as well as other SEC filings and public communications. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
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SOURCE FMC Corporation
Article Date
12/19/2019FMC Corporation Announces Mark Douglas Will Succeed Pierre Brondeau as President and CEO on June 1, 2020; Brondeau to Become Executive Chairman
Source: PR Newswire
PHILADELPHIA, Dec. 18, 2019 /PRNewswire/ --
FMC Corporation (NYSE: FMC) today announced that its Board of Directors has elected Mark Douglas as president and chief executive officer of FMC, effective June 1, 2020. Pierre Brondeau will continue to serve as chairman and CEO through May 31, 2020, at which time he will become executive chairman and remain a member of the Board of Directors.
"Mark has been elected following the Board's careful and thorough assessment of the experience, track record and leadership qualities needed to lead FMC," said Brondeau. "He has been a trusted partner during a period of significant change. During the last decade, Mark has been engaged on every major decision and strategic action we pursued to transform FMC into a high growth agricultural sciences company. His more than 30 years of global business and operational experience in the chemical industry, including most of the last 10 years leading FMC's agricultural business, makes him ideally suited as our next CEO," Brondeau added.
"I am honored to be elected president and CEO of this great company," said Douglas. "Pierre, along with our management team and more than 6,500 employees, have transformed FMC into an agricultural sciences leader. I look forward to working with our leadership and the Board as we drive the full potential of FMC and continue delivering industry-leading performance that customers, shareholders and employees expect from us."
Vincent Volpe, lead independent director on the FMC Board, said the company's performance and business results during Brondeau's tenure have been dramatic.
"Upon his arrival in 2010, Pierre saw the significant growth potential of FMC and charted a new course that would eventually transform the company. His vision reshaped nearly every aspect of the enterprise, including the business portfolio, operating structure, and a culture of high performance," Volpe said. "A decade of results speak for themselves: More than a dozen acquisitions and divestitures; two of the largest transactions in company history, including the 2017 acquisition of a majority of DuPont's crop protection assets; total shareholder return of more than 325 percent; nearly 90 percent reduction in the company's recordable injury rate; and the transformation into a leading, global crop protection innovator. The Board looks forward to Pierre's guidance as executive chairman, and we know that as CEO, Mark will continue to lead FMC with the conviction, passion and strategic foresight that have guided the company's success."
Douglas becomes FMC president and CEO-elect, effective today. He will work with Brondeau and the Board during the next five months on an orderly transition. The Board expects to nominate Douglas for election as a Board director at the April 2020 annual meeting of stockholders.
About Mark Douglas
Mark Douglas has served as president and chief operating officer of FMC since June 2018. He leads the company's commercial, operational and technology organizations. He joined FMC in March 2010 as vice president, Global Operations and International Development, and was named president of the Industrial Chemicals Group in 2011. In October 2012, Mr. Douglas was named president of the Agricultural Solutions business. Mr. Douglas joined FMC from The Dow Chemical Company where he was vice president, president Asia, Dow Advanced Materials. Prior to Dow, he was corporate vice president, president Asia, Rohm and Haas Company, based in Shanghai. During his 21 years with Rohm and Haas, Mr. Douglas held sales, marketing and executive management positions in London, Singapore, Shanghai and Philadelphia.
Mr. Douglas is a director of Quaker Houghton. He is also a member of the Crop Life International Board of Directors and serves on the Board of Trustees of the Pennsylvania Academy of the Fine Arts.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,500 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within FMC's 2018 Form 10-K filed with the SEC as well as other SEC filings and public communications. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
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SOURCE FMC Corporation
Article Date
12/18/2019FMC Corporation CFO Andrew Sandifer to Speak at Citi 2019 Basic Materials Conference
Source: PR Newswire
PHILADELPHIA, Nov. 19, 2019 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today announced that Andrew Sandifer, executive vice president and CFO, will speak at the Citi 2019 Basic Materials Conference in New York, NY, on December 4 at 2:00 p.m. EST. A live webcast will be available on the FMC Investor Relations website.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,500 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within FMC's 2018 Form 10-K filed with the SEC as well as other SEC filings and public communications. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
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SOURCE FMC Corporation
Article Date
11/19/2019FMC Corporation CEO Pierre Brondeau and President Mark Douglas to Speak at Stephens 2019 Nashville Investment Conference
Source: PR Newswire
PHILADELPHIA, Nov. 5, 2019 /PRNewswire/ --
FMC Corporation (NYSE: FMC) today announced that Pierre Brondeau, chief executive officer and chairman, and Mark Douglas, president and chief operating officer, will speak at the Stephens 2019 Nashville Investment Conference in Nashville, TN on November 14 at 10:30 a.m. CST. A live webcast will be available on the FMC Investor Relations website.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,500 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within FMC's 2018 Form 10-K filed with the SEC as well as other SEC filings and public communications. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
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SOURCE FMC Corporation
Article Date
11/5/2019FMC Corporation Delivers Strong Third Quarter and Raises Full-Year 2019 Outlook
Source: PR Newswire
PHILADELPHIA, Oct. 29, 2019 /PRNewswire/ --
Third Quarter 2019 Highlights1
Full-Year Outlook Highlights1,2
FMC Corporation (NYSE: FMC) today reported third quarter 2019 revenue of approximately $1.0 billion, an increase of 10 percent versus recast third quarter 2018, driven by double-digit organic growth in Brazil, Argentina, Mexico, France, India, China and Pakistan. Excluding the impact of foreign currencies, organic sales grew 12 percent year over year. On a GAAP basis, the company reported earnings of $0.69 per diluted share in the third quarter. This compares to recast GAAP earnings of $0.54 per diluted share in the third quarter of 2018.1
Third quarter adjusted earnings were $0.94 per diluted share, an increase of 32 percent versus recast third quarter 2018, and 14 cents above the midpoint of guidance. The outperformance versus guidance was driven primarily by strong operating results, offset partially by higher interest expense. Total company adjusted EBITDA was $219 million, an increase of 18 percent versus recast third quarter 2018 and $19 million above the midpoint of guidance.1
Third Quarter Adj. EPS versus Guidance (midpoint)* | +14 cents |
EBITDA | +12.5 cents |
Depreciation and amortization | +1.5 cents |
Interest expense | -3.5 cents |
Tax rate | +2.5 cents |
Non-controlling interest | +1 cent |
*Guidance refers to EPS guidance presented on July 30, 2019 of $0.75 to $0.85 | |
Pierre Brondeau, FMC CEO and chairman said: "FMC continues to outperform due to very strong revenue growth and cost discipline. Year to date, revenue is up 11 percent organically, as demand for our products remains very high across the globe."
FMC third-quarter revenue growth was driven by an 8 percent contribution from volume and a 4 percent contribution from price, offset partially by a 2 percent headwind from foreign currencies. FMC achieved higher year-over-year pricing in all regions for the third consecutive quarter. Latin America sales grew 21 percent year over year and 22 percent excluding FX. This was driven mainly by strong growth in cotton and sugarcane in Brazil and soybeans in Argentina. Sales in EMEA grew 4 percent year over year and 8 percent excluding FX, due to strong growth from new product introductions, especially in France. In Asia, revenue increased 5 percent year over year and 9 percent excluding FX; on an organic basis, sales increased by double-digit percentages in India, China and Pakistan. In North America, sales decreased 3 percent year over year, driven by lower demand for herbicides in the Midwest and Canada, but offset partially by strength in diamides and specialty crops.
FMC Revenue1 | Q3 2019 |
Organic Growth | 12% |
FX Impact | 2% |
Total Revenue Growth | 10% |
2019 Outlook1,2
FMC is raising its guidance for full-year 2019. Revenue is now expected to be in the range of $4.58 billion to $4.62 billion, an increase of 7 percent at the midpoint versus recast 2018. Total company adjusted EBITDA is now expected to be in the range of $1.2 billion to $1.22 billion, an increase of 9 percent at the midpoint compared to recast 2018. FMC is also raising its 2019 adjusted earnings guidance to a range of $5.80 to $5.90 per diluted share, an increase of 12 percent at the midpoint compared to recast 2018. FMC continues to expect weighted average diluted shares outstanding (WADSO) of approximately 131.5 million to 132.0 million for the full year. EPS estimates include the impact of $300 million in share repurchases completed year to date through September 30, 2019, as well as an additional $100 million in share repurchases expected in Q4 2019.
Fourth Quarter Outlook1,2
Fourth quarter revenue is expected to be in the range of $1.17 billion to $1.21 billion, representing 8 percent growth at the midpoint compared to recast fourth quarter 2018. Total company adjusted EBITDA is forecasted to be in the range of $300 million to $320 million, representing a 13 percent increase at the midpoint versus recast Q4 2018. FMC expects adjusted earnings per diluted share to be in the range of $1.46 to $1.56 in the fourth quarter, representing an increase of 3 percent at the midpoint versus recast Q4 2018 and assuming WADSO of approximately 130.5 million. Recast Q4 2018 adjusted earnings per diluted share benefitted from an unusually low tax rate.
Full Year Outlook2 | Q4 2019 Outlook2 | |
Revenue | $4.58 to $4.62 billion | $1.17 to $1.21 billion |
Organic Growth | 11% | 10% |
Estimated FX Impact | (4%) | (2%) |
Growth at midpoint vs. recast 2018 1 | 7% | 8% |
Adjusted EBITDA | $1.2 to $1.22 billion | $300 to $320 million |
Growth at midpoint vs. recast 2018 1 | 9% | 13% |
Adjusted EPS^ | $5.80 to $5.90 | $1.46 to $1.56 |
Growth at midpoint vs. recast 2018 1 | 12% | 3% |
Share Count (WADSO)^ | 131.5 to 132.0 million | ~130.5 million |
^ EPS and WADSO estimates include the impact of the $300M in share repurchases completed YTD through September 30, 2019, as well as another $100M expected in Q4 2019. | ||
Supplemental Information
The company will post supplemental information on the web at www.fmc.com, including its 2019 Outlook Statement, webcast slides for tomorrow's earnings call, definitions of non-GAAP terms and reconciliations of non-GAAP figures to the nearest available GAAP term.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,500 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: FMC and its representatives may from time to time make written or oral statements that are "forward-looking" and provide other than historical information, including statements contained in this press release, in FMC's other filings with the SEC, and in reports or letters to FMC stockholders.
In some cases, FMC has identified forward-looking statements by such words or phrases as "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words and phrases. Such forward-looking statements are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors included within FMC's 2018 Form 10-K filed with the SEC. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.
This press release contains certain "non-GAAP financial terms" which are defined on our website www.fmc.com. In addition, we have also provided on our website at www.fmc.com reconciliations of non-GAAP terms to the most directly comparable GAAP term.
FMC CORPORATION | ||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | ||||||||||||
(Unaudited, in millions, except per share amounts) | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
Revenue | $ | 1,014.3 | $ | 923.6 | $ | 3,412.5 | $ | 3,185.9 | ||||
Costs of sales and services | 581.9 | 528.4 | 1,884.9 | 1,797.8 | ||||||||
Gross margin | $ | 432.4 | $ | 395.2 | $ | 1,527.6 | $ | 1,388.1 | ||||
Selling, general and administrative expenses | 188.3 | 194.6 | 569.1 | 587.4 | ||||||||
Research and development expenses | 77.4 | 70.1 | 221.7 | 210.9 | ||||||||
Restructuring and other charges (income) | 6.8 | 25.4 | 27.3 | 26.4 | ||||||||
Total costs and expenses | $ | 854.4 | $ | 818.5 | $ | 2,703.0 | $ | 2,622.5 | ||||
Income from continuing operations before equity in (earnings) loss of affiliates, non-operating pension and postretirement charges (income), interest expense, net and income taxes | $ | 159.9 | $ | 105.1 | $ | 709.5 | $ | 563.4 | ||||
Equity in (earnings) loss of affiliates | — | — | — | (0.1) | ||||||||
Non-operating pension and postretirement charges (income) | (1.2) | (1.2) | 5.5 | (0.5) | ||||||||
Interest expense, net | 41.6 | 33.4 | 115.6 | 101.7 | ||||||||
Income (loss) from continuing operations before income taxes | $ | 119.5 | $ | 72.9 | $ | 588.4 | $ | 462.3 | ||||
Provision (benefit) for income taxes | 8.7 | 22.0 | 75.6 | 81.4 | ||||||||
Income (loss) from continuing operations | $ | 110.8 | $ | 50.9 | $ | 512.8 | $ | 380.9 | ||||
Discontinued operations, net of income taxes | (21.3) | 23.9 | (29.8) | 96.0 | ||||||||
Net income (loss) | $ | 89.5 | $ | 74.8 | $ | 483.0 | $ | 476.9 | ||||
Less: Net income (loss) attributable to noncontrolling interests | (0.9) | 2.0 | 2.4 | 7.2 | ||||||||
Net income (loss) attributable to FMC stockholders | $ | 90.4 | $ | 72.8 | $ | 480.6 | $ | 469.7 | ||||
Amounts attributable to FMC stockholders: | ||||||||||||
Income (loss) from continuing operations | $ | 111.7 | $ | 48.9 | $ | 510.4 | $ | 373.7 | ||||
Discontinued operations, net of tax | (21.3) | 23.9 | (29.8) | 96.0 | ||||||||
Net income (loss) | $ | 90.4 | $ | 72.8 | $ | 480.6 | $ | 469.7 | ||||
Basic earnings (loss) per common share attributable to FMC stockholders: | ||||||||||||
Continuing operations | $ | 0.85 | $ | 0.36 | $ | 3.88 | $ | 2.76 | ||||
Discontinued operations | (0.16) | 0.18 | (0.22) | 0.71 | ||||||||
Basic earnings per common share | $ | 0.69 | $ | 0.54 | $ | 3.66 | $ | 3.47 | ||||
Average number of shares outstanding used in basic earnings per share computations | 130.4 | 134.9 | 131.1 | 134.7 | ||||||||
Diluted earnings (loss) per common share attributable to FMC stockholders: | ||||||||||||
Continuing operations | $ | 0.85 | $ | 0.36 | $ | 3.85 | $ | 2.74 | ||||
Discontinued operations | (0.16) | 0.18 | (0.22) | 0.71 | ||||||||
Diluted earnings per common share | $ | 0.69 | $ | 0.54 | $ | 3.63 | $ | 3.45 | ||||
Average number of shares outstanding used in diluted earnings per share computations | 131.6 | 136.4 | 132.4 | 136.2 | ||||||||
Other Data: | ||||||||||||
Capital additions | $ | 40.5 | $ | 21.1 | $ | 74.4 | $ | 50.0 | ||||
Depreciation and amortization expense | 36.6 | 37.8 | 111.1 | 111.4 | ||||||||
FMC CORPORATION | |||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||||||
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO FMC STOCKHOLDERS (GAAP) TO ADJUSTED AFTER-TAX EARNINGS FROM CONTINUING OPERATIONS, ATTRIBUTABLE TO FMC STOCKHOLDERS (NON-GAAP) | |||||||||||
(Unaudited, in millions, except per share amounts) | |||||||||||
Three Months Ended | Nine Months Ended | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
Net income (loss) attributable to FMC stockholders (GAAP) | $ | 90.4 | $ | 72.8 | $ | 480.6 | $ | 469.7 | |||
Corporate special charges (income): | |||||||||||
Restructuring and other charges (income) (a) | 6.8 | 25.4 | 27.3 | 26.4 | |||||||
Non-operating pension and postretirement charges (income) (b) | (1.2) | (1.2) | 5.5 | (0.5) | |||||||
Transaction-related charges (c) | 16.0 | 18.2 | 52.6 | 134.3 | |||||||
Income tax expense (benefit) on Corporate special charges (income) (d) | 0.8 | (8.9) | (12.0) | (36.6) | |||||||
Discontinued operations attributable to FMC stockholders, net of income taxes (e) | 21.3 | (23.9) | 29.8 | (96.0) | |||||||
Tax adjustment (f) | (9.9) | 14.3 | (10.1) | 18.0 | |||||||
Adjusted after-tax earnings from continuing operations attributable to FMC stockholders (Non-GAAP) (1) | $ | 124.2 | $ | 96.7 | $ | 573.7 | $ | 515.3 | |||
Diluted earnings per common share (GAAP) | $ | 0.69 | $ | 0.54 | $ | 3.63 | $ | 3.45 | |||
Corporate special charges (income) per diluted share, before tax: | |||||||||||
Restructuring and other charges (income) | 0.05 | 0.19 | 0.21 | 0.19 | |||||||
Non-operating pension and postretirement charges (income) | (0.01) | — | 0.04 | — | |||||||
Transaction-related charges | 0.12 | 0.13 | 0.40 | 0.99 | |||||||
Income tax expense (benefit) on Corporate special charges (income), per diluted share | 0.01 | (0.07) | (0.10) | (0.27) | |||||||
Discontinued operations attributable to FMC stockholders, net of income taxes per diluted share | 0.16 | (0.18) | 0.22 | (0.71) | |||||||
Tax adjustments per diluted share | (0.08) | 0.10 | (0.08) | 0.13 | |||||||
Diluted adjusted after-tax earnings from continuing operations per share, attributable to FMC stockholders (Non-GAAP) | $ | 0.94 | $ | 0.71 | $ | 4.32 | $ | 3.78 | |||
Average number of shares outstanding used in diluted adjusted after-tax earnings from continuing operations per share computations | 131.6 | 136.4 | 132.4 | 136.2 | |||||||
____________________ | |
(1) | The Company believes that the Non-GAAP financial measure "Adjusted after-tax earnings from continuing operations attributable to FMC stockholders" and its presentation on a per share basis provides useful information about the Company's operating results to management, investors and securities analysts. Adjusted earnings excludes the effects of corporate special charges, tax-related adjustments and the results of our discontinued operations. The Company also believes that excluding the effects of these items from operating results allows management and investors to compare more easily the financial performance of its underlying business from period to period. |
(a) | Three Months Ended September 30, 2019: |
Restructuring and other charges (income) is comprised of charges associated with the continued integration of the DuPont Crop Protection Business. These charges include severance and other costs (benefits) of $2.6 million. All other charges were $4.2 million, which includes charges of continuing environmental sites treated as a Corporate charge of $4.1 million. | |
Three Months Ended September 30, 2018: | |
Restructuring and other charges (income) is primarily comprised of charges associated with the integration of the DuPont Crop Protection Business. Restructuring charges were incurred as a continuation of our decision to exit the Ewing R&D center and change to our market access model in India of $14.9 million and $1.8 million, respectively. Other restructuring charges as we continue to integrate the acquired DuPont Crop Protection Business totaled to $3.3 million. There were also other restructuring and other charges (income) totaling $2.0 million. Additionally, restructuring and other charges (income) includes charges of continuing environmental sites treated as a Corporate charge of $2.2 million and other Corporate charges of $1.2 million. | |
Nine Months Ended September 30, 2019: | |
Restructuring and other charges (income) is comprised of charges associated with the continued integration of the DuPont Crop Protection Business. These charges include severance, accelerated depreciation on certain fixed assets, and other costs (benefits) of $13.2 million. Additionally, restructuring and other charges (income) includes charges of continuing environmental sites treated as a Corporate charge of $12.3 million and other miscellaneous restructuring and other charges totaling $1.8 million. | |
Nine Months Ended September 30, 2018: | |
Restructuring and other charges (income) primarily consists of the total gain on sales of $87.2 million from the divestments of certain product portfolios as part of our commitment to both the European Commission and Competition Commission of India related to the DuPont Crop Protection Acquisition. Restructuring and other charges (income) also consists of $27.5 million of charges due to our decision to exit the Ewing R&D and $57.2 million of charges related to the change in our market access model in India. Other restructuring charges as we continue to integrate the acquired DuPont Crop Protection Business totaled to $7.8 million. There were other restructuring and other charges (income) of $8.6 million. Additionally, restructuring and other charges (income) includes charges of continuing environmental sites treated as a Corporate charge of $8.8 million and other Corporate charges of $3.7 million. | |
(b) | Our non-operating pension and postretirement charges (income) are defined as those costs (benefits) related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These are excluded from our Adjusted Earnings and are primarily related to changes in pension plan assets and liabilities which are tied to financial market performance and we consider these costs to be outside our operational performance. We continue to include the service cost and amortization of prior service cost in our Adjusted Earnings results noted above. These elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees. |
(c) | Charges related to the expensing of the inventory fair value step-up resulting from the application of purchase accounting as well as legal and professional fees associated with acquisition activities. Amounts represent the following: |
Three Months Ended | Nine Months Ended | ||||||||||||
(in Millions) | 2019 | 2018 | 2019 | 2018 | |||||||||
DuPont Crop Protection Business Acquisition | |||||||||||||
Legal and professional fees (1) | $ | 16.0 | $ | 16.9 | $ | 52.6 | $ | 64.7 | |||||
Inventory fair value amortization (2) | — | 1.3 | — | 69.6 | |||||||||
Total Transaction-related charges | $ | 16.0 | $ | 18.2 | $ | 52.6 | $ | 134.3 | |||||
____________________ | |||
(1) | Represents transaction costs, costs for transitional employees, other acquired employees related costs, and transactional-related costs such as legal and professional third-party fees. These charges are recorded as a component of "Selling, general and administrative expense" on the condensed consolidated statements of income (loss). | ||
(2) | These charges are included in "Costs of sales and services" on the condensed consolidated statements of income (loss). | ||
(d) | The income tax expense (benefit) on Corporate special charges (income) is determined using the applicable rates in the taxing jurisdictions in which the corporate special charge or income occurred and includes both current and deferred income tax expense (benefit) based on the nature of the non-GAAP performance measure. | ||
(e) | Three and Nine Months Ended September 30, 2019 and 2018 | ||
Discontinued operations, net of income taxes include, in periods up to its separation on March 1, 2019, the results of FMC Lithium, including separation-related costs, as well as provisions, net of recoveries, for environmental liabilities and legal reserves and expenses related to previously discontinued operations. The three months ended September 30, 2019 has no results of our FMC Lithium segment compared to a full quarter for the three months ended September 30, 2018. During the nine months ended September 30, 2019, we finalized the sale of the first of two parcels of land of our discontinued site in Newark, California. The gain on sale was approximately $21 million, net of tax. Offsetting the gain on sale were the results of our discontinued FMC Lithium segment, which was a net loss due to separation-related costs. Discontinued operations, net of income taxes for the nine months ended September 30, 2018 includes both a full period of results of FMC Lithium as well as an additional gain on sale of the FMC Health and Nutrition business to DuPont of approximately $17 million as a result of the adjustment to the final working capital. | |||
(f) | We exclude the GAAP tax provision, including discrete items, from the Non-GAAP measure of income, and include a Non-GAAP tax provision based upon the projected annual Non-GAAP effective tax rate. The GAAP tax provision includes certain discrete tax items including, but are not limited to: income tax expenses or benefits that are not related to continuing operating results in the current year; tax adjustments associated with fluctuations in foreign currency remeasurement of certain foreign operations; certain changes in estimates of tax matters related to prior fiscal years; certain changes in the realizability of deferred tax assets and related interim accounting impacts; and changes in tax law. Management believes excluding these discrete tax items assists investors and securities analysts in understanding the tax provision and the effective tax rate related to continuing operating results thereby providing investors with useful supplemental information about FMC's operational performance. | ||
Three Months Ended | Nine Months Ended | ||||||||||||
(in Millions) | 2019 | 2018 | 2019 | 2018 | |||||||||
Non-GAAP tax adjustments | |||||||||||||
Impacts of Tax Cuts and Jobs Act | $ | — | $ | 18.6 | $ | — | $ | 18.9 | |||||
Revisions to valuation allowances of historical deferred tax assets | — | 0.3 | 0.6 | (0.5) | |||||||||
Foreign currency remeasurement and other discrete items | (9.9) | (4.6) | (10.7) | (0.4) | |||||||||
Total Non-GAAP tax adjustments | $ | (9.9) | $ | 14.3 | $ | (10.1) | $ | 18.0 | |||||
RECONCILIATION OF NET INCOME (LOSS) (GAAP) TO ADJUSTED EARNINGS FROM CONTINUING OPERATIONS, BEFORE INTEREST, INCOME TAXES, DEPRECIATION AND AMORTIZATION, AND NONCONTROLLING INTERESTS (NON-GAAP) | |||||||||||
(Unaudited, in millions) | |||||||||||
Three Months Ended | Nine Months Ended | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
Net income (loss) (GAAP) | $ | 89.5 | $ | 74.8 | $ | 483.0 | $ | 476.9 | |||
Restructuring and other charges (income) | 6.8 | 25.4 | 27.3 | 26.4 | |||||||
Non-operating pension and postretirement charges (income) | (1.2) | (1.2) | 5.5 | (0.5) | |||||||
Transaction-related charges | 16.0 | 18.2 | 52.6 | 134.3 | |||||||
Discontinued operations, net of income taxes | 21.3 | (23.9) | 29.8 | (96.0) | |||||||
Interest expense, net | 41.6 | 33.4 | 115.6 | 101.7 | |||||||
Depreciation and amortization | 36.6 | 37.8 | 111.1 | 111.4 | |||||||
Provision (benefit) for income taxes | 8.7 | 22.0 | 75.6 | 81.4 | |||||||
Adjusted earnings from continuing operations, before interest, income taxes, depreciation and amortization, and noncontrolling interests (Non-GAAP) (1) | $ | 219.3 | $ | 186.5 | $ | 900.5 | $ | 835.6 | |||
___________________ | |
(1) | Referred to as Adjusted EBITDA. Defined as operating profit excluding corporate special charges (income) and depreciation and amortization expense. |
RECONCILIATION OF CASH PROVIDED (REQUIRED) BY OPERATING ACTIVITIES (GAAP) TO ADJUSTED CASH FROM OPERATIONS (NON-GAAP) | |||||||||||
(Unaudited, in millions) | |||||||||||
Three Months Ended | Nine Months Ended | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
Cash provided (required) by operating activities (GAAP) (1) | $ | 282.6 | $ | 179.8 | $ | 65.8 | $ | 380.3 | |||
Transaction and integration costs | 18.4 | 27.9 | 61.5 | 80.8 | |||||||
Adjusted cash from operations (Non-GAAP) (2) | $ | 301.0 | $ | 207.7 | $ | 127.3 | $ | 461.1 | |||
___________________ | |
(1) | The cash provided (required) by operating activities for the three months ended September 30, 2019 and 2018 is the calculation of the nine months ended September 30, 2019 and 2018 less the previously reported six months ended June 30, 2019 and 2018, respectively. |
(2) | The Company believes that the Non-GAAP financial measure "Adjusted cash from operations" provides useful information about the Company's cash flows to investors and securities analysts. Adjusted cash from operations excludes the effects of transaction-related cash flows. The Company also believes that excluding the effects of these items from cash provided (required) by operating activities allows management and investors to compare more easily the cash flows from period to period. |
FMC CORPORATION | |||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
(Unaudited, in millions) | |||||
September 30, 2019 | December 31, 2018 | ||||
Cash and cash equivalents | $ | 419.7 | $ | 134.4 | |
Trade receivables, net of allowance of $35.6 in 2019 and $22.4 in 2018 | 2,001.1 | 2,143.8 | |||
Inventories | 1,167.4 | 1,025.5 | |||
Prepaid and other current assets | 489.4 | 432.6 | |||
Current assets of discontinued operations | — | 293.9 | |||
Total current assets | $ | 4,077.6 | $ | 4,030.2 | |
Property, plant and equipment, net | 728.4 | 756.9 | |||
Goodwill | 1,466.5 | 1,468.1 | |||
Other intangibles, net | 2,632.2 | 2,703.4 | |||
Deferred income taxes | 289.1 | 272.8 | |||
Other long-term assets | 610.0 | 384.1 | |||
Noncurrent assets of discontinued operations | — | 358.8 | |||
Total assets | $ | 9,803.8 | $ | 9,974.3 | |
Short-term debt and current portion of long-term debt | $ | 553.6 | $ | 547.7 | |
Accounts payable, trade and other | 667.0 | 795.5 | |||
Advanced payments from customers | 19.0 | 458.4 | |||
Accrued and other liabilities | 576.7 | 570.8 | |||
Accrued customer rebates | 547.7 | 365.3 | |||
Guarantees of vendor financing | 73.0 | 67.1 | |||
Accrued pensions and other postretirement benefits, current | 6.2 | 6.2 | |||
Income taxes | 78.3 | 85.1 | |||
Current liabilities of discontinued operations | — | 97.3 | |||
Total current liabilities | $ | 2,521.5 | $ | 2,993.4 | |
Long-term debt, less current portion | $ | 3,032.4 | $ | 2,145.0 | |
Long-term liabilities | 1,570.6 | 1,579.4 | |||
Noncurrent liabilities of discontinued operations | — | 46.1 | |||
Equity | 2,679.3 | 3,210.4 | |||
Total liabilities and equity | $ | 9,803.8 | $ | 9,974.3 | |
FMC CORPORATION | |||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
(Unaudited, in millions) | |||||
Nine Months Ended September 30, | |||||
2019 | 2018 | ||||
Cash provided (required) by operating activities of continuing operations | $ | 65.8 | $ | 380.3 | |
Cash provided (required) by operating activities of discontinued operations | (36.2) | 33.7 | |||
Cash provided (required) by investing activities of continuing operations | (119.5) | 23.5 | |||
Cash provided (required) by investing activities of discontinued operations | 9.2 | (61.0) | |||
Cash provided (required) by financing activities of continuing operations | 374.8 | (485.5) | |||
Cash provided (required) by financing activities of discontinued operations | (37.2) | — | |||
Effect of exchange rate changes on cash | 1.1 | 2.5 | |||
Increase (decrease) in cash and cash equivalents | $ | 258.0 | $ | (106.5) | |
Cash and cash equivalents of continuing operations, beginning of period | $ | 134.4 | $ | 281.8 | |
Cash and cash equivalents of discontinued operations | 27.3 | 1.2 | |||
Cash and cash equivalents, beginning of period | $ | 161.7 | $ | 283.0 | |
Less: cash and cash equivalent of discontinued operations, end of period | — | 14.7 | |||
Cash and cash equivalents of continuing operations, end of period | $ | 419.7 | $ | 161.8 | |
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SOURCE FMC Corporation
Article Date
10/29/201910/21/2019 - FMC Corporation Announces Time Change for Third Quarter 2019 Earnings Conference Call and Webcast
FMC Corporation Announces Time Change for Third Quarter 2019 Earnings Conference Call and Webcast
Source: PR Newswire
PHILADELPHIA, Oct. 21, 2019 /PRNewswire/ --
FMC Corporation (NYSE: FMC) today announced that it has changed the time for its third quarter 2019 earnings conference call and webcast. Due to a scheduling conflict, the conference call will now be held at 10 a.m. ET on Wednesday, October 30, 2019. The conference call was previously scheduled for 9 a.m. ET. The webcast conference call is open to the public via internet broadcast and telephone.
The company will issue its third quarter 2019 earnings release after stock market close on Tuesday, October 29, 2019, via PR Newswire and the company's website at: http://www.fmc.com.
Conference Call Details:
Internet broadcast: http://www.fmc.com
Passcode: FMC
Dial-in telephone numbers:
United States: (800) 230-1096
International: (612) 332-0107
Conference ID: 464185
A replay of the call will be available via the internet and telephone from 12:00 p.m. ET on October 30, 2019 until November 30, 2019.
Internet replay: http://www.fmc.com
United States: (800) 475-6701
International: (320) 365-3844
Conference ID: 464185
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,500 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: FMC and its representatives may from time to time make written or oral statements that are "forward-looking" and provide other than historical information, including statements contained in this press release, in FMC's other filings with the SEC, and in reports or letters to FMC stockholders.
In some cases, FMC has identified forward-looking statements by such words or phrases as "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words and phrases. Such forward-looking statements are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors included within FMC's 2018 Form 10-K filed with the SEC. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.
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SOURCE FMC Corporation
Article Date
10/21/2019FMC Corporation Announces New Sustainability Goals for 2025 and 2030
Source: PR Newswire
PHILADELPHIA, Oct. 8, 2019 /PRNewswire/ --
FMC Corporation (NYSE: FMC) announced today new sustainability goals for 2025 and 2030. The company's new goals include continued focus on the United Nations Sustainability Development Goals with emphasis on Zero Hunger and Life on Land.
"FMC has made tremendous progress in defining, and in many instances, exceeding ambitious goals to advance the company's sustainability profile since our first goals were announced in 2015," said Linda Froelich, director of Corporate Sustainability at FMC. "With increasing threats from climate change, it is critical that we focus on ways to help mitigate the impacts of unpredictable weather patterns, rising sea levels and increasing global mean temperatures, which can all have a long-term impact on our business."
The new FMC sustainability goals include dedicating 100 percent of R&D spend to developing more sustainable products, achieving 100 on the Community Engagement Index that measures interactions with the communities where we work and live, and attaining less than 0.1 Total Recordable Incident Rate (TRIR) across the organization, all by 2025. The goals also include improving the company's environmental footprint by 2030 through 25 percent reductions in energy and greenhouse gas emissions intensities, 20 percent reduction in water use intensity at high-risk locations, and maintaining waste intensities that would otherwise increase by 55 percent due to expected growth and shifts in product mix.
More information on the company's new sustainability goals can be found at fmc.com/sustainability.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,500 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: FMC and its representatives may from time to time make written or oral statements that are "forward-looking" and provide other than historical information, including statements contained in this press release, in FMC's other filings with the SEC, and in reports or letters to FMC stockholders.
In some cases, FMC has identified forward-looking statements by such words or phrases as "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words and phrases. Such forward-looking statements are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors included within FMC's 2018 Form 10-K filed with the SEC. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.
This press release contains certain "non-GAAP financial terms" which are defined on our website www.fmc.com. In addition, we have also provided on our website at www.fmc.com reconciliations of non-GAAP terms to the most directly comparable GAAP term.
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SOURCE FMC Corporation
Article Date
10/8/2019FMC Corporation CFO Andrew Sandifer to Speak at Baird 2019 Global Industrial Conference
Source: PR Newswire
PHILADELPHIA, Oct. 4, 2019 /PRNewswire/ --
FMC Corporation (NYSE: FMC) today announced that Andrew Sandifer, executive vice president and chief financial officer, will speak at the Baird 2019 Global Industrial Conference in Chicago on November 7 at 1:30 p.m. CST. A live webcast will be available on the FMC Investor Relations website.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,500 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: FMC and its representatives may from time to time make written or oral statements that are "forward-looking" and provide other than historical information, including statements contained in this press release, in FMC's other filings with the SEC, and in reports or letters to FMC stockholders.
In some cases, FMC has identified forward-looking statements by such words or phrases as "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words and phrases. Such forward-looking statements are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors included within FMC's 2018 Form 10-K filed with the SEC. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.
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SOURCE FMC Corporation
Article Date
10/4/20199/12/2019 - FMC Corporation Announces Dates for Third Quarter 2019 Earnings Release and Webcast Conference Call
FMC Corporation Announces Dates for Third Quarter 2019 Earnings Release and Webcast Conference Call
Source: PR Newswire
PHILADELPHIA, Sept. 12, 2019 /PRNewswire/ --
FMC Corporation (NYSE: FMC) today announced it will release its third quarter 2019 earnings on Tuesday, October 29, 2019, after the stock market close via PR Newswire and the company's website at: http://www.fmc.com.
The company will host a webcast conference call on Wednesday, October 30, 2019 at 9:00 a.m. ET that is open to the public via internet broadcast and telephone.
Conference Call Details:
Internet broadcast: http://www.fmc.com
Passcode: FMC
Dial-in telephone numbers:
United States: (800) 230-1096
International: (612) 332-0107
Conference ID: 464185
A replay of the call will be available via the internet and telephone from 11:00 a.m. ET on October 30, 2019 until November 30, 2019.
Internet replay: http://www.fmc.com
United States: (800) 475-6701
International: (320) 365-3844
Conference ID: 464185
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,500 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: FMC and its representatives may from time to time make written or oral statements that are "forward-looking" and provide other than historical information, including statements contained in this press release, in FMC's other filings with the SEC, and in reports or letters to FMC stockholders.
In some cases, FMC has identified forward-looking statements by such words or phrases as "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words and phrases. Such forward-looking statements are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors included within FMC's 2018 Form 10-K filed with the SEC. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.
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SOURCE FMC Corporation
Article Date
9/12/2019FMC Corporation's Mark Douglas and Andrew Sandifer to Speak at Credit Suisse 32nd Annual Basic Materials Conference
Source: PR Newswire
PHILADELPHIA, Aug. 26, 2019 /PRNewswire/ --
FMC Corporation (NYSE: FMC) today announced that Mark Douglas, president and chief operating officer and Andrew Sandifer, executive vice president and chief financial officer will speak at the Credit Suisse 32nd Annual Basic Materials Conference in New York City on September 10 at 10:00 a.m. EDT.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,500 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: FMC and its representatives may from time to time make written or oral statements that are "forward-looking" and provide other than historical information, including statements contained in this press release, in FMC's other filings with the SEC, and in reports or letters to FMC stockholders.
In some cases, FMC has identified forward-looking statements by such words or phrases as "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words and phrases. Such forward-looking statements are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors included within FMC's 2018 Form 10-K filed with the SEC. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.
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SOURCE FMC Corporation
Article Date
8/26/20197/30/2019 - FMC Corporation Announces Second Quarter 2019 Results and Raises Full-Year Adjusted EPS Outlook
FMC Corporation Announces Second Quarter 2019 Results and Raises Full-Year Adjusted EPS Outlook
Source: PR Newswire
PHILADELPHIA, July 30, 2019 /PRNewswire/ --
Second Quarter 2019 Highlights1
Full-Year Outlook Highlights1,2
FMC Corporation (NYSE: FMC) today reported second quarter 2019 revenue of approximately $1.2 billion, an increase of 4.5 percent versus recast second quarter 2018, driven by strong growth in Brazil, India and EMEA. Excluding the impact of foreign currencies, organic sales grew 9 percent year over year. On a GAAP basis, the company reported earnings of $1.32 per diluted share in the second quarter. This compares to recast GAAP earnings of $0.96 per diluted share in the second quarter of 2018.1
Second quarter adjusted earnings were $1.66 per diluted share, an increase of 11 percent versus recast second quarter 2018, and 1 cent above the midpoint of guidance.1 The outperformance versus guidance was driven primarily by strong operating results and lower share count, offset partially by higher interest expense.
Second Quarter Adj. EPS versus Guidance (midpoint)* | +1 cent |
EBITDA | +2 cents |
Depreciation and amortization | +1 cent |
Interest expense | -3 cents |
Non-controlling interest | -0.5 cent |
Share count | +1.5 cents |
*Guidance refers to EPS guidance presented on May 6, 2019 of $1.60 to $1.70 |
Pierre Brondeau, FMC CEO and chairman said: "FMC continued to deliver strong financial outperformance in the quarter despite the very difficult U.S. market conditions. Our revenue and EBITDA momentum reflect the benefits of our geographic balance, strength in demand for our premium product portfolio, and price increases."
FMC revenue growth was driven by 5 percent contribution from volume and a 3 percent contribution from price, offset partially by a 4 percent headwind from foreign currencies. FMC achieved higher pricing in all regions. Latin America sales grew 29 percent year over year and 34 percent excluding FX. This was driven mainly by strong growth in sales for cotton and sugarcane applications in Brazil, as well as strong pricing across the region. Sales in EMEA grew 4 percent year over year and 10 percent excluding FX, due to growth in diamides, improved market conditions in Russia and Ukraine and price increases. In Asia, revenue decreased 2 percent year over year, but grew 4 percent excluding FX; sales in India grew over 20 percent on a reported basis, driven by FMC's new commercial structure put in place in mid-2018. In North America, sales decreased 2 percent year over year, driven by poor planting conditions in the Midwest but offset partially by strength in niche crops in California.
FMC Revenue1 | Q2 2019 |
Organic Growth | 9% |
FX Impact | (4%) |
Total Revenue Growth | 4.5%* |
* Contributing factors do not sum to 4.5 percent, due to rounding |
2019 Outlook1,2
FMC is maintaining its guidance for full-year 2019 revenue in the range of $4.5 billion to $4.6 billion, an increase of 6 percent at the midpoint versus recast 2018. Total company adjusted EBITDA is still expected to be in the range of $1.18 billion to $1.22 billion, an increase of 8 percent at the midpoint compared to recast 2018. FMC is raising 2019 adjusted earnings guidance to a range of $5.68 to $5.88 per diluted share, an increase of 10 percent at the midpoint compared to recast 2018 and assuming weighted average diluted shares outstanding (WADSO) of approximately 131.5 million to 132.0 million for the full year. EPS estimates include the impact of $200 million in share repurchases completed in the first half of 2019, as well as an additional $200 million in share repurchases expected in the second half of 2019. FMC expects total share repurchases of between $400 and $500 million in 2019 but is reflecting the lower end of this range in its guidance.
Third & Fourth Quarter Outlook1,2
Third quarter revenue is expected to be in the range of $960 million to $990 million, representing 6 percent growth at the midpoint compared to recast third quarter 2018. Total company adjusted EBITDA is forecasted to be in the range of $190 million to $210 million, representing a 7 percent increase at the midpoint versus recast Q3 2018. FMC expects adjusted earnings per diluted share to be in the range of $0.75 to $0.85 in the third quarter, which represents growth of 13 percent at the midpoint versus recast Q3 2018 and assumes WADSO of approximately 131.5 million.
Fourth quarter revenue is expected to be in the range of $1.15 billion to $1.2 billion, representing 7 percent growth at the midpoint compared to recast fourth quarter 2018. Total company adjusted EBITDA is forecasted to be in the range of $310 million to $330 million, representing a 17 percent increase at the midpoint versus recast Q4 2018. FMC expects adjusted earnings per diluted share to be in the range of $1.55 to $1.65 in the fourth quarter, which represents growth of 10 percent at the midpoint versus recast Q4 2018 and assumes WADSO of approximately 130.5 million.
"We are pleased with the continued growth across our portfolio and expect to benefit from strong volume demand through the remainder of the year in all regions except North America. We have raised our full-year earnings guidance to reflect our total expected share repurchases of at least $400 million in 2019," said Brondeau.
Full Year Outlook2 | Q3 2019 Outlook2 | Q4 2019 Outlook2 | |
Revenue | $4.5 to $4.6 billion | $960 to $990 million | $1.15 to $1.2 billion |
Organic Growth | 9% | 6% | 8% |
Estimated FX Impact | (3%) | 0% | (1%) |
Growth at midpoint vs. | 6% | 6% | 7% |
Adjusted EBITDA | $1.18 to $1.22 billion | $190 to $210 million | $310 to $330 million |
Growth at midpoint vs. recast 2018 1 | 8% | 7% | 17% |
Adjusted EPS^ | $5.68 to $5.88 | $0.75 to $0.85 | $1.55 to $1.65 |
Growth at midpoint vs. | 10% | 13% | 10% |
Share Count (WADSO)^ | 131.5 to 132.0 million | ~131.5 million | ~130.5 million |
^ EPS and WADSO estimates include the impact of the $200M in share repurchases completed in H1 2019, as well as another $200M expected in H2 2019. | |||
Supplemental Information
The company will post supplemental information on the web at www.fmc.com, including its 2019 Outlook Statement, webcast slides for tomorrow's earnings call, definitions of non-GAAP terms and reconciliations of non-GAAP figures to the nearest available GAAP term.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,500 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: FMC and its representatives may from time to time make written or oral statements that are "forward-looking" and provide other than historical information, including statements contained in this press release, in FMC's other filings with the SEC, and in reports or letters to FMC stockholders.
In some cases, FMC has identified forward-looking statements by such words or phrases as "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words and phrases. Such forward-looking statements are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors included within FMC's 2018 Form 10-K filed with the SEC. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.
This press release contains certain "non-GAAP financial terms" which are defined on our website www.fmc.com. In addition, we have also provided on our website at www.fmc.com reconciliations of non-GAAP terms to the most directly comparable GAAP term.
FMC CORPORATION | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
(Unaudited, in millions, except per share amounts) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenue | $ | 1,206.1 | $ | 1,154.4 | $ | 2,398.2 | $ | 2,262.3 | |||||||
Costs of sales and services | 655.6 | 664.0 | 1,303.0 | 1,269.4 | |||||||||||
Gross margin | $ | 550.5 | $ | 490.4 | $ | 1,095.2 | $ | 992.9 | |||||||
Selling, general and administrative expenses | 196.9 | 200.3 | 380.8 | 392.8 | |||||||||||
Research and development expenses | 73.1 | 75.9 | 144.3 | 140.8 | |||||||||||
Restructuring and other charges (income) | 12.7 | 80.9 | 20.5 | 1.0 | |||||||||||
Total costs and expenses | $ | 938.3 | $ | 1,021.1 | $ | 1,848.6 | $ | 1,804.0 | |||||||
Income from continuing operations before equity in (earnings) | $ | 267.8 | $ | 133.3 | $ | 549.6 | $ | 458.3 | |||||||
Equity in (earnings) loss of affiliates | — | — | — | (0.1) | |||||||||||
Non-operating pension and postretirement charges (income) | 3.3 | 0.2 | 6.7 | 0.7 | |||||||||||
Interest expense, net | 39.5 | 34.4 | 74.0 | 68.3 | |||||||||||
Income (loss) from continuing operations before income taxes | $ | 225.0 | $ | 98.7 | $ | 468.9 | $ | 389.4 | |||||||
Provision (benefit) for income taxes | 30.6 | (1.1) | 66.9 | 59.4 | |||||||||||
Income (loss) from continuing operations | $ | 194.4 | $ | 99.8 | $ | 402.0 | $ | 330.0 | |||||||
Discontinued operations, net of income taxes | (18.1) | 32.7 | (8.5) | 72.1 | |||||||||||
Net income (loss) | $ | 176.3 | $ | 132.5 | $ | 393.5 | $ | 402.1 | |||||||
Less: Net income (loss) attributable to noncontrolling interests | 1.8 | 2.8 | 3.3 | 5.2 | |||||||||||
Net income (loss) attributable to FMC stockholders | $ | 174.5 | $ | 129.7 | $ | 390.2 | $ | 396.9 | |||||||
Amounts attributable to FMC stockholders: | |||||||||||||||
Income (loss) from continuing operations | $ | 192.6 | $ | 97.0 | $ | 398.7 | $ | 324.8 | |||||||
Discontinued operations, net of tax | (18.1) | 32.7 | (8.5) | 72.1 | |||||||||||
Net income (loss) | $ | 174.5 | $ | 129.7 | $ | 390.2 | $ | 396.9 | |||||||
Basic earnings (loss) per common share attributable to FMC stockholders: | |||||||||||||||
Continuing operations | $ | 1.46 | $ | 0.72 | $ | 3.02 | $ | 2.40 | |||||||
Discontinued operations | (0.14) | 0.24 | (0.06) | 0.53 | |||||||||||
Basic earnings per common share | $ | 1.32 | $ | 0.96 | $ | 2.96 | $ | 2.93 | |||||||
Average number of shares outstanding used in basic earnings per share computations | 131.1 | 134.8 | 131.4 | 134.7 | |||||||||||
Diluted earnings (loss) per common share attributable to FMC stockholders: | |||||||||||||||
Continuing operations | $ | 1.46 | $ | 0.72 | $ | 3.00 | $ | 2.38 | |||||||
Discontinued operations | (0.14) | 0.24 | (0.06) | 0.53 | |||||||||||
Diluted earnings per common share | $ | 1.32 | $ | 0.96 | $ | 2.94 | $ | 2.91 | |||||||
Average number of shares outstanding used in diluted earnings per share computations | 132.3 | 136.2 | 132.7 | 136.2 | |||||||||||
Other Data: | |||||||||||||||
Capital additions | $ | 18.9 | $ | 19.8 | $ | 33.9 | $ | 28.9 | |||||||
Depreciation and amortization expense | 37.2 | 38.8 | 74.5 | 73.6 | |||||||||||
FMC CORPORATION | |||||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO FMC STOCKHOLDERS (GAAP) TO | |||||||||||||||
(Unaudited, in millions, except per share amounts) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income (loss) attributable to FMC stockholders (GAAP) | $ | 174.5 | $ | 129.7 | $ | 390.2 | $ | 396.9 | |||||||
Corporate special charges (income): | |||||||||||||||
Restructuring and other charges (income) (a) | 12.7 | 80.9 | 20.5 | 1.0 | |||||||||||
Non-operating pension and postretirement charges (income) (b) | 3.3 | 0.2 | 6.7 | 0.7 | |||||||||||
Transaction-related charges (c) | 20.1 | 66.6 | 36.6 | 116.1 | |||||||||||
Income tax expense (benefit) on Corporate special charges (income) (d) | (7.1) | (36.1) | (12.8) | (27.7) | |||||||||||
Discontinued operations attributable to FMC stockholders, net of income taxes (e) | 18.1 | (32.7) | 8.5 | (72.1) | |||||||||||
Tax adjustment (f) | (1.4) | (4.9) | (0.2) | 3.7 | |||||||||||
Adjusted after-tax earnings from continuing operations attributable to FMC stockholders (Non-GAAP) (1) | $ | 220.2 | $ | 203.7 | $ | 449.5 | $ | 418.6 | |||||||
Diluted earnings per common share (GAAP) | $ | 1.32 | $ | 0.96 | $ | 2.94 | $ | 2.91 | |||||||
Corporate special charges (income) per diluted share, before tax: | |||||||||||||||
Restructuring and other charges (income) | 0.10 | 0.60 | 0.16 | 0.01 | |||||||||||
Non-operating pension and postretirement charges (income) | 0.02 | — | 0.05 | — | |||||||||||
Transaction-related charges | 0.15 | 0.49 | 0.28 | 0.85 | |||||||||||
Income tax expense (benefit) on Corporate special charges (income), per diluted share | (0.06) | (0.27) | (0.10) | (0.20) | |||||||||||
Discontinued operations attributable to FMC stockholders, net of income taxes per diluted share | 0.14 | (0.24) | 0.06 | (0.53) | |||||||||||
Tax adjustments per diluted share | (0.01) | (0.04) | — | 0.03 | |||||||||||
Diluted adjusted after-tax earnings from continuing operations per share, attributable to FMC stockholders (Non-GAAP) | $ | 1.66 | $ | 1.50 | $ | 3.39 | $ | 3.07 | |||||||
Average number of shares outstanding used in diluted adjusted after-tax earnings from continuing operations per share computations | 132.3 | 136.2 | 132.7 | 136.2 | |||||||||||
____________________
(1) | The Company believes that the Non-GAAP financial measure "Adjusted after-tax earnings from continuing operations attributable to FMC stockholders" and its presentation on a per share basis provides useful information about the Company's operating results to management, investors and securities analysts. Adjusted earnings excludes the effects of corporate special charges, tax-related adjustments and the results of our discontinued operations. The Company also believes that excluding the effects of these items from operating results allows management and investors to compare more easily the financial performance of its underlying business from period to period. |
(a) | Three Months Ended June 30, 2019: |
Restructuring and other charges (income) is primarily comprised of charges associated with the integration of the DuPont Crop Protection Business. These charges include severance, accelerated depreciation on certain fixed assets, and other costs (benefits) of $4.1 million. Additionally, restructuring and other charges (income) includes charges of continuing environmental sites treated as a Corporate charge of $5.6 million and other miscellaneous restructuring charges totaling $3.0 million. | |
Three Months Ended June 30, 2018: | |
Restructuring and other charges (income) is primarily comprised of charges associated with the integration of the DuPont Crop Protection Business. $55.4 million of the charges relate to a change in our market access model in India. As a result of this change, we recorded a restructuring charge which resulted in various asset write-offs including stranded accounts receivable and inventory. The charge also included severance associated with workforce reductions. Restructuring charges of $11.6 million were incurred as a continuation of our decision to exit the Ewing R&D center. Additionally, restructuring and other charges (income) includes charges of continuing environmental sites treated as a Corporate charge of $4.1 million and other Corporate charges of $2.5 million. There were other miscellaneous restructuring charges totaling $7.3 million. | |
Six Months Ended June 30, 2019: | |
Restructuring and other charges (income) is primarily comprised of charges associated with the integration of the DuPont Crop Protection Business. These charges include severance, accelerated depreciation on certain fixed assets, and other costs (benefits) of $8.0 million. Additionally, restructuring and other charges (income) includes charges of continuing environmental sites treated as a Corporate charge of $8.2 million and other miscellaneous restructuring charges totaling $4.3 million. | |
Six Months Ended June 30, 2018: | |
Restructuring and other charges (income) primarily consists of the gain on sale of $85.0 million from the divestment of a portion of FMC's European herbicide portfolio to Nufarm Limited during the first quarter. The divestiture satisfied FMC's commitment to the European Commission related to the DuPont Crop Protection Acquisition. Restructuring and other charges (income) also consists $55.4 million of charges related to the change in our market access model in India and $12.6 million of charges due to our decision to exit the Ewing R&D as discussed above. Other miscellaneous restructuring charges totaled $8.9 million. Additionally, restructuring and other charges (income) includes charges of continuing environmental sites treated as a Corporate charge of $6.6 million and other Corporate charges of $2.5 million. | |
(b) | Our non-operating pension and postretirement charges (income) are defined as those costs (benefits) related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These are excluded from our Adjusted Earnings and are primarily related to changes in pension plan assets and liabilities which are tied to financial market performance and we consider these costs to be outside our operational performance. We continue to include the service cost and amortization of prior service cost in our Adjusted Earnings results noted above. These elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees. |
(c) | Charges related to the expensing of the inventory fair value step-up resulting from the application of purchase accounting as well as legal and professional fees associated with acquisition activities. Amounts represent the following: |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(in Millions) | 2019 | 2018 | 2019 | 2018 | |||||||||||
DuPont Crop Protection Business Acquisition | |||||||||||||||
Legal and professional fees (1) | $ | 20.1 | $ | 28.2 | $ | 36.6 | $ | 47.8 | |||||||
Inventory fair value amortization (2) | — | 38.4 | — | 68.3 | |||||||||||
Total Transaction-related charges | $ | 20.1 | $ | 66.6 | $ | 36.6 | $ | 116.1 | |||||||
____________________
(1) | Represents transaction costs, costs for transitional employees, other acquired employees related costs, and transactional-related costs such as legal and professional third-party fees. These charges are recorded as a component of "Selling, general and administrative expense" on the condensed consolidated statements of income (loss). |
(2) | These charges are included in "Costs of sales and services" on the condensed consolidated statements of income (loss). |
(d) | The income tax expense (benefit) on Corporate special charges (income) is determined using the applicable rates in the taxing jurisdictions in which the corporate special charge or income occurred and includes both current and deferred income tax expense (benefit) based on the nature of the non-GAAP performance measure. |
(e) | Three and Six Months Ended June 30, 2019 and 2018 |
Discontinued operations, net of income taxes include, in periods up to its separation on March 1, 2019, the results of FMC Lithium, including separation-related costs, as well as provisions, net of recoveries, for environmental liabilities and legal reserves and expenses related to previously discontinued operations. The three months ended June 30, 2019 excludes any results of our FMC Lithium segment compared to a full quarter for the three months ended June 30, 2018. During the six months ended June 30, 2019, we finalized the sale of the first of two parcels of land of our discontinued site in Newark, California. The gain on sale was approximately $21 million, net of tax. Offsetting the gain on sale were the results of our discontinued FMC Lithium segment, which was a net loss due to separation-related costs, as well as other previously discontinued operations. Discontinued operations, net of income taxes for the six months ended June 30, 2018 includes an additional gain on sale of the FMC Health and Nutrition business to DuPont of approximately $17 million as a result of the adjustment to the final working capital. | |
(f) | We exclude the GAAP tax provision, including discrete items, from the Non-GAAP measure of income, and include a Non-GAAP tax provision based upon the projected annual Non-GAAP effective tax rate. The GAAP tax provision includes certain discrete tax items including, but are not limited to: income tax expenses or benefits that are not related to continuing operating results in the current year; tax adjustments associated with fluctuations in foreign currency remeasurement of certain foreign operations; certain changes in estimates of tax matters related to prior fiscal years; certain changes in the realizability of deferred tax assets and related interim accounting impacts; and changes in tax law. Management believes excluding these discrete tax items assists investors and securities analysts in understanding the tax provision and the effective tax rate related to continuing operating results thereby providing investors with useful supplemental information about FMC's operational performance. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(in Millions) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Non-GAAP tax adjustments | |||||||||||||||
Impacts of Tax Cuts and Jobs Act | $ | — | $ | (0.5) | $ | — | $ | 0.3 | |||||||
Revisions to valuation allowances of historical deferred tax assets | 0.2 | 1.0 | 0.6 | (0.8) | |||||||||||
Foreign currency remeasurement and other discrete items | (1.6) | (5.4) | (0.8) | 4.2 | |||||||||||
Total Non-GAAP tax adjustments | $ | (1.4) | $ | (4.9) | $ | (0.2) | $ | 3.7 | |||||||
RECONCILIATION OF NET INCOME (LOSS) (GAAP) TO ADJUSTED EARNINGS FROM CONTINUING OPERATIONS, BEFORE INTEREST, INCOME TAXES, DEPRECIATION AND AMORTIZATION, AND NONCONTROLLING INTERESTS (NON-GAAP) | |||||||||||||||
(Unaudited, in millions) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income (loss) (GAAP) | $ | 176.3 | $ | 132.5 | $ | 393.5 | $ | 402.1 | |||||||
Restructuring and other charges (income) | 12.7 | 80.9 | 20.5 | 1.0 | |||||||||||
Non-operating pension and postretirement charges (income) | 3.3 | 0.2 | 6.7 | 0.7 | |||||||||||
Transaction-related charges | 20.1 | 66.6 | 36.6 | 116.1 | |||||||||||
Discontinued operations, net of income taxes | 18.1 | (32.7) | 8.5 | (72.1) | |||||||||||
Interest expense, net | 39.5 | 34.4 | 74.0 | 68.3 | |||||||||||
Depreciation and amortization | 37.2 | 38.8 | 74.5 | 73.6 | |||||||||||
Provision (benefit) for income taxes | 30.6 | (1.1) | 66.9 | 59.4 | |||||||||||
Adjusted earnings from continuing operations, before interest, income taxes, depreciation and amortization, and noncontrolling interests (Non-GAAP) (1) | $ | 337.8 | $ | 319.6 | $ | 681.2 | $ | 649.1 | |||||||
___________________
(1) | Referred to as Adjusted EBITDA. Defined as operating profit excluding corporate special charges (income) and depreciation and amortization expense. |
RECONCILIATION OF CASH PROVIDED (REQUIRED) BY OPERATING ACTIVITIES (GAAP) TO ADJUSTED CASH FROM OPERATIONS (NON-GAAP) | |||||||
(Unaudited, in millions) | |||||||
Six Months Ended June 30, | |||||||
2019 | 2018 | ||||||
Cash provided (required) by operating activities (GAAP) | $ | (216.8) | $ | 200.5 | |||
Transaction and integration costs | 43.1 | 52.9 | |||||
Adjusted cash from operations (Non-GAAP) (1) | $ | (173.7) | $ | 253.4 | |||
___________________
(1) | The Company believes that the Non-GAAP financial measure "Adjusted cash from operations" provides useful information about the Company's cash flows to investors and securities analysts. Adjusted cash from operations excludes the effects of transaction-related cash flows. The Company also believes that excluding the effects of these items from cash provided (required) by operating activities allows management and investors to compare more easily the cash flows from period to period. |
FMC CORPORATION | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(Unaudited, in millions) | |||||||
June 30, 2019 | December 31, 2018 | ||||||
Cash and cash equivalents | $ | 83.4 | $ | 134.4 | |||
Trade receivables, net of allowance of $29.5 in 2019 and $22.4 in 2018 | 2,384.0 | 2,143.8 | |||||
Inventories | 1,153.4 | 1,025.5 | |||||
Prepaid and other current assets | 476.2 | 432.6 | |||||
Current assets of discontinued operations | — | 293.9 | |||||
Total current assets | $ | 4,097.0 | $ | 4,030.2 | |||
Property, plant and equipment, net | 730.3 | 756.9 | |||||
Goodwill | 1,470.7 | 1,468.1 | |||||
Other intangibles, net | 2,672.1 | 2,703.4 | |||||
Deferred income taxes | 288.9 | 272.8 | |||||
Other long-term assets | 565.5 | 384.1 | |||||
Noncurrent assets of discontinued operations | — | 358.8 | |||||
Total assets | $ | 9,824.5 | $ | 9,974.3 | |||
Short-term debt and current portion of long-term debt | $ | 1,094.2 | $ | 547.7 | |||
Accounts payable, trade and other | 785.7 | 795.5 | |||||
Advanced payments from customers | 68.9 | 458.4 | |||||
Accrued and other liabilities | 584.5 | 570.8 | |||||
Accrued customer rebates | 539.9 | 365.3 | |||||
Guarantees of vendor financing | 71.5 | 67.1 | |||||
Accrued pensions and other postretirement benefits, current | 6.2 | 6.2 | |||||
Income taxes | 79.2 | 85.1 | |||||
Current liabilities of discontinued operations | — | 97.3 | |||||
Total current liabilities | $ | 3,230.1 | $ | 2,993.4 | |||
Long-term debt, less current portion | $ | 2,144.3 | $ | 2,145.0 | |||
Long-term liabilities | 1,655.2 | 1,579.4 | |||||
Noncurrent liabilities of discontinued operations | — | 46.1 | |||||
Equity | 2,794.9 | 3,210.4 | |||||
Total liabilities and equity | $ | 9,824.5 | $ | 9,974.3 | |||
FMC CORPORATION | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(Unaudited, in millions) | |||||||
Six Months Ended June 30, | |||||||
2019 | 2018 | ||||||
Cash provided (required) by operating activities of continuing operations | $ | (216.8) | $ | 200.5 | |||
Cash provided (required) by operating activities of discontinued operations | (8.7) | (7.1) | |||||
Cash provided (required) by investing activities of continuing operations | (63.1) | 45.3 | |||||
Cash provided (required) by investing activities of discontinued operations | 9.2 | (41.4) | |||||
Cash provided (required) by financing activities of continuing operations: | |||||||
Increase (decrease) in short-term debt | $ | 548.7 | $ | 1.8 | |||
Financing fees | (1.1) | — | |||||
Repayments of long-term debt | (1.0) | (115.3) | |||||
Issuances of common stock, net | 14.6 | 8.1 | |||||
Dividends paid | (106.0) | (44.6) | |||||
Repurchases of common stock under publicly announced program | (200.0) | — | |||||
Other repurchases of common stock | (16.1) | (5.2) | |||||
Cash provided (required) by financing activities | $ | 239.1 | $ | (155.2) | |||
Cash provided (required) by financing activities of discontinued operations: | |||||||
Payment of Livent external debt | $ | (27.0) | $ | — | |||
Cash transfer to Livent due to spin | (10.2) | — | |||||
Cash provided (required) by financing activities of discontinued operations | $ | (37.2) | $ | — | |||
Effect of exchange rate changes on cash | (0.8) | 1.3 | |||||
Increase (decrease) in cash and cash equivalents | $ | (78.3) | $ | 43.4 | |||
Cash and cash equivalents of continuing operations, beginning of period | 134.4 | 281.8 | |||||
Cash and cash equivalents of discontinued operations | 27.3 | 1.2 | |||||
Cash and cash equivalents, beginning of period | $ | 161.7 | $ | 283.0 | |||
Less: cash and cash equivalent of discontinued operations, end of period | — | 1.5 | |||||
Cash and cash equivalents of continuing operations, end of period | $ | 83.4 | $ | 324.9 | |||
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SOURCE FMC Corporation
Article Date
7/30/2019FMC Corporation's Board Declares Quarterly Dividend
Source: PR Newswire
PHILADELPHIA, July 19, 2019 /PRNewswire/ --
FMC Corporation (NYSE: FMC) announced today that its Board of Directors declared a regular quarterly dividend of 40 cents per share, payable on October 17, 2019, to shareholders of record as of the close of business on September 30, 2019.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,500 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: FMC and its representatives may from time to time make written or oral statements that are "forward- looking" and provide other than historical information, including statements contained in this press release, in FMC's other filings with the SEC, and in reports or letters to FMC stockholders.
In some cases, FMC has identified forward-looking statements by such words or phrases as "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words and phrases. Such forward-looking statements are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors included within FMC's 2018 Form 10-K filed with the SEC. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.
This press release contains certain "non-GAAP financial terms" which are defined on our website www.fmc.com. In addition, we have also provided on our website at www.fmc.com reconciliations of non-GAAP terms to the most directly comparable GAAP term.
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SOURCE FMC Corporation
Article Date
7/19/20196/19/2019 - FMC Corporation Announces Dates for Second Quarter 2019 Earnings Release and Webcast Conference Call
FMC Corporation Announces Dates for Second Quarter 2019 Earnings Release and Webcast Conference Call
Source: PR Newswire
PHILADELPHIA, June 19, 2019 /PRNewswire/ --
FMC Corporation (NYSE: FMC) today announced it will release its second quarter 2019 earnings on Tuesday, July 30, 2019, after the stock market close via PR Newswire and the company's website at: http://www.fmc.com.
The company will host a webcast conference call on Wednesday, July 31, 2019 at 9:00 a.m. ET that is open to the public via Internet broadcast and telephone.
Conference Call Details:
Internet broadcast: http://www.fmc.com
Passcode: FMC
Dial-in telephone numbers:
United States: (800) 230-1092
International: (612) 332-0107
Conference ID: 464184
A replay of the call will be available via the internet and telephone from 11:00 a.m. ET on July 31, 2019 until August 31, 2019.
Internet replay: http://www.fmc.com
United States: (800) 475-6701
International: (320) 365-3844
Conference ID: 464184
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,500 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: FMC and its representatives may from time to time make written or oral statements that are "forward-looking" and provide other than historical information, including statements contained in this press release, in FMC's other filings with the SEC, and in reports or letters to FMC stockholders.
In some cases, FMC has identified forward-looking statements by such words or phrases as "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words and phrases. Such forward-looking statements are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors included within FMC's 2018 Form 10-K filed with the SEC. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.
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SOURCE FMC Corporation
Article Date
6/19/2019FMC Corporation Realigns Leadership Structure for North America and Latin America
Source: PR Newswire
PHILADELPHIA, June 11, 2019 /PRNewswire/ --
FMC Corporation (NYSE: FMC) today announced that it is realigning the leadership structure for its North America and Latin America regions. Ronaldo Pereira, president, FMC Latin America, has been appointed president of the company's new Americas Region, which encompasses the U.S., Canada, Central America and South America. Pereira will continue to report to Mark Douglas, FMC president and chief operating officer. Due to this leadership realignment, Amy O'Shea, vice president and business director for North America, will leave the organization to pursue other opportunities.
"The Americas Region includes two of FMC's largest markets, the U.S. and Brazil," said Douglas. "As our business continues to grow and expand throughout the Americas, there is an increasing need to align and focus our commercial organizations on key countries and customers. Common executive leadership will help drive stronger alignment and account management." Douglas added, "Furthermore, we are seeing a greater need to align our strategies across certain large-volume crops, including soybeans, especially in the U.S., Brazil and Argentina."
Pereira is a highly respected crop protection industry veteran with broad commercial experience. He began his career at FMC in 1995 and has held a variety of marketing, business development and general management roles in Latin America and at the global level. He was appointed an FMC vice president in 2017.
"I want to acknowledge Amy O'Shea's leadership of our North America region for the last three years and her many contributions to FMC. She has helped grow our business during her tenure and was instrumental in successfully integrating the U.S. and Canada commercial teams as part of the DuPont crop protection transaction. We wish her continued success in her career," Douglas said.
FMC has also announced that Marcelo Magurno, Brazil commercial director, north region, has been appointed business director, Brazil. His new, expanded responsibilities include oversight for all commercial strategies and resources in Brazil, including sales and marketing. Magurno brings more than 25 years of crop protection industry experience to this new role.
The Americas realignment and new executive leadership roles are effective July 1, 2019.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,500 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: FMC and its representatives may from time to time make written or oral statements that are "forward-looking" and provide other than historical information, including statements contained in this press release, in FMC's other filings with the SEC, and in reports or letters to FMC stockholders.
In some cases, FMC has identified forward-looking statements by such words or phrases as "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words and phrases. Such forward-looking statements are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors included within FMC's 2018 Form 10-K filed with the SEC. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.
This press release contains certain "non-GAAP financial terms" which are defined on our website www.fmc.com. In addition, we have also provided on our website at www.fmc.com reconciliations of non-GAAP terms to the most directly comparable GAAP term.
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SOURCE FMC Corporation
Article Date
6/11/2019FMC Corporation Works Cooperatively With New York State on Mutually Agreed-Upon New Order on Consent for Middleport Area Remediation
Source: PR Newswire
PHILADELPHIA, June 7, 2019 /PRNewswire/ --
FMC Corporation (NYSE: FMC) announced today that, as a follow up to an earlier-disclosed agreement in principle, it has entered into a new Order on Consent and Administrative Settlement with the New York State Department of Environmental Conservation (NYSDEC). This document is the framework for activities related to the remediation of on-site and off-site areas impacted by historical operations at the Company's site in Middleport, NY and to resolve other issues at the site. The Order on Consent was also approved by the United States Environmental Protection Agency.
The settlement is consistent with FMC's financial commitments previously reported in the Company's 2018 Form 10-K filing. Under the new Order, NYSDEC will continue to undertake environmental remedial work through the 2020 construction season, with FMC taking over the remediation work after 2020.
"FMC employees have lived and worked in the Middleport area community for decades," said Roberta Kloda, FMC Middleport plant manager. "All parties involved are working together with the same goal in mind – to continue protecting human health and the environment while maintaining safe operations at the facility."
About FMC Middleport
FMC's Middleport site formulates and packages a number of key product lines to protect over 100 crops in more than 75 countries worldwide. Plant operations in the Middleport area date back to 1904, with FMC acquiring operations at the facility in 1943. FMC continues to be a global leader in agricultural sciences, and the Middleport facility plays a key role in these endeavors. Safety is a core value at FMC which affects virtually everything we do as a company. Whether at work, at home, or on the road, FMC strives to keep safety in the forefront of our daily activities.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,500 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: FMC and its representatives may from time to time make written or oral statements that are "forward-looking" and provide other than historical information, including statements contained in this press release, in FMC's other filings with the SEC, and in reports or letters to FMC stockholders.
In some cases, FMC has identified forward-looking statements by such words or phrases as "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words and phrases. Such forward-looking statements are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors included within FMC's 2018 Form 10-K filed with the SEC. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.
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SOURCE FMC Corporation
Article Date
6/7/2019FMC Corporation Issues Annual Sustainability Report
Source: PR Newswire
PHILADELPHIA, June 6, 2019 /PRNewswire/ --
FMC Corporation (NYSE: FMC) today released its 2018 report on the Company's global sustainability performance, including progress toward multi-year goals and the future of sustainable agriculture. The report, "Cultivating Tomorrow" is FMC's eighth annual update, and is prepared in accordance with Global Reporting Initiative Standards.
The report describes the Company's progress towards its sustainability goals, product stewardship and community engagement programs, safety record, and commitment to diversity and inclusion. It includes information on the benefits of crop protection products and why they are essential for food security. There are also sections describing new product discovery as well as development and registration processes to help increase understanding on how crop protection products are brought to market.
"Sustainability is a core value for FMC and continues to inform and guide our commercial and research strategies," said Pierre Brondeau, chief executive officer and chairman of FMC. "We are growing the company at a strong rate with sustainable development at the forefront. Our singular focus on agricultural sciences means that FMC can further impact the United Nations Sustainable Development Goal of zero hunger. Every day our teams are working to deliver solutions to farmers that help them protect and increase their crop yields."
Additional information about FMC's sustainability initiatives, including an online copy of the 2018 report, is available at www.FMCsustainability.com.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,500 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: FMC and its representatives may from time to time make written or oral statements that are "forward-looking" and provide other than historical information, including statements contained in this press release, in FMC's other filings with the SEC, and in reports or letters to FMC stockholders.
In some cases, FMC has identified forward-looking statements by such words or phrases as "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words and phrases. Such forward-looking statements are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors included within FMC's 2018 Form 10-K filed with the SEC. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.
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SOURCE FMC Corporation
Article Date
6/6/2019FMC Recognized with Two Prestigious American Chemistry Council Awards
Source: PR Newswire
PHILADELPHIA, June 4, 2019 /PRNewswire/ --
FMC Corporation (NYSE: FMC) has been recognized with two prestigious American Chemistry Council (ACC) Awards including the Responsible Care® Company of the Year Award and a Sustainability Leadership Award for 2019.
"We are very proud to be recipients of the Responsible Care Company of the Year Award and the Sustainability Leadership Award," said Linda Froelich, director of corporate sustainability at FMC. "FMC employees are committed to operating safely which is evident in our new record low global total recordable injury rate. This commitment to safety extends to our views on operating sustainably as we have exceeded our goal on spending 80 percent of our R&D budget to develop sustainably advantaged products while reducing energy and greenhouse gas emissions intensities as well as waste and water intensities at our manufacturing sites."
FMC is recognized for leadership in environmental, health, safety and security performance with the Responsible Care Company of the Year Award for its TH!NK. SAFE.™ program which is at the core of the company's safety commitment. TH!NK. SAFE. fosters a dynamic safety culture through interactive programs that engage all levels of the organization. The ACC also presented FMC the Sustainability Leadership "Transparency & Collaboration" Award for its Product Stewardship & Sustainability Assessment tool that helps the company assess and determine the sustainability of its active ingredients and products through each stage of discovery and development.
FMC was also recognized by the ACC with the Responsible Care Company of the Year award in 2017 for its industry-leading safety and sustainability programs and goals.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,500 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, the TH!NK. SAFE. logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: FMC and its representatives may from time to time make written or oral statements that are "forward-looking" and provide other than historical information, including statements contained in this press release, in FMC's other filings with the SEC, and in reports or letters to FMC stockholders.
In some cases, FMC has identified forward-looking statements by such words or phrases as "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words and phrases. Such forward-looking statements are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors included within FMC's 2018 Form 10-K filed with the SEC. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.
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SOURCE FMC Corporation
Article Date
6/4/2019FMC Corporation Announces First Quarter 2019 Results and Raises Full-Year Outlook
Source: PR Newswire
PHILADELPHIA, May 6, 2019 /PRNewswire/ --
First Quarter 2019 Highlights1
Full-Year Outlook Highlights1,2
FMC Corporation (NYSE: FMC) today reported first quarter 2019 revenue of approximately $1.2 billion, an increase of 8 percent versus recast first quarter 2018, with growth in all regions. On a GAAP basis, the company reported earnings of $1.62 per diluted share in the first quarter. This compares to recast GAAP earnings of $1.96 per diluted share in the first quarter of 2018.1
First quarter adjusted earnings were $1.72 per diluted share, an increase of 9 percent versus recast first quarter 2018, and 9 cents above the midpoint of guidance.1 The outperformance versus guidance was driven by strong operating results.
First Quarter Adj. EPS versus Guidance (midpoint)* | +9 cents** |
EBITDA | +9 cents |
Depreciation and amortization | +1 cent |
Interest expense | -1 cent |
Share count | +1 cent |
*Guidance refers to EPS guidance presented on February 11, 2019 of $1.58 to $1.68 | |
** Contributing factors do not sum to 9 cents, due to rounding | |
Pierre Brondeau, FMC CEO and chairman said: "In the first quarter, FMC built on the performance of last year with strong financial results that outpaced the industry. Our revenue and EBITDA momentum reflect the benefits of continued strong demand across our portfolio, as well as our geographic balance. We also finalized the spinoff of Livent Corporation in March, completing our Company's transformation into an Agricultural Sciences company."
FMC revenue growth was driven by 9 percent contribution from volume and a 5 percent contribution from price, offset partially by a 6 percent headwind from foreign currencies. FMC achieved higher pricing in all regions. Latin America sales grew 30 percent year over year and greater than 40 percent excluding FX, driven mainly by Brazil, with strong growth in sales for cotton, soybean and sugarcane applications, and strong pricing across the region. In North America, sales increased 7 percent year over year, driven by demand in pre-emergent herbicides for soybeans and insecticides for tree fruits and vegetables. Sales in EMEA grew 3 percent year over year and 11 percent excluding FX, largely due to favorable weather, price increases and demand for our insecticide portfolio. In Asia, revenue increased 1 percent year over year and 8 percent excluding FX, driven by growth in insecticides in China, continued sales synergies in India and strong growth in Pakistan and Japan.
FMC Revenue1 | Q1 2019 |
Organic Growth | 14% |
FX Impact | (6%) |
Total Revenue Growth | 8% |
2019 and Second Quarter Outlook1,2
FMC full-year revenue for 2019 is forecasted to be in the range of $4.5 billion to $4.6 billion, an increase of 6 percent at the midpoint versus recast 2018 and $50 million higher than prior guidance. Total company adjusted EBITDA is expected to be in the range of $1.18 billion to $1.22 billion, an increase of 8 percent at the midpoint compared to recast 2018 and $15 million higher than prior guidance. 2019 adjusted earnings are expected to be in the range of $5.62 to $5.82 per diluted share, an increase of 9 percent at the midpoint compared to recast 2018 and $0.07 higher than prior guidance. EPS estimates include the impact of the $100 million in share repurchases completed in the first quarter, but do not include the benefit of repurchases after March 31, 2019. All 2018 recast data used for these comparisons exclude the former Lithium segment.
Second quarter revenue is expected to be in the range of $1.185 billion to $1.215 billion, representing 4 percent growth at the midpoint compared to recast second quarter 2018. Total company adjusted EBITDA is forecasted to be in the range of $325 million to $345 million, representing a 5 percent increase at the midpoint versus recast Q2 2018. FMC expects adjusted earnings per diluted share to be in the range of $1.60 to $1.70 in the second quarter, which represents growth of 10 percent at the midpoint versus recast Q2 2018.
"Looking ahead, we continue to expect that most of the full-year impact of higher raw material costs and currency will occur in the first half of the year. We will mitigate these headwinds through pricing and cost management. With strong demand across the portfolio, we are raising our revenue outlook and full-year earnings guidance," said Brondeau.
Full Year Outlook | Q2 2019 Outlook | |
Revenue | $4.5 to $4.6 billion | $1.185 to $1.215 billion |
Organic Growth | 9% | 8% |
Estimated FX Impact | (3%) | (4%) |
Growth at midpoint vs. recast 2018 1 | 6% | 4% |
Adjusted EBITDA | $1.18 to $1.22 billion | $325 to $345 million |
Growth at midpoint vs. recast 2018 1 | 8% | 5% |
Adjusted EPS^ | $5.62 to $5.82 | $1.60 to $1.70 |
Growth at midpoint vs. recast 2018 1 | 9% | 10% |
^ EPS estimates assume 133.5 million diluted shares, which includes the impact of share repurchases completed in Q1 2019. | ||
Supplemental Information
The company will post supplemental information on the web at www.fmc.com, including its 2019 Outlook Statement, webcast slides for tomorrow's earnings call, definitions of non-GAAP terms and reconciliations of non-GAAP figures to the nearest available GAAP term.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,500 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: FMC and its representatives may from time to time make written or oral statements that are "forward-looking" and provide other than historical information, including statements contained in this press release, in FMC's other filings with the SEC, and in reports or letters to FMC stockholders.
In some cases, FMC has identified forward-looking statements by such words or phrases as "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words and phrases. Such forward-looking statements are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors included within FMC's 2018 Form 10-K filed with the SEC. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.
This press release contains certain "non-GAAP financial terms" which are defined on our website www.fmc.com. In addition, we have also provided on our website at www.fmc.com reconciliations of non-GAAP terms to the most directly comparable GAAP term.
FMC CORPORATION | |||||||
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Revenue | $ | 1,192.1 | $ | 1,107.9 | |||
Costs of sales and services | 647.4 | 605.4 | |||||
Gross margin | $ | 544.7 | $ | 502.5 | |||
Selling, general and administrative expenses | 183.9 | 192.5 | |||||
Research and development expenses | 71.2 | 64.9 | |||||
Restructuring and other charges (income) | 7.8 | (79.9) | |||||
Total costs and expenses | $ | 910.3 | $ | 782.9 | |||
Income from continuing operations before equity in (earnings) loss of affiliates, non-operating pension and postretirement charges (income), interest expense, net and income taxes | $ | 281.8 | $ | 325.0 | |||
Equity in (earnings) loss of affiliates | — | (0.1) | |||||
Non-operating pension and postretirement charges (income) | 3.4 | 0.5 | |||||
Interest expense, net | 34.5 | 33.9 | |||||
Income (loss) from continuing operations before income taxes | $ | 243.9 | $ | 290.7 | |||
Provision (benefit) for income taxes | 36.3 | 60.5 | |||||
Income (loss) from continuing operations | $ | 207.6 | $ | 230.2 | |||
Discontinued operations, net of income taxes | 9.6 | 39.4 | |||||
Net income (loss) | $ | 217.2 | $ | 269.6 | |||
Less: Net income (loss) attributable to noncontrolling interests | 1.5 | 2.4 | |||||
Net income (loss) attributable to FMC stockholders | $ | 215.7 | $ | 267.2 | |||
Amounts attributable to FMC stockholders: | |||||||
Income (loss) from continuing operations | $ | 206.1 | $ | 227.8 | |||
Discontinued operations, net of tax | 9.6 | 39.4 | |||||
Net income (loss) | $ | 215.7 | $ | 267.2 | |||
Basic earnings (loss) per common share attributable to FMC stockholders: | |||||||
Continuing operations | $ | 1.56 | $ | 1.69 | |||
Discontinued operations | 0.07 | 0.29 | |||||
Basic earnings per common share | $ | 1.63 | $ | 1.98 | |||
Average number of shares outstanding used in basic earnings per share computations | 131.9 | 134.6 | |||||
Diluted earnings (loss) per common share attributable to FMC stockholders: | |||||||
Continuing operations | $ | 1.55 | $ | 1.67 | |||
Discontinued operations | 0.07 | 0.29 | |||||
Diluted earnings per common share | $ | 1.62 | $ | 1.96 | |||
Average number of shares outstanding used in diluted earnings per share computations | 133.2 | 136.2 | |||||
Other Data: | |||||||
Capital additions | $ | 15.0 | $ | 9.1 | |||
Depreciation and amortization expense | 37.3 | 34.8 | |||||
FMC CORPORATION | |||||||
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO FMC STOCKHOLDERS (GAAP) TO ADJUSTED AFTER-TAX EARNINGS FROM CONTINUING OPERATIONS, ATTRIBUTABLE TO FMC STOCKHOLDERS (NON-GAAP) | |||||||
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Net income (loss) attributable to FMC stockholders (GAAP) | $ | 215.7 | $ | 267.2 | |||
Corporate special charges (income): | |||||||
Restructuring and other charges (income) (a) | 7.8 | (79.9) | |||||
Non-operating pension and postretirement charges (income) (b) | 3.4 | 0.5 | |||||
Transaction-related charges (c) | 16.5 | 49.5 | |||||
Income tax expense (benefit) on Corporate special charges (income) (d) | (5.7) | 8.4 | |||||
Discontinued operations attributable to FMC stockholders, net of income taxes (e) | (9.6) | (39.4) | |||||
Tax adjustment (f) | 1.2 | 8.6 | |||||
Adjusted after-tax earnings from continuing operations attributable to FMC stockholders (Non-GAAP) (1) | $ | 229.3 | $ | 214.9 | |||
Diluted earnings per common share (GAAP) | $ | 1.62 | $ | 1.96 | |||
Corporate special charges (income) per diluted share, before tax: | |||||||
Restructuring and other charges (income) | 0.06 | (0.59) | |||||
Non-operating pension and postretirement charges (income) | 0.03 | — | |||||
Transaction-related charges | 0.11 | 0.37 | |||||
Income tax expense (benefit) on Corporate special charges (income), per diluted share | (0.04) | 0.06 | |||||
Discontinued operations attributable to FMC stockholders, net of income taxes per diluted share | (0.07) | (0.29) | |||||
Tax adjustments per diluted share | 0.01 | 0.07 | |||||
Diluted adjusted after-tax earnings from continuing operations per share, attributable to FMC stockholders (Non-GAAP) | $ | 1.72 | $ | 1.58 | |||
Average number of shares outstanding used in diluted adjusted after-tax earnings from continuing operations per share computations | 133.2 | 136.2 | |||||
____________________ | |
(1) | The Company believes that the Non-GAAP financial measure "Adjusted after-tax earnings from continuing operations attributable to FMC stockholders" and its presentation on a per share basis provides useful information about the Company's operating results to management, investors and securities analysts. Adjusted earnings excludes the effects of corporate special charges, tax-related adjustments and the results of our discontinued operations. The Company also believes that excluding the effects of these items from operating results allows management and investors to compare more easily the financial performance of its underlying business from period to period. |
(a) | Three Months Ended March 31, 2019: |
Restructuring and other charges (income) is primarily comprised of charges associated with the integration of the DuPont Crop Protection Business. These charges include severance, accelerated depreciation on certain fixed assets, and other costs (benefits) of $3.9 million. Additionally, restructuring and other charges (income) includes charges of continuing environmental sites treated as a Corporate charge of $2.6 million and other Corporate charges of $1.3 million. | |
Three Months Ended March 31, 2018: | |
Restructuring and other charges (income) primarily consists of a gain on sale of $85.0 million from the divestment of a portion of FMC's European herbicide portfolio to Nufarm Limited. This divestiture satisfied FMC's commitment to the European Commission related to the DuPont Crop Protection Business Acquisition. Restructuring and other charges (income) also include charges of $2.6 million, which includes approximately $1 million of accelerated depreciation charges related to certain fixed assets that will no longer be used upon exit of our Ewing R&D facility as well as miscellaneous restructuring efforts. Additionally, restructuring and other charges (income) includes charges of continuing environmental sites treated as a Corporate charge of $2.5 million. | |
(b) | Our non-operating pension and postretirement charges (income) are defined as those costs (benefits) related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These are excluded from our Adjusted Earnings and are primarily related to changes in pension plan assets and liabilities which are tied to financial market performance and we consider these costs to be outside our operational performance. We continue to include the service cost and amortization of prior service cost in our Adjusted Earnings results noted above. These elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees. |
(c) | Charges related to the expensing of the inventory fair value step-up resulting from the application of purchase accounting as well as legal and professional fees associated with acquisition activities. Amounts represent the following: |
Three Months Ended March 31, | |||||||||||
(in Millions) | 2019 | 2018 | |||||||||
DuPont Crop Protection Business Acquisition | |||||||||||
Legal and professional fees (1) | $ | 16.5 | $ | 19.6 | |||||||
Inventory fair value amortization (2) | — | 29.9 | |||||||||
Total Transaction-related charges | $ | 16.5 | $ | 49.5 | |||||||
____________________ | ||
(1) | Represents transaction costs, costs for transitional employees, other acquired employees related costs, and transactional-related costs such as legal and professional third-party fees. These charges are recorded as a component of "Selling, general and administrative expense" on the condensed consolidated statements of income (loss). | |
(2) | These charges are included in "Costs of sales and services" on the condensed consolidated statements of income (loss). | |
(d) | The income tax expense (benefit) on Corporate special charges (income) is determined using the applicable rates in the taxing jurisdictions in which the corporate special charge or income occurred and includes both current and deferred income tax expense (benefit) based on the nature of the non-GAAP performance measure. |
(e) | Three Months Ended March 31, 2019 and 2018 |
Discontinued operations, net of income taxes include, in periods up to its separation on March 1, 2019, the results of FMC Lithium, including separation-related costs, as well as provisions, net of recoveries, for environmental liabilities and legal reserves and expenses related to previously discontinued operations. During the three months ended March 31, 2019, we finalized the sale of the first of two parcels of land of our discontinued site in Newark, California. The gain on sale was approximately $21 million, net of tax. Partially offsetting the gain on sale were the results of our discontinued FMC Lithium segment as well as other previously discontinued operations. Discontinued operations, net of income taxes for the three months ended March 31, 2018 includes an additional gain on sale of the FMC Health and Nutrition business to DuPont of approximately $16 million as a result of the adjustment to the final working capital. Additionally, the prior period includes a full quarter of operating results of FMC Lithium. | |
(f) | We exclude the GAAP tax provision, including discrete items, from the Non-GAAP measure of income, and include a Non-GAAP tax provision based upon the projected annual Non-GAAP effective tax rate. The GAAP tax provision includes certain discrete tax items including, but are not limited to: income tax expenses or benefits that are not related to continuing operating results in the current year; tax adjustments associated with fluctuations in foreign currency remeasurement of certain foreign operations; certain changes in estimates of tax matters related to prior fiscal years; certain changes in the realizability of deferred tax assets and related interim accounting impacts; and changes in tax law. Management believes excluding these discrete tax items assists investors and securities analysts in understanding the tax provision and the effective tax rate related to continuing operating results thereby providing investors with useful supplemental information about FMC's operational performance. |
Three Months Ended March 31, | |||||||
(in Millions) | 2019 | 2018 | |||||
Non-GAAP tax adjustments | |||||||
Impacts of Tax Cuts and Jobs Act | $ | — | $ | 0.8 | |||
Revisions to valuation allowances of historical deferred tax assets | 0.4 | (1.8) | |||||
Foreign currency remeasurement and other discrete items | 0.8 | 9.6 | |||||
Total Non-GAAP tax adjustments | $ | 1.2 | $ | 8.6 | |||
RECONCILIATION OF NET INCOME (LOSS) (GAAP) TO ADJUSTED EARNINGS FROM CONTINUING OPERATIONS, BEFORE INTEREST, INCOME TAXES, DEPRECIATION AND AMORTIZATION, AND NONCONTROLLING INTERESTS (NON-GAAP) | |||||||
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Net income (loss) (GAAP) | $ | 217.2 | $ | 269.6 | |||
Restructuring and other charges (income) | 7.8 | (79.9) | |||||
Non-operating pension and postretirement charges (income) | 3.4 | 0.5 | |||||
Transaction-related charges | 16.5 | 49.5 | |||||
Discontinued operations, net of income taxes | (9.6) | (39.4) | |||||
Interest expense, net | 34.5 | 33.9 | |||||
Depreciation and amortization | 37.3 | 34.8 | |||||
Provision (benefit) for income taxes | 36.3 | 60.5 | |||||
Adjusted earnings from continuing operations, before interest, income taxes, depreciation and amortization, and noncontrolling interests (Non-GAAP) (1) | $ | 343.4 | $ | 329.5 | |||
___________________ | |
(1) | Referred to as Total Company Adjusted EBITDA. Defined as operating profit excluding depreciation and amortization expense. |
RECONCILIATION OF CASH PROVIDED (REQUIRED) BY OPERATING ACTIVITIES (GAAP) TO ADJUSTED CASH FROM OPERATIONS (NON-GAAP) | |||||||
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Cash provided (required) by operating activities (GAAP) | $ | (282.9) | $ | (67.4) | |||
Transaction and integration costs | 19.9 | 34.0 | |||||
Adjusted cash from operations (Non-GAAP) (1) | $ | (263.0) | $ | (33.4) | |||
___________________ | |
(1) | The Company believes that the Non-GAAP financial measure "Adjusted cash from operations" provides useful information about the Company's cash flows to investors and securities analysts. Adjusted cash from operations excludes the effects of transaction-related cash flows. The Company also believes that excluding the effects of these items from cash provided (required) by operating activities allows management and investors to compare more easily the cash flows from period to period. |
FMC CORPORATION | |||||||
March 31, 2019 | December 31, 2018 | ||||||
Cash and cash equivalents | $ | 109.5 | $ | 134.4 | |||
Trade receivables, net of allowance of $27.3 in 2019 and $22.4 in 2018 | 2,530.2 | 2,143.8 | |||||
Inventories | 1,137.1 | 1,025.5 | |||||
Prepaid and other current assets | 427.3 | 432.6 | |||||
Current assets of discontinued operations | — | 293.9 | |||||
Total current assets | $ | 4,204.1 | $ | 4,030.2 | |||
Property, plant and equipment, net | 733.8 | 756.9 | |||||
Goodwill | 1,470.2 | 1,468.1 | |||||
Other intangibles, net | 2,680.4 | 2,703.4 | |||||
Deferred income taxes | 278.0 | 272.8 | |||||
Other long-term assets | 579.5 | 384.1 | |||||
Noncurrent assets of discontinued operations | — | 358.8 | |||||
Total assets | $ | 9,946.0 | $ | 9,974.3 | |||
Short-term debt and current portion of long-term debt | $ | 993.8 | $ | 547.7 | |||
Accounts payable, trade and other | 884.5 | 795.5 | |||||
Advanced payments from customers | 283.3 | 458.4 | |||||
Accrued and other liabilities | 537.2 | 570.8 | |||||
Accrued customer rebates | 460.7 | 365.3 | |||||
Guarantees of vendor financing | 78.4 | 67.1 | |||||
Accrued pensions and other postretirement benefits, current | 6.2 | 6.2 | |||||
Income taxes | 93.5 | 85.1 | |||||
Current liabilities of discontinued operations | — | 97.3 | |||||
Total current liabilities | $ | 3,337.6 | $ | 2,993.4 | |||
Long-term debt, less current portion | $ | 2,145.0 | $ | 2,145.0 | |||
Long-term liabilities | 1,671.6 | 1,579.4 | |||||
Noncurrent liabilities of discontinued operations | — | 46.1 | |||||
Equity | 2,791.8 | 3,210.4 | |||||
Total liabilities and equity | $ | 9,946.0 | $ | 9,974.3 | |||
FMC CORPORATION | |||||||
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Cash provided (required) by operating activities of continuing operations | $ | (282.9) | $ | (67.4) | |||
Cash provided (required) by operating activities of discontinued operations | 5.7 | (11.0) | |||||
Cash provided (required) by investing activities of continuing operations | (33.4) | 71.6 | |||||
Cash provided (required) by investing activities of discontinued operations | 9.2 | (26.5) | |||||
Cash provided (required) by financing activities of continuing operations: | |||||||
Increase (decrease) in short-term debt | $ | 445.6 | $ | 138.0 | |||
Repayments of long-term debt | (0.5) | (0.6) | |||||
Issuances of common stock, net | 11.7 | 3.9 | |||||
Dividends paid | (53.2) | (22.3) | |||||
Repurchases of common stock under publicly announced program | (100.0) | — | |||||
Other repurchases of common stock | (16.0) | (5.1) | |||||
Cash provided (required) by financing activities | $ | 287.6 | $ | 113.9 | |||
Cash provided (required) by financing activities of discontinued operations: | |||||||
Payment of Livent external debt | $ | (27.0) | $ | — | |||
Cash transfer to Livent due to spin | (10.2) | — | |||||
Cash provided (required) by financing activities of discontinued operations | $ | (37.2) | $ | — | |||
Effect of exchange rate changes on cash | (1.2) | (3.9) | |||||
Increase (decrease) in cash and cash equivalents | $ | (52.2) | $ | 76.7 | |||
Cash and cash equivalents of continuing operations, beginning of period | 134.4 | 281.8 | |||||
Cash and cash equivalents of discontinued operations | 27.3 | 1.2 | |||||
Cash and cash equivalents, beginning of period | $ | 161.7 | $ | 283.0 | |||
Less: cash and cash equivalent of discontinued operations, end of period | — | 1.4 | |||||
Cash and cash equivalents of continuing operations, end of period | $ | 109.5 | $ | 358.3 | |||
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SOURCE FMC Corporation
Article Date
5/6/2019FMC Corporation's Andrew Sandifer to Speak at BMO 14th Annual Farm to Market Conference
Source: PR Newswire
PHILADELPHIA, April 17, 2019 /PRNewswire/ --
FMC Corporation (NYSE: FMC) today announced that Andrew Sandifer, executive vice president and chief financial officer, will speak at the BMO 14th Annual Farm to Market Conference in New York City on May 16, 2019 at 10:10 a.m. EDT. A live webcast will be available on the FMC Investor Relations website.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,500 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: FMC and its representatives may from time to time make written or oral statements that are "forward-looking" and provide other than historical information, including statements contained in this press release, in FMC's other filings with the SEC, and in reports or letters to FMC stockholders.
In some cases, FMC has identified forward-looking statements by such words or phrases as "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words and phrases. Such forward-looking statements are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors included within FMC's 2018 Form 10-K filed with the SEC. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.
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SOURCE FMC Corporation
Article Date
4/17/20193/15/2019 - FMC Corporation Announces Dates for First Quarter 2019 Earnings Release and Webcast Conference Call
FMC Corporation Announces Dates for First Quarter 2019 Earnings Release and Webcast Conference Call
Source: PR Newswire
PHILADELPHIA, March 15, 2019 /PRNewswire/ --
FMC Corporation (NYSE: FMC) today announced it will release its first quarter 2019 earnings on Monday, May 6, 2019, after the stock market close via PR Newswire and the company's website at: http://www.fmc.com
The company will host a webcast conference call on Tuesday, May 7, 2019, at 8:00 a.m. ET that is open to the public via Internet broadcast and telephone.
Conference Call Details:
Internet broadcast: http://www.fmc.com
Passcode: FMC
Dial-in telephone numbers:
United States: (800) 230-1059
International: (612) 332-0107
Conference ID: 464182
A replay of the call will be available via the internet and telephone from 10:00 a.m. ET on May 7, 2019 until June 7, 2019.
Internet replay: http://www.fmc.com
United States: (800) 475-6701
International: (320) 365-3844
Conference ID: 464182
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,500 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: FMC and its representatives may from time to time make written or oral statements that are "forward-looking" and provide other than historical information, including statements contained in this press release, in FMC's other filings with the SEC, and in reports or letters to FMC stockholders.
In some cases, FMC has identified forward-looking statements by such words or phrases as "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words and phrases. Such forward-looking statements are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors included within FMC's 2018 Form 10-K filed with the SEC. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.
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SOURCE FMC Corporation
Article Date
3/15/2019FMC Corporation Announces Completion of Final Separation of Livent Corporation
Source: PR Newswire
PHILADELPHIA, March 1, 2019 /PRNewswire/ --
FMC Corporation (NYSE: FMC) announced today that it has completed the previously announced distribution of 123,000,000 shares of common stock of Livent Corporation ("Livent") (NYSE: LTHM) as a pro rata dividend on shares of FMC common stock outstanding as of 5:00 p.m. EST on the record date of February 25, 2019.
Based on the shares of FMC common stock outstanding as of February 25, 2019, the record date for the distribution, each share of FMC common stock will receive 0.935301 shares of Livent common stock in the distribution.
Fractional shares of Livent common stock were not distributed to FMC stockholders. Instead, the fractional shares of Livent common stock will be aggregated and sold in the open market on behalf of the applicable shareholders, with the net proceeds distributed pro rata in the form of cash payments to FMC stockholders who would otherwise receive Livent fractional shares. The distribution was structured to qualify as a tax-free distribution to FMC stockholders for U.S. federal income tax purposes. Cash received in lieu of fractional shares will, however, be taxable. FMC stockholders should consult their tax advisors with respect to U.S. federal, state, local and foreign tax consequences of the distribution.
About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,500 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: FMC and its representatives may from time to time make written or oral statements that are "forward-looking" and provide other than historical information, including statements contained in this press release, in FMC's other filings with the SEC, and in reports or letters to FMC stockholders.
In some cases, FMC has identified forward-looking statements by such words or phrases as "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words and phrases. Such forward-looking statements are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors included within FMC's 2018 Form 10-K filed with the SEC. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.
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SOURCE FMC Corporation
Article Date
3/1/2019FMC Corporation's Board Declares Quarterly Dividend
Source: PR Newswire
PHILADELPHIA, Feb. 27, 2019 /PRNewswire/ --
FMC Corporation (NYSE: FMC) announced today that its Board of Directors declared a regular quarterly dividend of 40 cents per share, payable on April 18, 2019, to shareholders of record at the close of business on March 29, 2019.
About FMC
FMC Corporation provides solutions to growers around the world with a portfolio of proprietary crop protection products and a robust pipeline fueled by innovative discovery and development capabilities in crop protection, plant health and professional pest and turf maintenance solutions. In October 2018, FMC conducted an initial public offering of its Lithium business. The new company, Livent Corporation, is approximately 84 percent owned by FMC and is expected to be spun off on March 1, 2019. FMC employs approximately 7,300 employees (including through Livent) around the globe. To learn more, please visit www.fmc.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2017 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC
Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
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SOURCE FMC Corporation
Article Date
2/27/2019FMC Corporation Announces Distribution Ratio for Final Separation of Livent Corporation
Source: PR Newswire
PHILADELPHIA, Feb. 26, 2019 /PRNewswire/ --
FMC Corporation (NYSE: FMC) announced today that it has determined the final distribution ratio relating to its previously announced distribution of an aggregate of 123,000,000 shares of common stock of Livent Corporation ("Livent") (NYSE: LTHM) on March 1, 2019, the distribution date, as a pro rata dividend on shares of FMC common stock outstanding as of 5:00 p.m. EST on the record date of February 25, 2019.
Based on the shares of FMC common stock outstanding as of February 25, 2019, the record date for the distribution, each share of FMC common stock will receive 0.935301 shares of Livent common stock in the distribution.
The distribution is subject to certain customary conditions, including receipt of a customary tax opinion and confirmation of sufficient capital adequacy and surplus to make the distribution. FMC expects all of these conditions to be satisfied on the distribution date.
Fractional shares of Livent common stock will not be distributed to FMC stockholders. Instead, the fractional shares of Livent common stock will be aggregated and sold on behalf of the applicable shareholders in the open market, with the net proceeds distributed pro rata in the form of cash payments to FMC stockholders who would otherwise receive Livent fractional shares. The distribution has been structured to qualify as a tax-free distribution to FMC stockholders for U.S. federal income tax purposes. Cash received in lieu of fractional shares will, however, be taxable. FMC stockholders should consult their tax advisors with respect to U.S. federal, state, local and foreign tax consequences of the distribution. The distribution of shares of Livent common stock will be made in book entry form, and no physical share certificates of Livent will be issued. An information statement describing the distribution will be mailed to FMC stockholders. A copy of the information statement will also be included as an exhibit to a Current Report on Form 8-K filed by FMC with the SEC. FMC stockholders will not be required to pay cash or other consideration for the shares of Livent common stock to be distributed to them or to surrender or exchange their shares of FMC common stock to receive the distribution.
About FMC
FMC Corporation provides solutions to growers around the world with a portfolio of proprietary crop protection products and a robust pipeline fueled by innovative discovery and development capabilities in crop protection, plant health and professional pest and turf maintenance solutions. In October 2018, FMC conducted an initial public offering of its Lithium business. The new company, Livent Corporation, is approximately 84 percent owned by FMC and is expected to be spun off on March 1, 2019. FMC employs approximately 7,300 employees (including through Livent) around the globe. To learn more, please visit www.fmc.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2017 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
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SOURCE FMC Corporation
Article Date
2/26/2019FMC Corporation Announces Fourth Quarter and Full Year 2018 Results
Source: PR Newswire
PHILADELPHIA, Feb. 11, 2019 /PRNewswire/ --
Fourth Quarter 2018 Highlights
Full Year 2019 Outlook (excludes Lithium)2,3,4
FMC Corporation (NYSE: FMC) today reported fourth quarter and full-year 2018 results. For the fourth quarter, FMC reported revenue of approximately $1.2 billion, an increase of 24 percent year-over-year. On a GAAP basis, the company reported earnings of $0.24 per diluted share in the fourth quarter, or $32 million, which includes a $106 million non-cash charge to adjust reserves for environmental liabilities as a result of active negotiations for a settlement. This compares to GAAP earnings of $3.94 per diluted share, or $530 million, in the fourth quarter of 2017, which included a $727 million gain, net of tax, from the November 2017 sale of FMC Health and Nutrition, partially offset by a provisional income tax charge of $316 million related to the Tax Cuts and Jobs Act.
Fourth quarter adjusted earnings were $1.69 per diluted share, an increase of 54 percent year-over-year, and 31 cents above the midpoint of original guidance from November 5, 2018. The outperformance versus original guidance was primarily due to strength in Agricultural Solutions and lower than expected taxes. In Agricultural Solutions, segment sales increased by 18 percent on a pro forma basis (versus original guidance of 12 percent growth at the midpoint) and strong segment EBITDA drove approximately $0.08 incremental adjusted earnings per share versus the midpoint of original guidance.1 A lower than expected tax rate contributed $0.21 incremental adjusted earnings per share in the fourth quarter versus the midpoint of original guidance, driven primarily by a more favorable mix of earnings by jurisdiction and, to a lesser degree, by the impact of recently proposed regulations that clarify certain elements of the international tax provisions of the 2017 Tax Cuts and Jobs Act.
Fourth Quarter Adj. EPS versus Original Guidance (midpoint)* | +31 cents |
Agricultural Solutions | +8 cents |
Lithium | 0 cents |
Corporate expense and D&A | -1 cent |
Lower tax rate due to full-year adjustment | +21 cents |
Change in share count | +2 cents |
All other factors | +1 cent |
*Original guidance midpoint refers to EPS guidance presented on November 5, 2018 of $1.33 to $1.43 | |
Pierre Brondeau, FMC CEO and chairman said: "FMC delivered another very strong quarter. In Agricultural Solutions, we grew sales 23 percent on a pro forma basis, excluding an estimated 5 percent headwind from foreign currencies. This was significantly above the market and our key competitors, as we continue to capitalize on the strength of our broad portfolio and capture new sales synergies. In Lithium, we had another strong operating quarter, and we are set to complete the spinoff of Livent Corporation on March 1, 2019."
For the year, FMC reported revenue of approximately $4.7 billion, an increase of 64 percent compared to 2017. On a GAAP basis, the company reported earnings of $502 million, or $3.69 per diluted share. Full-year adjusted earnings were $6.29 per diluted share, an increase of 132 percent compared to the prior year.
FMC Agricultural Solutions
FMC Agricultural Solutions reported fourth quarter revenue of approximately $1.1 billion, an increase of 18 percent year-over-year on a pro forma basis, with strong demand across all regions and higher prices in Brazil. Latin America sales grew 27 percent on a pro forma basis, driven primarily by robust sales to cotton and soybean growers. In North America, sales increased 21 percent on a pro forma basis, driven by strong demand for our pre-emergent herbicides and our diamide class of insecticides. Sales in EMEA grew 13 percent on a pro forma basis, largely due to revenue in France, Germany and Russia growing by a combined 45 percent. In Asia, revenue increased 4 percent on a pro forma basis; however, excluding the impact of restructuring and anti-trust remedies in India, Asia sales would have grown 14 percent. Segment EBITDA of $302 million was $13 million above the midpoint of the November guidance range on stronger revenue growth. In Brazil, higher prices more than offset the estimated FX impact on earnings in the quarter.
Agricultural Solutions Pro Forma Revenue1 | Q4 2018 | Full Year 2018 |
Organic Growth* | 23% | 13% |
Estimated FX Impact* | (5%) | (2%) |
Total Revenue Growth | 18% | 11% |
* FX impact is an estimate, due to the incomplete data from October 2017, prior to the DuPont crop protection acquisition. | ||
Full-year 2018 revenue for Agricultural Solutions was just under $4.3 billion, an 11 percent increase versus the prior year, on a pro forma basis. Full-year segment EBITDA was over $1.2 billion and EBITDA margins improved 560 basis points to 28.4 percent.
FMC Lithium/Livent
FMC Lithium, known as Livent Corporation following its October IPO, reported fourth quarter segment revenue of $120 million, an increase of 6 percent versus the prior-year quarter. Segment EBITDA came in slightly above the midpoint of guidance at $46 million in the quarter.
Segment revenue for the full year of 2018 was $443 million, an increase of 27 percent compared to 2017. Full-year segment EBITDA was $196 million. Excluding the $6.6 million in Livent standalone costs, EBITDA would have been $202 million, up 43 percent compared to the prior year.
Please see FMC's press release from this morning for details on the March 1, 2019 final separation of Livent Corporation.
2019 and First Quarter Outlook (excludes Lithium)2,3,4
FMC full-year revenue for 2019 is forecasted to be in the range of $4.45 billion to $4.55 billion, an increase of 5 percent at the midpoint versus recast 2018. Total company adjusted EBITDA is expected to be in the range of $1.165 billion to $1.205 billion, an increase of 7 percent at the midpoint compared to recast 2018. 2019 adjusted earnings are expected to be in the range of $5.55 to $5.75 per diluted share, an increase of 8 percent at the midpoint compared to recast 2018 and excluding any impact from 2019 share repurchases. All 2018 recast data used for these comparisons exclude the impact of the Lithium segment.
First quarter revenue is expected to be in the range of $1.18 billion to $1.21 billion, representing 8 percent growth at the midpoint compared to recast Q1 2018. Total company adjusted EBITDA is forecasted to be in the range of $320 million to $340 million, representing a flat year-over-year comparison at the midpoint versus recast Q1 2018. FMC expects adjusted earnings per share to be in the range of $1.58 to $1.68 in the first quarter, which represents growth of 3 percent at the midpoint versus recast Q1 2018.
"We expect a disproportionate amount of the full-year impact from higher raw material costs and currency headwinds to occur in the first half of 2019, leading to flat year-over-year adjusted EBITDA in the first quarter. We are nevertheless highly confident that we will recover all the raw material increase and a significant amount of the FX impact via price increases in all regions over the full year," said Brondeau.
Full Year Outlook | Q1 2019 Outlook | |
Revenue | $4.45 to $4.55 billion | $1.18 to $1.21 billion |
Organic Growth | 8% | 14% |
Estimated FX Impact | (3%) | (6%) |
Growth at midpoint vs. recast 2018 4 | 5% | 8% |
Adjusted EBITDA | $1.165 to $1.205 billion | $320 to $340 million |
Growth at midpoint vs. recast 2018 4 | 7% | 0% |
Adjusted EPS^ | $5.55 to $5.75 | $1.58 to $1.68 |
Growth at midpoint vs. recast 2018 4 | 8% | 3% |
^ EPS excludes any impact from 2019 share repurchases. | ||
FMC Lithium is excluded from our guidance. It will be reported as discontinued operations when FMC reports first quarter results in May 2019.
Supplemental Information
The company will post supplemental information on the web at www.fmc.com, including its 2019 Outlook Statement, webcast slides for tomorrow's earnings call, definitions of non-GAAP terms and reconciliations of non-GAAP figures to the nearest available GAAP term.
About FMC
FMC Corporation provides solutions to growers around the world with a portfolio of proprietary crop protection products and a robust pipeline fueled by innovative discovery and development capabilities in crop protection, plant health and professional pest and turf maintenance solutions. In October 2018, FMC conducted an initial public offering of its Lithium business. The new company, Livent Corporation, is 84 percent owned by FMC and is expected to be spun off on March 1, 2019. FMC employs approximately 7,300 employees (including through Livent) around the globe. To learn more, please visit www.fmc.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2017 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
This press release contains certain "non-GAAP financial terms" which are defined on our website www.fmc.com. In addition, we have also provided on our website at www.fmc.com reconciliations of non-GAAP terms to the most directly comparable GAAP term.
FMC CORPORATION | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
(In Millions, Except Per Share Data) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Revenue | $ | 1,219.2 | $ | 979.6 | $ | 4,727.8 | $ | 2,878.6 | |||||||
Costs of sales and services | 677.3 | 594.8 | 2,640.9 | 1,777.3 | |||||||||||
Gross margin | $ | 541.9 | $ | 384.8 | $ | 2,086.9 | $ | 1,101.3 | |||||||
Selling, general and administrative expenses | $ | 231.8 | $ | 201.1 | $ | 851.2 | $ | 600.4 | |||||||
Research and development expenses | 77.7 | 51.1 | 291.5 | 141.5 | |||||||||||
Restructuring and other charges (income) | 34.5 | 59.1 | 63.7 | 81.4 | |||||||||||
Total costs and expenses | $ | 1,021.3 | $ | 906.1 | $ | 3,847.3 | $ | 2,600.6 | |||||||
Income (loss) from continuing operations before equity in (earnings) loss of affiliates, non-operating pension and postretirement charges (income), interest expense, net and income taxes | $ | 197.9 | $ | 73.5 | $ | 880.5 | $ | 278.0 | |||||||
Equity in (earnings) loss of affiliates | — | 0.1 | (0.1) | (0.1) | |||||||||||
Non-operating pension and postretirement charges (income) | 4.3 | 30.5 | 3.8 | 18.2 | |||||||||||
Interest expense, net | 31.4 | 27.8 | 133.1 | 79.1 | |||||||||||
Income (loss) from continuing operations before income taxes | $ | 162.2 | $ | 15.1 | $ | 743.7 | $ | 180.8 | |||||||
Provision (benefit) for income taxes | (11.6) | 263.0 | 88.8 | 264.1 | |||||||||||
Income (loss) from continuing operations | $ | 173.8 | $ | (247.9) | $ | 654.9 | $ | (83.3) | |||||||
Discontinued operations, net of income taxes | (139.2) | 779.0 | (143.4) | 621.7 | |||||||||||
Net income (loss) | $ | 34.6 | $ | 531.1 | $ | 511.5 | $ | 538.4 | |||||||
Less: Net income (loss) attributable to noncontrolling interests | 2.2 | 1.0 | 9.4 | 2.6 | |||||||||||
Net income (loss) attributable to FMC stockholders | $ | 32.4 | $ | 530.1 | $ | 502.1 | $ | 535.8 | |||||||
Amounts attributable to FMC stockholders: | |||||||||||||||
Income (loss) from continuing operations, net of tax | $ | 171.6 | $ | (249.0) | $ | 645.5 | $ | (85.9) | |||||||
Discontinued operations, net of tax | (139.2) | 779.1 | (143.4) | 621.7 | |||||||||||
Net income (loss) | $ | 32.4 | $ | 530.1 | $ | 502.1 | $ | 535.8 | |||||||
Basic earnings (loss) per common share attributable to FMC stockholders: | |||||||||||||||
Continuing operations | $ | 1.28 | $ | (1.85) | $ | 4.78 | $ | (0.64) | |||||||
Discontinued operations | (1.04) | 5.79 | (1.06) | 4.63 | |||||||||||
Basic earnings per common share | $ | 0.24 | $ | 3.94 | $ | 3.72 | $ | 3.99 | |||||||
Average number of shares outstanding used in basic earnings per share computations | 133.7 | 134.5 | 134.4 | 134.3 | |||||||||||
Diluted earnings (loss) per common share attributable to FMC stockholders: | |||||||||||||||
Continuing operations | $ | 1.27 | $ | (1.85) | $ | 4.75 | $ | (0.64) | |||||||
Discontinued operations | (1.03) | 5.79 | (1.06) | 4.63 | |||||||||||
Diluted earnings per common share | $ | 0.24 | $ | 3.94 | $ | 3.69 | $ | 3.99 | |||||||
Average number of shares outstanding used in diluted earnings per share computations | 135.1 | 134.5 | 135.9 | 134.3 | |||||||||||
Other Data: | |||||||||||||||
Capital additions | $ | 71.1 | $ | 61.9 | $ | 167.2 | $ | 109.4 | |||||||
Depreciation and amortization expense | 43.5 | 41.8 | 168.2 | 113.0 | |||||||||||
FMC CORPORATION | |||||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO FMC STOCKHOLDERS (GAAP) | |||||||||||||||
TO ADJUSTED AFTER-TAX EARNINGS FROM CONTINUING OPERATIONS, | |||||||||||||||
ATTRIBUTABLE TO FMC STOCKHOLDERS (NON-GAAP) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
(In Millions, except per share amounts) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Net income (loss) attributable to FMC stockholders (GAAP) | $ | 32.4 | $ | 530.1 | $ | 502.1 | $ | 535.8 | |||||||
Corporate special charges (income): | |||||||||||||||
Restructuring and other charges (income) (a) | 34.5 | 59.1 | 63.7 | 81.4 | |||||||||||
Non-operating pension and postretirement charges (income) (b) | 4.3 | 30.5 | 3.8 | 18.2 | |||||||||||
Transaction-related charges (c) | 43.0 | 71.7 | 192.1 | 150.4 | |||||||||||
Income tax expense (benefit) on Corporate special charges (income) (d) | (19.1) | (37.1) | (59.4) | (67.5) | |||||||||||
Adjustment for noncontrolling interest, net of tax on Corporate special charges (income) | (1.5) | — | (1.5) | — | |||||||||||
Discontinued operations attributable to FMC stockholders, net of income taxes (e) | 139.2 | (779.1) | 143.4 | (621.7) | |||||||||||
Tax adjustment (f) | (4.9) | 274.5 | 10.5 | 271.7 | |||||||||||
Adjusted after-tax earnings from continuing operations attributable to FMC stockholders (Non-GAAP) (1) | $ | 227.9 | $ | 149.7 | $ | 854.7 | $ | 368.3 | |||||||
Diluted earnings per common share (GAAP) | $ | 0.24 | $ | 3.94 | $ | 3.69 | $ | 3.99 | |||||||
Corporate special charges (income) per diluted share, before tax: | |||||||||||||||
Restructuring and other charges (income) | 0.26 | 0.44 | 0.47 | 0.60 | |||||||||||
Non-operating pension and postretirement charges (income) | 0.03 | 0.23 | 0.03 | 0.14 | |||||||||||
Transaction-related charges | 0.32 | 0.53 | 1.41 | 1.11 | |||||||||||
Income tax expense (benefit) on Corporate special charges (income), per diluted share | (0.14) | (0.27) | (0.44) | (0.50) | |||||||||||
Adjustment for noncontrolling interest, net of tax on Corporate special charges (income) per diluted share | (0.01) | — | (0.01) | — | |||||||||||
Discontinued operations attributable to FMC stockholders, net of income taxes per diluted share | 1.03 | (5.79) | 1.06 | (4.63) | |||||||||||
Tax adjustments per diluted share | (0.04) | 2.02 | 0.08 | 2.00 | |||||||||||
Diluted adjusted after-tax earnings from continuing operations per share, attributable to FMC stockholders (Non-GAAP) | $ | 1.69 | $ | 1.10 | $ | 6.29 | $ | 2.71 | |||||||
Average number of shares outstanding used in diluted adjusted after-tax earnings from continuing operations per share computations (2) | 135.1 | 136.2 | 135.9 | 135.7 | |||||||||||
____________________ | |
(1) | The Company believes that the Non-GAAP financial measure "Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders", and its presentation on a per share basis, provides useful information about the Company's operating results to investors and securities analysts. Adjusted earnings excludes the effects of Corporate special charges, tax-related adjustments and the results of our discontinued operations. The Company also believes that excluding the effects of these items from operating results allows management and investors to compare more easily the financial performance of its underlying businesses from period to period. |
(2) | The average number of shares outstanding used in the three and twelve months ended December 31, 2017 diluted adjusted after-tax earnings from continuing operations per share computation (Non-GAAP) include 1.7 million and 1.4 million diluted shares, respectively. The number of shares differs from the average number of shares outstanding used in diluted earnings per share computations (GAAP) as we had a net loss from continuing operations attributable to FMC stockholders. |
(a) | Three Months Ended December 31, 2018: |
Restructuring and other charges (income) is primarily comprised of charges within FMC Agricultural Solutions associated with the integration of the DuPont Crop Protection Business of $15.8 million. $8.8 million of these charges were for asset write-offs, $5.5 million was for severance, and $1.5 million was for other miscellaneous charges. There were also additional restructuring charges as well as other charges totaling $3.7 million within FMC Agricultural Solutions. Additionally, restructuring and other charges (income) includes charges of continuing environmental sites treated as a Corporate charge of $12.7 million and other Corporate charges of $2.3 million. | |
Three Months Ended December 31, 2017: | |
Restructuring and other charges (income) includes an impairment charge to write down certain indefinite-lived intangible assets of the acquired DuPont Crop Protection Business as a result of a triggering event associated with the United States' enactment of the Tax Cuts and Jobs Act which was passed in the fourth quarter. The impairment, solely due to tax reform, impacted the fair value and resulted in a charge of $42.1 million. Additionally, restructuring and other charges (income) include asset write-offs of approximately $1.7 million and $3.3 million within FMC Lithium and Corporate, respectively. Restructuring and other charges (income) also includes $8.3 million of charges for continuing environmental sites treated as a Corporate charge. Amounts also include miscellaneous other charges of $3.7 million. | |
Twelve Months Ended December 31, 2018: | |
Restructuring and other charges (income) primarily consists of the total gain on sales of $87.2 million from the divestments of certain product portfolios as part of our commitment to both the European Commission and Competition Commission of India related to the DuPont Crop Protection Acquisition. Restructuring and other charges (income) also consists of $27.8 million of charges due to our decision to exit the Ewing R&D facility and $58.8 million of charges related to the change in our market access model in India. Other restructuring charges within FMC Agricultural Solutions as we continue to integrate the acquired DuPont Crop Protection Business totaled to $21.7 million. There were also additional restructuring charges as well as other charges totaling $12.2 million within FMC Agricultural Solutions. In FMC Lithium, there were restructuring and asset disposal charges of $2.4 million primarily as a result of restructuring our operations at the manufacturing site located in Bessemer City, North Carolina. Additionally, restructuring and other charges (income) includes charges of continuing environmental sites treated as a Corporate charge of $21.9 million and other Corporate charges of $6.1 million. | |
Twelve Months Ended December 31, 2017: | |
Restructuring and other charges (income) includes an impairment charge to write down certain indefinite-lived intangible assets of the acquired DuPont Crop Protection Business as a result of a triggering event for the United States' enactment of the Tax Cuts and Jobs Act which was passed in the fourth quarter. The impairment, solely due to tax reform, impacted the fair value and resulted in a charge of $42.1 million. Additionally, restructuring and other charges (income) includes $7.7 million of costs related to miscellaneous restructuring efforts and asset-write downs within FMC Lithium. Restructuring and other charges (income) also includes asset write-offs of approximately $2.2 million and $5.5 million within FMC Agricultural Solutions and Corporate, respectively. Restructuring and other charges (income) also includes $4.7 million of exit costs related to the termination of our interest in a variable interest entity that was previously consolidated and part of our FMC Agricultural Solutions segment. Additionally, restructuring and other charges (income) includes charges of continuing environmental sites treated as a Corporate charge of $16.6 million. Remaining restructuring and other charges (income) includes net miscellaneous charges of $2.6 million. | |
(b) | Our non-operating pension and postretirement charges (income) are defined as those costs (benefits) related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These are excluded from our segments results and are primarily related to changes in pension plan assets and liabilities which are tied to financial market performance and we consider these costs to be outside our operational performance. We continue to include the service cost and amortization of prior service cost in our Adjusted Earnings results noted above. These elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees. |
(c) | Charges related to the expensing of the inventory fair value step-up resulting from the application of acquisition accounting, and legal and professional fees. Amounts represent the following: |
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
(in Millions) | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Transaction-related charges | ||||||||||||||||
Acquisition-related charges - DuPont Crop | ||||||||||||||||
Legal and professional fees (1) | $ | 22.2 | $ | 51.5 | $ | 86.9 | $ | 130.2 | ||||||||
Inventory fair value amortization (2) | — | 20.2 | 69.6 | 20.2 | ||||||||||||
Separation-related charges - FMC Lithium | ||||||||||||||||
Legal and professional fees (1) | 20.8 | — | $ | 35.6 | — | |||||||||||
Total transaction-related charges | $ | 43.0 | $ | 71.7 | $ | 192.1 | $ | 150.4 | ||||||||
____________________ | ||
(1) | Represents transaction costs, costs for transitional employees, other acquired employees related costs, and transactional-related costs such as legal and professional third-party fees. These charges are recorded as a component of "Selling, general and administrative expense" on the condensed consolidated statements of income (loss). | |
(2) | These charges are included in "Costs of sales and services" on the condensed consolidated statements of income (loss). | |
(d) | The income tax expense (benefit) on Corporate special charges (income) is determined using the applicable rates in the taxing jurisdictions in which the Corporate special charge or income occurred and includes both current and deferred income tax expense (benefit) based on the nature of the non-GAAP performance measure. | |
(e) | Three and Twelve Months Ended December 31, 2018 and 2017: | |
Discontinued operations, net of income taxes include, in periods up to its sale, the results of FMC Health and Nutrition as well as provisions, net of recoveries, for environmental liabilities and legal reserves and expenses related to previously discontinued operations. During the three and twelve months ended December 31, 2018, we recorded a charge of approximately $106 million as a result of active negotiations for a settlement agreement primarily to address discontinued operations at our Middleport, New York plant which was the subject of an Administrative Order on Consent (AOC) entered into with the EPA and New York State Department of Environmental Conservation ("NYSDEC") in 1991. The settlement agreement would aim to replace the 1991 AOC that would, among other things, settle past costs, govern onsite and off-site remediation of historic contamination attributed to our Middleport operations within a defined area, as well as resolve the necessity for a Hazardous Waste Management Permit. The charge consists of incremental estimated costs of remediation for certain off-site operable units associated with historic site operations as we engage in settlement discussions with NYSDEC to resolve the path forward regarding remediation. Discontinued operations, net of income taxes for the twelve months ended December 31, 2018 includes an additional gain on sale of the FMC Health and Nutrition business to DuPont of approximately $7.8 million as a result of the adjustment to the working capital. The three and twelve months ended December 31, 2017 include the divestiture gain of approximately $918 million ($727 million, net of tax), which includes $33 million ($28 million, net of tax) of divestiture related costs, associated with the sale of FMC Health and Nutrition which was completed on November 1, 2017. The twelve months ended December 31, 2017 also included a $168 million ($148 million, net of tax) impairment charge related to our Omega-3 business which was sold on August 1, 2017. | ||
(f) | We exclude the GAAP tax provision, including discrete items, from the Non-GAAP measure of income, and instead include a Non-GAAP tax provision based upon the annual Non-GAAP effective tax rate. The GAAP tax provision includes certain discrete tax items including, but not limited to: income tax expenses or benefits that are not related to ongoing business operations in the current year; unusual or infrequently occurring items; tax adjustments associated with fluctuations in foreign currency remeasurement of certain foreign operations; certain changes in estimates of tax matters related to prior fiscal years; certain changes in the realizability of deferred tax assets; and changes in tax law. Management believes excluding these discrete tax items assists investors and securities analysts in understanding the tax provision and the effective tax rate related to ongoing operations thereby providing investors with useful supplemental information about FMC's operational performance. | |
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
(in Millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Tax adjustments: | |||||||||||||||
Impacts of Tax Cuts and Jobs Act (1) | $ | (9.8) | $ | 315.9 | $ | 8.5 | $ | 315.9 | |||||||
Revisions to our tax liabilities due to finalization of prior year tax returns | — | 2.7 | — | 1.9 | |||||||||||
Revisions to valuation allowances of historical deferred tax assets | (0.9) | (1.9) | (1.6) | (1.9) | |||||||||||
Foreign currency remeasurement and other discrete items | 5.8 | (42.2) | 3.6 | (44.2) | |||||||||||
Total Non-GAAP tax adjustments | $ | (4.9) | $ | 274.5 | $ | 10.5 | $ | 271.7 | |||||||
___________________ | |
(1) | On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the "Act"), which, among other things, reduced the federal income tax rate from 35% to 21% effective January 1, 2018, and imposed a transition tax on deemed repatriated earnings of foreign subsidiaries payable over eight years. During the twelve months ended December 31, 2018, we recorded an adjustment to our provisional tax expense of $8.5 million of income tax expense pertaining to a change in the net transition tax to be paid, the impact of the remeasurement of the Company's U.S. net deferred tax assets and the realizability of the Company's U.S. state net deferred tax assets. |
RECONCILIATION OF NET INCOME (LOSS) (GAAP) TO ADJUSTED EARNINGS FROM CONTINUING OPERATIONS, BEFORE INTEREST AND INCOME TAXES, DEPRECIATION AND AMORTIZATION, AND NONCONTROLLING INTERESTS (NON-GAAP) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
(In Millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Net income (loss) (GAAP) | $ | 34.6 | $ | 531.1 | $ | 511.5 | $ | 538.4 | |||||||
Restructuring and other charges (income) | 34.5 | 59.1 | 63.7 | 81.4 | |||||||||||
Non-operating pension and postretirement charges (income) | 4.3 | 30.5 | 3.8 | 18.2 | |||||||||||
Transaction-related charges | 43.0 | 71.7 | 192.1 | 150.4 | |||||||||||
Discontinued operations, net of income taxes | 139.2 | (779.0) | 143.4 | (621.7) | |||||||||||
Interest expense, net | 31.4 | 27.8 | 133.1 | 79.1 | |||||||||||
Depreciation and amortization | 43.5 | 41.8 | 168.2 | 113.0 | |||||||||||
Provision (benefit) for income taxes | (11.6) | 263.0 | 88.8 | 264.1 | |||||||||||
Adjusted earnings from continuing operations, before interest, income taxes, depreciation and amortization, and noncontrolling interests (Non-GAAP) (1) | $ | 318.9 | $ | 246.0 | $ | 1,304.6 | $ | 622.9 | |||||||
___________________ | |
(1) | Referred to as Adjusted EBITDA. Adjusted EBITDA is defined as operating profit excluding depreciation and amortization expense. |
RECONCILIATION OF CASH PROVIDED (REQUIRED) BY OPERATING ACTIVITIES (GAAP) TO ADJUSTED CASH FROM OPERATIONS (NON-GAAP) | |||||||
(Unaudited) | |||||||
Twelve Months Ended | |||||||
December 31, | |||||||
(In Millions) | 2018 | 2017 | |||||
Cash provided (required) by operating activities (GAAP) | $ | 446.0 | $ | 314.5 | |||
Transaction and integration costs | 130.0 | 78.9 | |||||
Adjusted cash from operations (Non-GAAP) (1) | $ | 576.0 | $ | 393.4 | |||
___________________ | |
(1) | The Company believes that the Non-GAAP financial measure "Adjusted cash from operations" provides useful information about the Company's cash flows to investors and securities analysts. Adjusted cash from operations excludes the effects of acquisition-related cash flows. The Company also believes that excluding the effects of these items from cash provided (required) by operating activities allows management and investors to compare more easily the cash flows from period to period. |
FMC CORPORATION | |||||||||||||||
INDUSTRY SEGMENT DATA | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
(In Millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Revenue | |||||||||||||||
FMC Agricultural Solutions | $ | 1,099.4 | $ | 866.2 | $ | 4,285.3 | $ | 2,531.2 | |||||||
FMC Lithium | 119.8 | 113.4 | 442.5 | 347.4 | |||||||||||
Total | $ | 1,219.2 | $ | 979.6 | $ | 4,727.8 | $ | 2,878.6 | |||||||
Earnings before interest, taxes and depreciation and amortization (EBITDA) | |||||||||||||||
FMC Agricultural Solutions | $ | 301.7 | $ | 223.4 | $ | 1,217.8 | $ | 576.1 | |||||||
FMC Lithium | 45.6 | 48.2 | 195.7 | 141.9 | |||||||||||
Corporate and other | (28.4) | (25.6) | (108.9) | (95.1) | |||||||||||
Adjusted earnings from continuing operations, before interest, income taxes, depreciation and amortization, and noncontrolling interests (Non-GAAP) | $ | 318.9 | $ | 246.0 | $ | 1,304.6 | $ | 622.9 | |||||||
Depreciation and amortization | (43.5) | (41.8) | (168.2) | (113.0) | |||||||||||
Interest expense, net | (31.4) | (27.8) | (133.1) | (79.1) | |||||||||||
Corporate special (charges) income: | |||||||||||||||
Restructuring and other (charges) income (a) | (34.5) | (59.1) | (63.7) | (81.4) | |||||||||||
Non-operating pension and postretirement (charges) income(b) | (4.3) | (30.5) | (3.8) | (18.2) | |||||||||||
Transaction-related charges (c) | (43.0) | (71.7) | (192.1) | (150.4) | |||||||||||
(Provision) benefit for income taxes | 11.6 | (263.0) | (88.8) | (264.1) | |||||||||||
Discontinued operations, net of income taxes (d) | (139.2) | 779.0 | (143.4) | 621.7 | |||||||||||
Net (income) loss attributable to noncontrolling interests | (2.2) | (1.0) | (9.4) | (2.6) | |||||||||||
Net income (loss) attributable to FMC stockholders | $ | 32.4 | $ | 530.1 | $ | 502.1 | $ | 535.8 | |||||||
____________________ | |
(a) | Below provides the details of restructuring and other (charges) income by segment. |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
(In Millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
FMC Agricultural Solutions | $ | (19.4) | $ | (42.9) | $ | (33.3) | $ | (49.9) | |||||||
FMC Lithium | 0.1 | (5.1) | (2.3) | (7.8) | |||||||||||
Corporate | (15.2) | (11.1) | (28.1) | (23.7) | |||||||||||
Restructuring and other (charges) income | $ | (34.5) | $ | (59.1) | $ | (63.7) | $ | (81.4) | |||||||
(b) | See Note (b) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP)" for further details on the components that make up this line item. |
(c) | See Note (c) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP)" for further details on the components that make up this line item. |
(d) | See Note (e) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP)" for further details on the components that make up this line item. |
FMC CORPORATION | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(Unaudited) | |||||||
(In Millions) | December 31, 2018 | December 31, 2017 | |||||
Cash and cash equivalents | $ | 161.7 | $ | 283.0 | |||
Trade receivables, net of allowance of $22.4 in 2018 and $38.7 in 2017 | 2,285.2 | 2,043.5 | |||||
Inventories | 1,097.3 | 992.5 | |||||
Prepaid and other current assets | 486.0 | 326.4 | |||||
Current assets of discontinued operations held for sale | — | 7.3 | |||||
Total current assets | $ | 4,030.2 | $ | 3,652.7 | |||
Property, plant and equipment, net | $ | 1,032.6 | $ | 1,025.2 | |||
Goodwill | 1,468.1 | 1,198.9 | |||||
Other intangibles, net | 2,704.3 | 2,631.8 | |||||
Deferred income taxes | 273.2 | 252.7 | |||||
Other long-term assets | 465.9 | 445.0 | |||||
Total assets | $ | 9,974.3 | $ | 9,206.3 | |||
Short-term debt and current portion of long-term debt | $ | 547.7 | $ | 192.6 | |||
Accounts payable, trade and other | 867.5 | 714.2 | |||||
Accrued customer rebates | 365.3 | 266.6 | |||||
Guarantees of vendor financing | 67.1 | 51.5 | |||||
Accrued pensions and other postretirement benefits, current | 6.2 | 5.7 | |||||
Other current liabilities | 1,139.6 | 977.5 | |||||
Current liabilities of discontinued operations held for sale | — | 1.3 | |||||
Total current liabilities | $ | 2,993.4 | $ | 2,209.4 | |||
Long-term debt, less current portion | $ | 2,179.0 | $ | 2,993.0 | |||
Long-term liabilities | 1,591.5 | 1,296.8 | |||||
Equity | 3,210.4 | 2,707.1 | |||||
Total liabilities and equity | $ | 9,974.3 | $ | 9,206.3 | |||
FMC CORPORATION | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(Unaudited) | |||||||
Twelve Months Ended December 31, | |||||||
(In Millions) | 2018 | 2017 | |||||
Cash provided (required) by operating activities of continuing operations | $ | 446.0 | $ | 314.5 | |||
Cash provided (required) by operating activities of discontinued operations | $ | (77.6) | $ | 21.0 | |||
Cash provided (required) by investing activities of continuing operations | $ | (115.9) | $ | (1,349.5) | |||
Cash provided (required) by investing activities of discontinued operations | $ | (15.0) | $ | 15.7 | |||
Cash provided (required) by financing activities of continuing operations: | |||||||
Increase (decrease) in short-term debt | $ | 79.5 | $ | (3.1) | |||
Financing fees | (3.1) | (11.0) | |||||
Repayments of long-term debt | (552.0) | (302.3) | |||||
Proceeds from borrowings of long-term debt | 34.0 | 1,598.9 | |||||
Transactions with noncontrolling interests | — | (0.5) | |||||
Net proceeds received from initial public offering of FMC Lithium | 363.6 | — | |||||
Dividends paid | (89.2) | (88.8) | |||||
Repurchases of common stock under publicly announced program | (200.0) | — | |||||
Other repurchases of common stock | (6.8) | (2.6) | |||||
Issuances of common stock, net | 10.7 | 22.5 | |||||
Cash provided (required) by financing activities | $ | (363.3) | $ | 1,213.1 | |||
Effect of exchange rate changes on cash | 4.5 | 4.0 | |||||
Increase (decrease) in cash and cash equivalents | $ | (121.3) | $ | 218.8 | |||
Cash and cash equivalents, beginning of year | 283.0 | 64.2 | |||||
Cash and cash equivalents, end of period | $ | 161.7 | $ | 283.0 | |||
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SOURCE FMC Corporation
Article Date
2/11/2019FMC Corporation Announces Details of Final Separation of Livent Corporation
Source: PR Newswire
PHILADELPHIA, Feb. 11, 2019 /PRNewswire/ --
FMC Corporation (NYSE: FMC) announced today that its Board of Directors has approved the distribution of all of its remaining interest in Livent Corporation ("Livent") (NYSE: LTHM) to FMC stockholders, payable on March 1, 2019, to shareholders of record as of 5:00 p.m. EST on February 25, 2019.
Subject to the conditions described below, the FMC Board of Directors has authorized the distribution to FMC stockholders of an aggregate of 123,000,000 shares of Livent common stock on March 1, 2019, the distribution date, as a pro rata dividend on shares of FMC common stock outstanding at the close of business on the record date of February 25, 2019. Based on the number of shares of FMC common stock outstanding as of December 31, 2018, FMC estimates that each share of FMC common stock will receive approximately 0.9304664 shares of Livent common stock in the distribution. The actual distribution ratio for the Livent common stock to be distributed per share of FMC common stock will be determined based on the number of shares of FMC common stock outstanding on the record date.
The Distribution is subject to certain customary conditions, including receipt of a customary tax opinion and confirmation of sufficient capital adequacy and surplus to make the distribution. FMC expects all of these conditions to be satisfied on the distribution date.
Fractional shares of Livent common stock will not be distributed to FMC stockholders. Instead, the fractional shares of Livent common stock will be aggregated and sold on behalf of the applicable shareholders in the open market, with the net proceeds distributed pro rata in the form of cash payments to FMC stockholders who would otherwise receive Livent fractional shares. The spin-off has been structured to qualify as a tax-free distribution to FMC stockholders for U.S. federal income tax purposes. Cash received in lieu of fractional shares will, however, be taxable. FMC stockholders should consult their tax advisors with respect to U.S. federal, state, local and foreign tax consequences of the distribution.
Beginning on February 24, 2019, and continuing through the close of trading on the New York Stock Exchange (the "NYSE") on March 1, 2019, the distribution date, the following markets will exist in FMC and Livent common stock (each of which will be traded on the NYSE):
FMC common stock "regular way" market (NYSE: FMC): Shares of FMC common stock that trade in the regular way market will trade with "due bills," which are entitlements to shares of Livent common stock to be distributed pursuant to the distribution. Any holders of shares of FMC common stock who sell FMC shares the "regular way" between the record date and the distribution date will also be selling their right to receive Livent shares.
FMC common stock "ex-distribution/when issued" market (NYSE: FMC WI): Shares of FMC common stock that trade in the ex-distribution/when-issued market will trade without an entitlement to shares of Livent common stock to be distributed pursuant to the distribution. If you own shares of FMC common stock on the record date and sell those shares of FMC common stock in the ex-distribution/when-issued market prior to or on the distribution date, you will still receive the shares of Livent common stock that were to be distributed to you in respect of those shares of FMC common stock.
Livent common stock "regular way" market (NYSE: LTHM): The regular way market is the same market for Livent common stock that has been in existence since Livent completed its initial public offering of its common stock in October 2018.
Livent common stock "when-issued" market (NYSE: LTHM WI): The when-issued market for Livent common stock relates to the shares of Livent common stock that will be distributed to FMC stockholders on the distribution date. Therefore, if you are entitled to receive shares of Livent common stock in the distribution, you may trade your entitlement to the shares of Livent common stock, without the shares of FMC common stock you own, in the Livent common stock when-issued market.
All trades in the "regular way" markets will settle on the third trading day after the trade date. The due bills will settle on the third trading day after the distribution date. All trades in the "ex-distribution/when-issued" market and "when-issued" market will settle on the fourth trading day after the distribution date, irrespective of the trade date.
Livent common stock currently trades on the NYSE under the symbol "LTHM."
The distribution of shares of Livent common stock will be made in book entry form, and no physical share certificates of Livent will be issued. An information statement describing the distribution will be mailed to FMC stockholders following the record date. FMC stockholders will not be required to pay cash or other consideration for the shares of Livent common stock to be distributed to them or to surrender or exchange their shares of FMC common stock to receive the distribution.
BofA Merrill Lynch and Goldman Sachs & Co. LLC are acting as financial advisors and Davis Polk & Wardwell LLP is acting as lead counsel to FMC Corporation in connection with the spin-off of Livent Corporation.
About FMC
FMC Corporation provides solutions to growers around the world with a portfolio of proprietary crop protection products and a robust pipeline fueled by innovative discovery and development capabilities in crop protection, plant health and professional pest and turf maintenance solutions. In October 2018, FMC conducted an initial public offering of its Lithium business. The new company, Livent Corporation, is 84 percent owned by FMC and is expected to be spun off on March 1, 2019. FMC employs approximately 7,300 employees (including through Livent) around the globe. To learn more, please visit www.fmc.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2017 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
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SOURCE FMC Corporation
Article Date
2/11/2019FMC Corporation's Mark Douglas and Andrew Sandifer to Speak at Bank of America Merrill Lynch 2019 Global Agriculture and Materials Conference
Source: PR Newswire
PHILADELPHIA, Feb. 7, 2019 /PRNewswire/ --
FMC Corporation (NYSE:FMC) today announced that Mark Douglas, president and chief operating officer, and Andrew Sandifer, executive vice president and chief financial officer, will speak at the Bank of America Merrill Lynch 2019 Global Agriculture and Materials Conference on February 28, 2019 at 11:30 a.m. EST. A live webcast will be available on the FMC Investor Relations website.
About FMC
FMC Corporation provides solutions to growers around the world with a portfolio of proprietary crop protection products and a robust pipeline fueled by innovative discovery and development capabilities in crop protection, plant health and professional pest and turf maintenance solutions. In October 2018, FMC conducted an initial public offering of its Lithium business. The new company, Livent Corporation, is approximately 85 percent owned by FMC and is expected to be spun off on March 1, 2019. FMC employs approximately 7,300 employees (including through Livent) around the globe. To learn more, please visit www.fmc.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2017 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
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SOURCE FMC Corporation
Article Date
2/7/20191/31/2019 - FMC Corporation Raises Guidance for Fourth Quarter 2018 Earnings and Provides Initial 2019 Outlook
FMC Corporation Raises Guidance for Fourth Quarter 2018 Earnings and Provides Initial 2019 Outlook
Source: PR Newswire
PHILADELPHIA, Jan. 31, 2019 /PRNewswire/ --
Updated Fourth Quarter Guidance and Key Drivers
Full Year 2019 Outlook (excluding Lithium)1,2,3
FMC Corporation (NYSE: FMC) today announced that it expects fourth quarter 2018 adjusted earnings to be in a range of $1.62 to $1.67 per share, which compares to prior guidance of $1.33 to $1.43 per share. The raised guidance is primarily due to outperformance in Agricultural Solutions and lower than expected taxes. Agricultural Solutions saw strong demand across all regions, which led to an 18 percent increase in segment revenue, on a pro forma basis3; this compares to prior guidance of 12 percent growth at the midpoint. Higher Agricultural Solutions segment EBITDA drives approximately $0.08 incremental adjusted earnings per share versus midpoint of prior guidance. A significantly lower tax rate is expected to contribute an additional $0.15 to $0.20 incremental adjusted earnings per share versus midpoint of prior guidance. All other factors combined add $0.01 incremental adjusted earnings per share versus midpoint of prior guidance.
Key Drivers of Increased Q4 '18 Adjusted EPS Guidance | +24 to +29 cents |
Agricultural Solutions | +8 cents |
Lower tax rate | +15 to +20 cents |
All other factors | +1 cent |
Full Year 2019 Outlook (excluding Lithium)1,2,3
FMC expects full-year 2019 revenue to grow by 4 to 6 percent versus pro forma 2018 revenue, and it expects total company EBITDA growth of 5 to 9 percent versus pro forma 2018, despite significant headwinds from raw material costs and foreign exchange. FMC expects 2019 adjusted earnings per share to be in the range of $5.55 to $5.75, excluding any impact from share repurchases in 2019.
About FMC
FMC Corporation provides solutions to growers around the world with a portfolio of proprietary crop protection products and a robust pipeline fueled by innovative discovery and development capabilities in crop protection, plant health and professional pest and turf maintenance solutions. In October 2018, FMC conducted an initial public offering of its Lithium business. The new company, Livent Corporation, is approximately 85 percent owned by FMC and is expected to be spun off on March 1, 2019. FMC employs approximately 7,300 employees (including through Livent) around the globe. To learn more, please visit www.fmc.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2017 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
This press release contains certain "non-GAAP financial terms" which are defined on our website www.fmc.com. In addition, we have also provided on our website at www.fmc.com reconciliations of non-GAAP terms to the most directly comparable GAAP term.
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SOURCE FMC Corporation
Article Date
1/31/2019FMC Corporation Announces Date of 2019 Annual Meeting of Stockholders
Source: PR Newswire
PHILADELPHIA, Jan. 23, 2019 /PRNewswire/ --
FMC Corporation (NYSE: FMC) announced today that its 2019 Annual Meeting of Stockholders will be held on Tuesday, April 30, 2019, at 2 p.m. ET at FMC Tower at Cira Centre South, 2929 Walnut Street, Philadelphia, Pennsylvania 19104.
About FMC
FMC Corporation provides solutions to growers around the world with a portfolio of proprietary crop protection products and a robust pipeline fueled by innovative discovery and development capabilities in crop protection, plant health and professional pest and turf maintenance solutions. In October 2018, FMC conducted an initial public offering of its Lithium business. The new company, Livent Corporation, is approximately 85 percent owned by FMC and is expected to be spun off on March 1, 2019. FMC employs approximately 7,300 employees (including through Livent) around the globe. To learn more, please visit www.FMC.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2017 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
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SOURCE FMC Corporation
Article Date
1/23/20191/15/2019 - FMC Announces Appointment of Michael F. Reilly as General Counsel Following Retirement of Andrea E. Utecht
FMC Announces Appointment of Michael F. Reilly as General Counsel Following Retirement of Andrea E. Utecht
Source: PR Newswire
PHILADELPHIA, Jan. 15, 2019 /PRNewswire/ --
FMC Corporation (NYSE: FMC) announced today the appointment of Michael F. Reilly as executive vice president, general counsel and secretary, effective April 1, 2019. He will assume the role when Andrea E. Utecht, executive vice president, general counsel and secretary, retires on March 31, 2019.
"Michael brings exceptional experience and a strong track record to the general counsel role," said Pierre Brondeau, CEO and chairman, FMC. "He has served as legal counsel in our agricultural business for more than 15 years, and has deep knowledge of both the corporate and commercial sides of the company, as well as the crop protection industry. Michael is highly respected throughout FMC, and is well prepared to assume leadership of our Law Department."
Reilly joined FMC in 2002 as group counsel for the Agricultural Solutions business with responsibility for all business legal affairs, including M&A, joint ventures, litigation, antitrust, FCPA, and regulatory compliance. He was named assistant general counsel and group counsel for the Agricultural Solutions business in 2004 and was promoted to associate general counsel in 2013. Reilly was named vice president, associate general counsel and chief compliance officer in 2016, with responsibility for FMC's ethics and compliance processes. Prior to FMC, he served in several legal roles of increasing responsibility in the crop protection industry and at several law firms in New York City and Philadelphia.
Utecht will retire at the end of March after nearly 18 years with FMC and a career spanning more than 40 years in corporate law.
"Andrea has played a significant role in FMC's growth and development throughout her nearly two decades leading our Law Department," said Brondeau. "During the last nine years, she has been at the forefront of FMC's transformation into an agricultural sciences company. Today's FMC is a better, stronger company because of her exceptional leadership."
About FMC
FMC Corporation provides solutions to growers around the world with a portfolio of proprietary crop protection products and a robust pipeline fueled by innovative discovery and development capabilities in crop protection, plant health and professional pest and turf maintenance solutions. In October 2018, FMC conducted an initial public offering of its Lithium business. The new company, Livent Corporation, is approximately 85 percent owned by FMC and is expected to be spun off on March 1, 2019. FMC employs approximately 7,300 employees (including through Livent) around the globe. To learn more, please visit www.fmc.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2017 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
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SOURCE FMC Corporation
Article Date
1/15/20191/4/2019 - FMC Corporation Announces Dates for Fourth Quarter 2018 Earnings Release and Webcast Conference Call
FMC Corporation Announces Dates for Fourth Quarter 2018 Earnings Release and Webcast Conference Call
Source: PR Newswire
PHILADELPHIA, Jan. 4, 2019 /PRNewswire/ --
FMC Corporation (NYSE: FMC) today announced it will release its fourth quarter 2018 earnings on Monday, February 11, 2019, after the stock market close via PR Newswire and the company's website at: http://www.fmc.com.
FMC will host a webcast conference call on Tuesday, February 12, 2019, at 9:00 a.m. ET that is open to the public via Internet broadcast and telephone.
FMC Corporation Call:
Internet broadcast: http://www.fmc.com
Passcode: FMC
Dial-in telephone numbers:
United States: (800) 553-5275
International: (612) 288-0337
Conference ID # 444578
A replay of the call will be available via the internet and telephone from 11:00 a.m. ET on February 12, 2019 until March 12, 2019.
Internet replay: http://www.fmc.com
United States: (800) 475-6701
International: (320) 365-3844
Conference ID # 444578
About FMC
FMC Corporation provides solutions to growers around the world with a portfolio of proprietary crop protection products and a robust pipeline fueled by innovative discovery and development capabilities in crop protection, plant health and professional pest and turf maintenance solutions. In October 2018, FMC conducted an initial public offering of its Lithium business. The new company, Livent Corporation, is approximately 85 percent owned by FMC and is expected to be spun off on March 1, 2019. FMC employs approximately 7,300 employees (including through Livent) around the globe. To learn more, please visit www.FMC.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2017 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
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SOURCE FMC Corporation
Article Date
1/4/201912/21/2018 - Cushing® Asset Management and Swank Capital Announce Rebalancing of The Cushing® Energy Supply Chain Index
Cushing® Asset Management and Swank Capital Announce Rebalancing of The Cushing® Energy Supply Chain Index
Source: PR Newswire
DALLAS, Dec. 21, 2018 /PRNewswire/ -- Swank Capital, LLC, and Cushing® Asset Management, LP, announce today the upcoming rebalancing of The Cushing® Energy Supply Chain Index (the "Index") as part of normal index operations. After the markets close on December 31, 2018, the constituents of the Index will be rebalanced, and the following changes will become effective on January 2, 2019:
Constituents added:
CNX Midstream Partners LP (NYSE: CNXM)
Crestwood Equity Partners LP (NYSE: CEQP)
Shell Midstream Partners, L.P. (NYSE: SHLX)
FMC Corporation (NYSE: FMC)
Noble Energy, Inc. (NYSE: NBL)
Hess Corporation (NYSE: HES)
Constituents removed:
AmeriGas Partners, L.P. (NYSE: APU)
Dominion Energy Midstream Partners, LP (NYSE: DM)
EnLink Midstream Partners, LP (NYSE: ENLK)
ConocoPhillips (NYSE: COP)
Ecolab Inc. (NYSE: ECL)
ABOUT THE CUSHING® ENERGY SUPPLY CHAIN INDEX
The Cushing® Energy Supply Chain Index tracks the performance of widely held companies engaged in exploration and production, refining and marketing, or storage and transportation of oil, natural gas, coal and consumable fuels; oil and natural gas equipment and services companies; and companies that extract and/or manufacture materials. Constituents of the Index are weighted based on current yield. The Index price level is calculated by S&P Dow Jones Indices and reported on a real-time basis under the Bloomberg ticker "CSCI".
ABOUT CUSHING® ASSET MANAGEMENT AND SWANK CAPITAL
Cushing® Asset Management, LP ("Cushing"), a subsidiary of Swank Capital, LLC, is an SEC-registered investment adviser headquartered in Dallas, Texas. Cushing serves as investment adviser to affiliated funds and managed accounts which invest primarily in securities of midstream energy infrastructure companies and other natural resource companies.
Cushing is also dedicated to serving the needs of investors by sponsoring a variety of benchmarks, including The Cushing® 30 MLP Index (Bloomberg Ticker: MLPX), The Cushing® 30 MLP Market Cap Index (Bloomberg Ticker: CMCI), The Cushing® MLP High Income Index (Bloomberg Ticker: MLPY), The Cushing® Energy Index (Bloomberg Ticker: CENI), The Cushing® Transportation Index (Bloomberg Ticker: CTRI) and The Cushing® Utility Index (Bloomberg Ticker: CUTI). For more information, please visit http://www.cushingasset.com/indices.
Contact:
Judson Redmond
214-692-6334
www.cushingasset.com
The Cushing® Energy Supply Chain Index (the "Index") is the exclusive property of Swank Capital, LLC, and Cushing Asset Management, LP, which have contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) ("S&P Dow Jones Indices") to calculate and maintain the Index. S&P® is a registered trademark of Standard & Poor's Financial Services LLC ("SPFS"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and, these trademarks have been licensed to S&P Dow Jones Indices. "Calculated by S&P Dow Jones Indices" and its related stylized mark(s) have been licensed for use by Cushing Asset Management, LP. Neither S&P Dow Jones Indices, SPFS, Dow Jones nor any of their affiliates sponsor and promote the Index and none shall be liable for any errors or omissions in calculating the Index.
CUSH-CSCI
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SOURCE Cushing Asset Management, LP; Swank Capital, LLC
Article Date
12/21/2018FMC to Outline Five-Year Strategic Plan at Investor Day; Board Increases Dividend and Authorizes New Share Repurchase Program
Source: PR Newswire
PHILADELPHIA, Dec. 3, 2018 /PRNewswire/ --
Five-year targets for 2019-20231
Board declarations
FMC Corporation (NYSE: FMC), an agricultural sciences company, will host its Investor Day later today in New York City to discuss the Company's strategic growth plan, R&D capabilities and portfolio, and updated capital deployment plan.
FMC is entering a phase of higher cash generation and lower capital intensity. Its Board of Directors has declared a regular quarterly dividend of $0.40 per share, payable on January 17, 2019, to shareholders of record at the close of business on December 28, 2018. This equates to $1.60 per share, annually, compared to $0.66 per share previously. The dividend policy going forward is to increase the dividend at least at the same rate as net income grows. The Board also has authorized an initial $1 billion share repurchase program, which FMC expects to execute in a systematic, recurring fashion through mid-2020. This is separate from the current $200 million program, which is expected to be completed this week. Together, this dividend increase and share repurchase authorization are part of a capital allocation plan to return up to $4.5 billion to shareholders in the next five years.
"We are confident about our future as an innovation-based company with strong revenue and earnings growth and accelerating cash generation," said Pierre Brondeau, FMC chief executive officer and chairman.
The full agenda, along with anticipated timing, for the Investor Day is as follows:
11:00 AM | Business Showcase and lunch |
12:15 PM | Presentations and webcast begin |
12:20 PM | Pierre Brondeau (CEO, Chairman) |
12:50 PM | Mark Douglas (President, COO) |
1:30 PM | Diane Allemang (VP, CMO) |
2:10 PM | Break |
2:30 PM | Dr. Kathleen Shelton (VP, CTO) |
3:10 PM | Andrew Sandifer (EVP, CFO) |
3:40 PM | Pierre Brondeau (CEO, Chairman) |
3:45 PM | Q&A |
4:30 PM | Event ends |
The Investor Day is at full capacity and walk-up registration will not be allowed. However, the webcast will be open to the public through a live audio webcast accessible in the Investor Relations section of FMC's website at www.fmc.com. The presentations will also be made available on the FMC website at approximately 12 noon ET, and the prepared remarks will be posted after the event ends. For those who are not able to listen to the live webcast, the full webcast will be archived for one year on FMC's website.
About FMC
FMC Corporation provides solutions to growers around the world with a portfolio of proprietary crop protection products and a robust pipeline fueled by innovative discovery and development capabilities in crop protection, plant health and professional pest and turf maintenance solutions. In October 2018, FMC conducted an initial public offering of its Lithium business. The new company, Livent Corporation, is approximately 85 percent owned by FMC and is expected to be spun off on March 1, 2019. FMC employs approximately 7,300 employees (including through Livent) around the globe. To learn more, please visit www.fmc.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2017 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
This press release contains certain "non-GAAP financial terms" which are defined on our website www.fmc.com.
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SOURCE FMC Corporation
Article Date
12/3/2018FMC Corporation Earns Top Honors at 2018 Agrow Awards
Source: PR Newswire
PHILADELPHIA, Nov. 20, 2018 /PRNewswire/ --
FMC Corporation, an agricultural sciences company, took top honors in several categories at this year's Agrow Awards, an international competition honoring the top advancements in agriculture. FMC won Best R&D Pipeline and Best Application Technology for its at-plant 3RIVE 3D® application system. In addition, Dr. William E. Barnette, retired director of Discovery Chemistry for FMC, was recognized with the prestigious Agrow Lifetime Achievement Award.
The Agrow Awards recognize the industry's successes, setting a benchmark for excellence while rewarding innovative ideas and concepts that have pushed the boundaries of what is possible. Recipients are chosen from entries taken from around the world and adjudicated by a distinguished judging panel.
Best R&D Pipeline
Crop protection discovery research is critically important to helping farmers produce an abundant and safe food supply for a growing world population. "We are honored to be recognized for our research," said Dr. Kathleen Shelton, FMC chief technology officer and vice president. "FMC has its most robust innovation pipeline in a generation. Our R&D pipeline is focused on new active ingredients and new modes of action to address growers' insect, disease and weed challenges around the world, including resistant pests, which are a serious threat to crop production."
Lifetime Achievement Award
Dr. William E. Barnette, retired director of Discovery Chemistry for FMC, was recognized with the prestigious Agrow Lifetime Achievement Award. Over his 30-year career with FMC and DuPont Crop Protection, Dr. Barnette has been an esteemed leader in identifying new crop protection active ingredient development candidates.
Best Application Technology
FMC won the Best Application Technology category with its patent-pending 3RIVE 3D® application system, designed to deliver low volumes of crop protection solutions to the furrow during planting. "Growers are looking for crop protection delivery technologies that are more sustainable, precise and convenient. The 3RIVE 3D system is a revolutionary at-plant crop protection delivery platform for seedling defense and yield enhancement," said Rick Ekins, FMC Precision Platforms lead.
Currently used in corn and soybeans, 3RIVE 3D technology is being tested in sugar beets, cotton, dry beans, sunflowers and more. A robust pipeline of new 3RIVE 3D formulated products are in development including ones that combine multiple active ingredients including insecticides, fungicides and biostimulants.
About FMC
FMC Corporation provides solutions to growers around the world with a portfolio of proprietary crop protection products and a robust pipeline fueled by innovative discovery and development capabilities in crop protection, plant health and professional pest and turf maintenance solutions. In October 2018, FMC conducted an initial public offering of its Lithium business. The new company, Livent Corporation, is approximately 85 percent owned by FMC and is expected to be spun off on March 1, 2019. FMC employs approximately 7,300 employees (including through Livent) around the globe. To learn more, please visit www.fmc.com.
Always read and follow all label directions, precautions and restrictions for use. FMC, Zone of Protection and 3RIVE 3D are trademarks of FMC Corporation or an affiliate. ©FMC Corporation. All rights reserved.
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SOURCE FMC Corporation
Article Date
11/20/2018FMC Corporation Announces Dates for Third Quarter 2018 Earnings Releases and Webcast Conference Calls for FMC and Livent
Source: PR Newswire
PHILADELPHIA, Sept. 24, 2018 /PRNewswire/ --
FMC Corporation (NYSE:FMC) today announced it will release its third quarter 2018 earnings on Monday, November 5, 2018, after the stock market close via PR Newswire and the company's website at: http://www.fmc.com. Livent Corporation also expects to announce its third quarter 2018 carve-out results at the same time. If, as expected, the Livent IPO has been completed prior to November 5, 2018, Livent will announce its results in a separate press release, via PR Newswire and the company's website at http://www.livent.com. 1
Both calls will be open to the public via Internet broadcast and telephone.
FMC Corporation Call:
Internet broadcast: http://www.fmc.com
Passcode: FMC
Dial-in telephone numbers:
U.S. / Canada: (800) 230-1074
International: (612) 234-9960
Conference ID # 454859
A replay of the call will be available via the internet and telephone from 11:30 a.m. ET on November 6, 2018 until December 6, 2018.
Internet replay: http://www.fmc.com
U.S. / Canada telephone number: (800) 475-6701
International telephone number: (320) 365-3844
Enter Conference ID # 454859
Livent Corporation Call1:
Internet broadcast: http://www.livent.com
Passcode: Livent
Dial-in telephone numbers:
U.S. / Canada: (800) 230-1059
International: (612) 288-0329
Conference ID # 454751
A replay of the call will be available via the internet and telephone from 10:00 a.m. ET on November 6, 2018 until December 6, 2018.
Internet replay: http://www.livent.com
U.S. / Canada telephone number: (800) 475-6701
International telephone number: (320) 365-3844
Enter Conference ID # 454751
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. On November 1, 2017, FMC acquired a significant portion of DuPont's Crop Protection business. FMC employs approximately 7,000 people throughout the world and operates its businesses in two segments: FMC Agricultural Solutions and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2017 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
1. Livent Corporation intends to execute an IPO in October 2018. Today's announcement regarding a Livent earnings release and conference call, separate from FMC's earnings release and conference call, is contingent on the IPO occurring in October 2018.
View original content to download multimedia:http://www.prnewswire.com/news-releases/fmc-corporation-announces-dates-for-third-quarter-2018-earnings-releases-and-webcast-conference-calls-for-fmc-and-livent-300716974.html
SOURCE FMC Corporation
Article Date
9/24/2018FMC Corporation Announces Second Quarter 2018 Results
Source: PR Newswire
PHILADELPHIA, Aug. 1, 2018 /PRNewswire/ --
Second Quarter 2018 Highlights
FMC Corporation (NYSE: FMC) today reported second quarter 2018 revenue of approximately $1.3 billion, an increase of 92 percent year-over-year. On a GAAP basis, the company reported earnings of $0.96 per diluted share in the second quarter, or $130 million, which is 71 percent higher than the GAAP earnings of $0.56 per diluted share, or $75 million, in the second quarter of 2017. Second quarter adjusted earnings were $1.78 per diluted share, an increase of 271 percent year-over-year.
Pierre Brondeau, FMC CEO and chairman said: "FMC delivered a very strong quarter. In Ag Solutions, we continued to generate robust demand for the recently acquired products as our worldwide integration is progressing very well. In Lithium, volume increases from our plant in Argentina and average realized price increases of over 20 percent on both lithium hydroxide and carbonate led to a near doubling of Lithium segment EBITDA year-over-year. We were also very encouraged by the cash flow performance in the quarter, and we have increased our outlook for the full year."
FMC Agricultural Solutions
FMC Agricultural Solutions reported second quarter revenue of approximately $1.2 billion, an increase of 98 percent year-over-year due to the strength of the DuPont acquisition. On a pro forma basis, revenue increased 8 percent, with growth in all four regions and particularly strong demand for insecticides. Segment earnings before interest, tax, depreciation and amortization (EBITDA) of $344 million increased 202 percent year-over-year and were $14 million above the mid-point of the prior guidance range.
Full-year 2018 revenue for Agricultural Solutions is forecasted to be in the range of $4.1 billion to $4.3 billion. This implies 9 percent year-over-year growth on a pro forma basis. Full-year segment EBITDA is expected to be in the range of $1.17 billion to $1.23 billion. Third quarter segment EBITDA is forecasted to be in the range of $195 million to $215 million. Fourth quarter segment EBITDA is expected to be in the range of $275 million to $315 million.
Brondeau added, "We expect our second half to be very strong in Ag Solutions, driven by 7 percent year-over-year, pro forma revenue growth at the mid-point of our guidance."
FMC Lithium
FMC Lithium reported second quarter segment revenue of $108 million, an increase of 46 percent versus the prior-year quarter. Segment EBITDA increased 85 percent year-over-year to $51 million in the quarter, $2 million above the mid-point of the prior guidance range, driven by higher volumes and higher realized prices in all major product categories.
Segment revenue for the full year of 2018 is expected to be in the range of $430 million to $460 million, an increase of 28 percent at the mid-point compared to 2017. The outlook for full-year segment EBITDA has been raised by $2 million, to a range of $195 million to $205 million. This EBITDA forecast represents an increase of 41 percent at the mid-point compared to the prior year. Third quarter segment EBITDA is expected to be in the range of $45 million to $49 million, which represents an increase of 17 percent at the mid-point compared to the prior-year quarter.
2018 Outlook
FMC continues to expect adjusted earnings per share to be in the range of $5.90 to $6.20 for the full year 2018, an increase of 123 percent year-over-year. FMC expects adjusted earnings per share to be in the range of $0.87 to $0.97 in the third quarter and in the range of $1.41 to $1.61 in the fourth quarter.1 The separate listing of FMC Lithium stock remains on track for October 2018. FMC announced last week it will name the lithium materials business Livent Corporation following the IPO.
Webcast and Supplemental Information
The company will post supplemental information on the web at www.fmc.com, including its 2018 Outlook Statement, definitions of non-GAAP terms and reconciliations of non-GAAP figures to the nearest available GAAP term.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. On November 1, 2017, FMC acquired a significant portion of DuPont's Crop Protection business. FMC employs approximately 7,000 people throughout the world and operates its businesses in two segments: FMC Agricultural Solutions and FMC Lithium. For more information, visit www.fmc.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2017 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
This press release contains certain "non-GAAP financial terms" which are defined on our website www.fmc.com. In addition, we have also provided on our website at www.fmc.com reconciliations of non-GAAP terms to the most directly comparable GAAP term.
|
FMC CORPORATION | |||||||||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
|
(Unaudited, in millions, except per share amounts) | |||||||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
June 30, |
June 30, | ||||||||||||||
|
2018 |
2017 |
2018 |
2017 | ||||||||||||
|
Revenue |
$ |
1,262.3 |
$ |
656.8 |
$ |
2,473.0 |
$ |
1,252.8 |
|||||||
|
Costs of sales and services |
718.2 |
422.4 |
1,374.2 |
802.2 |
|||||||||||
|
Gross margin |
$ |
544.1 |
$ |
234.4 |
$ |
1,098.8 |
$ |
450.6 |
|||||||
|
Selling, general and administrative expenses |
211.4 |
130.5 |
411.8 |
244.8 |
|||||||||||
|
Research and development expenses |
77.0 |
32.0 |
142.9 |
60.2 |
|||||||||||
|
Restructuring and other charges (income) |
81.0 |
6.9 |
3.3 |
15.2 |
|||||||||||
|
Total costs and expenses |
$ |
1,087.6 |
$ |
591.8 |
$ |
1,932.2 |
$ |
1,122.4 |
|||||||
|
Income (loss) from operations |
$ |
174.7 |
$ |
65.0 |
$ |
540.8 |
$ |
130.4 |
|||||||
|
Equity in (earnings) loss of affiliates |
— |
(0.1) |
(0.1) |
(0.2) |
|||||||||||
|
Non-operating pension and postretirement charges (income) |
0.2 |
(4.1) |
0.7 |
(8.7) |
|||||||||||
|
Interest expense, net |
34.4 |
17.2 |
68.3 |
32.9 |
|||||||||||
|
Income (loss) from continuing operations before income taxes |
$ |
140.1 |
$ |
52.0 |
$ |
471.9 |
$ |
106.4 |
|||||||
|
Provision (benefit) for income taxes |
1.6 |
3.3 |
70.3 |
12.7 |
|||||||||||
|
Income (loss) from continuing operations |
$ |
138.5 |
$ |
48.7 |
$ |
401.6 |
$ |
93.7 |
|||||||
|
Discontinued operations, net of income taxes |
(6.0) |
26.6 |
0.5 |
(142.2) |
|||||||||||
|
Net income (loss) |
$ |
132.5 |
$ |
75.3 |
$ |
402.1 |
$ |
(48.5) |
|||||||
|
Less: Net income (loss) attributable to noncontrolling interests |
2.8 |
0.6 |
5.2 |
1.0 |
|||||||||||
|
Net income (loss) attributable to FMC stockholders |
$ |
129.7 |
$ |
74.7 |
$ |
396.9 |
$ |
(49.5) |
|||||||
|
Amounts attributable to FMC stockholders: |
|||||||||||||||
|
Income (loss) from continuing operations, net of tax |
$ |
135.7 |
$ |
48.2 |
$ |
396.4 |
$ |
92.7 |
|||||||
|
Discontinued operations, net of tax |
(6.0) |
26.5 |
0.5 |
(142.2) |
|||||||||||
|
Net income (loss) |
$ |
129.7 |
$ |
74.7 |
$ |
396.9 |
$ |
(49.5) |
|||||||
|
Basic earnings (loss) per common share attributable to FMC |
|||||||||||||||
|
Continuing operations |
$ |
1.00 |
$ |
0.36 |
$ |
2.93 |
$ |
0.69 |
|||||||
|
Discontinued operations |
(0.04) |
0.20 |
— |
(1.06) |
|||||||||||
|
Basic earnings per common share |
$ |
0.96 |
$ |
0.56 |
$ |
2.93 |
$ |
(0.37) |
|||||||
|
Average number of shares outstanding used in basic earnings per |
134.8 |
134.2 |
134.7 |
134.1 |
|||||||||||
|
Diluted earnings (loss) per common share attributable to FMC |
|||||||||||||||
|
Continuing operations |
$ |
1.00 |
$ |
0.36 |
$ |
2.91 |
$ |
0.69 |
|||||||
|
Discontinued operations |
(0.04) |
0.20 |
— |
(1.06) |
|||||||||||
|
Diluted earnings per common share |
$ |
0.96 |
$ |
0.56 |
$ |
2.91 |
$ |
(0.37) |
|||||||
|
Average number of shares outstanding used in diluted earnings per |
136.2 |
135.6 |
136.2 |
135.3 |
|||||||||||
|
Other Data: |
|||||||||||||||
|
Capital additions |
$ |
35.2 |
$ |
15.2 |
$ |
54.5 |
$ |
26.7 |
|||||||
|
Depreciation and amortization expense |
43.2 |
22.5 |
82.3 |
46.1 |
|||||||||||
|
FMC CORPORATION | |||||||||||||||
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||||||||||
|
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO FMC STOCKHOLDERS (GAAP) TO ADJUSTED AFTER-TAX EARNINGS FROM CONTINUING OPERATIONS, ATTRIBUTABLE TO FMC STOCKHOLDERS (NON-GAAP) | |||||||||||||||
|
(Unaudited, in millions, except per share amounts) | |||||||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
June 30, |
June 30, | ||||||||||||||
|
2018 |
2017 |
2018 |
2017 | ||||||||||||
|
Net income (loss) attributable to FMC stockholders (GAAP) |
$ |
129.7 |
$ |
74.7 |
$ |
396.9 |
$ |
(49.5) |
|||||||
|
Corporate special charges (income): |
|||||||||||||||
|
Restructuring and other charges (income) (a) |
81.0 |
6.9 |
3.3 |
15.2 |
|||||||||||
|
Non-operating pension and postretirement charges (income) (b) |
0.2 |
(4.1) |
0.7 |
(8.7) |
|||||||||||
|
Transaction-related charges (c) |
71.9 |
20.7 |
124.1 |
29.9 |
|||||||||||
|
Income tax expense (benefit) on Corporate special charges (income) (d) |
(37.2) |
(8.1) |
(29.9) |
(12.5) |
|||||||||||
|
Discontinued operations attributable to FMC stockholders, net of income |
6.0 |
(26.5) |
(0.5) |
142.2 |
|||||||||||
|
Tax adjustment (f) |
(9.6) |
1.2 |
(1.9) |
6.6 |
|||||||||||
|
Adjusted after-tax earnings from continuing operations attributable |
$ |
242.0 |
$ |
64.8 |
$ |
492.7 |
$ |
123.2 |
|||||||
|
Diluted earnings per common share (GAAP) |
$ |
0.96 |
$ |
0.56 |
$ |
2.91 |
$ |
(0.37) |
|||||||
|
Corporate special charges (income) per diluted share, before tax: |
|||||||||||||||
|
Restructuring and other charges (income) |
0.59 |
0.05 |
0.02 |
0.11 |
|||||||||||
|
Non-operating pension and postretirement charges (income) |
— |
(0.03) |
0.01 |
(0.06) |
|||||||||||
|
Transaction-related charges |
0.53 |
0.15 |
0.91 |
0.22 |
|||||||||||
|
Income tax expense (benefit) on Corporate special charges (income), per |
(0.27) |
(0.06) |
(0.22) |
(0.09) |
|||||||||||
|
Discontinued operations attributable to FMC stockholders, net of income |
0.04 |
(0.20) |
— |
1.05 |
|||||||||||
|
Tax adjustments per diluted share |
(0.07) |
0.01 |
(0.01) |
0.05 |
|||||||||||
|
Diluted adjusted after-tax earnings from continuing operations per |
$ |
1.78 |
$ |
0.48 |
$ |
3.62 |
$ |
0.91 |
|||||||
|
Average number of shares outstanding used in diluted adjusted after-tax |
136.2 |
135.6 |
136.2 |
135.3 |
|||||||||||
|
(1) |
The Company believes that the Non-GAAP financial measure "Adjusted after-tax earnings from continuing operations attributable to FMC stockholders" and its presentation on a per share basis provides useful information about the Company's operating results to management, investors and securities analysts. Adjusted earnings excludes the effects of corporate special charges, tax-related adjustments and the results of our discontinued operations. The Company also believes that excluding the effects of these items from operating results allows management and investors to compare more easily the financial performance of its underlying businesses from period to period. | ||||||||||||||||
|
(a) |
Three Months Ended June 30, 2018: | ||||||||||||||||
|
Restructuring and other charges (income) is primarily comprised of charges within FMC Agricultural Solutions associated with the integration of the DuPont Crop Protection Business. $55.4 million of the charges relate to a change in our market access model in India. As a result of this change, we recorded a restructuring charge which resulted in various asset write-offs including stranded accounts receivable and inventory. The charge also included severance associated with workforce reductions. Restructuring charges of $11.6 million were incurred as a continuation of our decision to exit the Ewing R&D center. There were other miscellaneous restructuring charges totaling $7.3 million within FMC Agricultural Solutions. Additionally, restructuring and other charges (income) includes charges of continuing environmental sites treated as a Corporate charge of $4.2 million and other Corporate charges of $2.5 million. | |||||||||||||||||
|
Three Months Ended June 30, 2017: | |||||||||||||||||
|
Restructuring and other charges (income) represents $0.2 million associated with our FMC Agricultural Solutions segment. Additionally, restructuring and other charges (income) includes charges of continuing environmental sites treated as a Corporate charge of $3.3 million and other Corporate charges of $3.4 million. | |||||||||||||||||
|
Six Months Ended June 30, 2018: | |||||||||||||||||
|
Restructuring and other charges (income) primarily consists of the gain on sale of $85.0 million from the divestment of a portion of FMC's European herbicide portfolio to Nufarm Limited during the first quarter. The divestiture satisfied FMC's commitment to the European Commission related to the DuPont Crop Protection Acquisition. Restructuring and other charges (income) also consists $55.4 million of charges related to the change in our market access model in India and $12.6 million of charges due to our decision to exit the Ewing R&D as discussed above. Other miscellaneous restructuring charges totaled $8.9 million. There were restructuring and asset disposal charges of $2.1 million within FMC Lithium as a result of restructuring our operations at the manufacturing site located in Bessemer City, North Carolina. Additionally, restructuring and other charges (income) includes charges of continuing environmental sites treated as a Corporate charge of $6.8 million and other Corporate charges of $2.5 million. | |||||||||||||||||
|
Six Months Ended June 30, 2017: | |||||||||||||||||
|
Restructuring and other charges (income) represents $4.7 million of exit costs related to the termination of our interest in a variable interest entity that was previously consolidated and part of our FMC Agricultural Solutions segment. Additionally, restructuring and other charges (income) includes charges of continuing environmental sites treated as a Corporate charge of $5.6 million and other Corporate charges of $4.9 million. | |||||||||||||||||
|
(b) |
Our non-operating pension and postretirement costs are defined as those costs related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These costs are primarily related to changes in pension plan assets and liabilities which are tied to financial market performance and we consider these costs to be outside our operational performance. We exclude these non-operating pension and postretirement costs from our segments as we believe that removing them provides a better understanding of the underlying profitability of our businesses, provides increased transparency and clarity in the performance of our retirement plans and enhances period-over-period comparability. We continue to include the service cost and amortization of prior service cost in our Adjusted Earnings results noted above. We believe these elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees. | ||||||||||||||||
|
(c) |
Charges related to the expensing of the inventory fair value step-up resulting from the application of purchase accounting as well as legal and professional fees associated with acquisition and separation activities. Amounts represent the following: | ||||||||||||||||
|
Three Months Ended June 30, |
Six Months Ended June 30, | ||||||||||||||||
|
(in Millions) |
2018 |
2017 |
2018 |
2017 | |||||||||||||
|
Transaction-related charges |
|||||||||||||||||
|
Acquisition-related charges - DuPont Crop |
|||||||||||||||||
|
Legal and professional fees (1) |
$ |
28.2 |
$ |
20.7 |
$ |
47.8 |
$ |
29.9 |
|||||||||
|
Inventory fair value amortization (2) |
38.4 |
— |
68.3 |
— |
|||||||||||||
|
Separation-related charges - Lithium |
|||||||||||||||||
|
Legal and professional fees (1) |
$ |
5.3 |
$ |
— |
$ |
8.0 |
$ |
— |
|||||||||
|
Total Transaction-related charges |
$ |
71.9 |
$ |
20.7 |
$ |
124.1 |
$ |
29.9 |
|||||||||
|
(1) |
Represents transaction costs, costs for transitional employees, other acquired employees related costs, and transactional-related costs such as legal and professional third-party fees. These charges are recorded as a component of "Selling, general and administrative expense" on the condensed consolidated statements of income (loss). | ||||||||||||||||
|
(2) |
These charges are included in "Costs of sales and services" on the condensed consolidated statements of income (loss). | ||||||||||||||||
|
(d) |
The income tax expense (benefit) on Corporate special charges (income) is determined using the applicable rates in the taxing jurisdictions in which the corporate special charge or income occurred and includes both current and deferred income tax expense (benefit) based on the nature of the non-GAAP performance measure. | ||||||||||||||||
|
(e) |
Three and Six Months Ended June 30, 2018 and 2017 | ||||||||||||||||
|
Discontinued operations, net of income taxes include, in periods up to its sale on November 1, 2017, the results of FMC Health and Nutrition as well as provisions, net of recoveries, for environmental liabilities and legal reserves and expenses related to previously discontinued operations. Discontinued operations, net of income taxes for the six months ended June 30, 2018 includes an additional gain on sale of the FMC Health and Nutrition business to DuPont of approximately $17 million as a result of the adjustment to the working capital. In the first quarter of 2017, we reclassified the FMC Health and Nutrition segment as a discontinued operation. We determined the fair value of the Omega-3 business, which was previously part of the broader FMC Health and Nutrition reporting unit, was significantly less than its carrying value. As a result, we recorded an impairment charge of approximately $171 million ($151 million, net of tax) for the six months ended June 30, 2017. | |||||||||||||||||
|
(f) |
We exclude the GAAP tax provision, including discrete items, from the Non-GAAP measure of income, and include a Non-GAAP tax provision based upon the projected annual Non-GAAP effective tax rate. The GAAP tax provision includes certain discrete tax items including, but are not limited to: income tax expenses or benefits that are not related to continuing operating results in the current year; tax adjustments associated with fluctuations in foreign currency remeasurement of certain foreign operations; certain changes in estimates of tax matters related to prior fiscal years; certain changes in the realizability of deferred tax assets and related interim accounting impacts; and changes in tax law. Management believes excluding these discrete tax items assists investors and securities analysts in understanding the tax provision and the effective tax rate related to continuing operating results thereby providing investors with useful supplemental information about FMC's operational performance. | ||||||||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||||||||
|
June 30, |
June 30, | ||||||||||||||||
|
(in Millions) |
2018 |
2017 |
2018 |
2017 | |||||||||||||
|
Non-GAAP tax adjustments |
|||||||||||||||||
|
Impacts of Tax Cuts and Jobs Act (1) |
$ |
— |
$ |
— |
$ |
0.8 |
$ |
— |
|||||||||
|
Revisions to valuation allowances of historical deferred tax assets |
0.5 |
(3.5) |
(1.3) |
(0.1) |
|||||||||||||
|
Foreign currency remeasurement and other discrete items |
(10.1) |
4.7 |
(1.4) |
6.7 |
|||||||||||||
|
Total Non-GAAP tax adjustments |
$ |
(9.6) |
$ |
1.2 |
$ |
(1.9) |
$ |
6.6 |
|||||||||
|
(1) |
On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the "Act"), which, among other things, reduced the federal income tax rate from 35% to 21% effective January 1, 2018, and imposed a transition tax on deemed repatriated earnings of foreign subsidiaries payable over eight years. During the six months ended June 30, 2018, we recorded an adjustment to our provisional tax expense of $0.8 million of income tax benefit pertaining to a change in the estimated impact of the remeasurement of the Company's U.S. net deferred tax assets and the realizability of the Company's U.S. state net deferred tax assets. | ||||||||||||||||
|
RECONCILIATION OF NET INCOME (LOSS) (GAAP) TO ADJUSTED EARNINGS FROM CONTINUING OPERATIONS, BEFORE INTEREST, INCOME TAXES, DEPRECIATION AND AMORTIZATION, AND NONCONTROLLING INTERESTS (NON-GAAP) | |||||||||||||||
|
(Unaudited, in millions) | |||||||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
June 30, |
June 30, | ||||||||||||||
|
2018 |
2017 |
2018 |
2017 | ||||||||||||
|
Net income (loss) (GAAP) |
$ |
132.5 |
$ |
75.3 |
$ |
402.1 |
$ |
(48.5) |
|||||||
|
Restructuring and other charges (income) |
81.0 |
6.9 |
3.3 |
15.2 |
|||||||||||
|
Non-operating pension and postretirement charges (income) |
0.2 |
(4.1) |
0.7 |
(8.7) |
|||||||||||
|
Transaction-related charges |
71.9 |
20.7 |
124.1 |
29.9 |
|||||||||||
|
Discontinued operations, net of income taxes |
6.0 |
(26.6) |
(0.5) |
142.2 |
|||||||||||
|
Interest expense, net |
34.4 |
17.2 |
68.3 |
32.9 |
|||||||||||
|
Depreciation and amortization |
43.2 |
22.5 |
82.3 |
46.1 |
|||||||||||
|
Provision (benefit) for income taxes |
1.6 |
3.3 |
70.3 |
12.7 |
|||||||||||
|
Adjusted earnings from continuing operations, before interest, |
$ |
370.8 |
$ |
115.2 |
$ |
750.6 |
$ |
221.8 |
|||||||
|
(1) |
Referred to as Adjusted EBITDA. Adjusted EBITDA is defined as operating profit excluding depreciation and amortization expense. | |||
|
RECONCILIATION OF CASH PROVIDED (REQUIRED) BY OPERATING ACTIVITIES (GAAP) TO ADJUSTED CASH FROM OPERATIONS (NON-GAAP) | |||||||
|
(Unaudited, in millions) | |||||||
|
Six Months Ended | |||||||
|
June 30, | |||||||
|
2018 |
2017 | ||||||
|
Cash provided (required) by operating activities (GAAP) |
$ |
228.5 |
$ |
205.0 |
|||
|
Transaction and integration costs |
58.7 |
9.0 |
|||||
|
Adjusted cash from operations (Non-GAAP) (1) |
$ |
287.2 |
$ |
214.0 |
|||
|
(1) |
The Company believes that the Non-GAAP financial measure "Adjusted cash from operations" provides useful information about the Company's cash flows to investors and securities analysts. Adjusted cash from operations excludes the effects of transaction-related cash flows. The Company also believes that excluding the effects of these items from cash provided (required) by operating activities allows management and investors to compare more easily the cash flows from period to period. | ||
|
FMC CORPORATION | |||||||||||||||
|
INDUSTRY SEGMENT DATA | |||||||||||||||
|
(Unaudited, in millions) | |||||||||||||||
|
Three Months Ended June 30, |
Six Months Ended June 30, | ||||||||||||||
|
2018 |
2017 |
2018 |
2017 | ||||||||||||
|
Revenue |
|||||||||||||||
|
FMC Agricultural Solutions |
$ |
1,154.4 |
$ |
582.8 |
$ |
2,262.3 |
$ |
1,113.2 |
|||||||
|
FMC Lithium |
107.9 |
74.0 |
210.7 |
139.6 |
|||||||||||
|
Total |
$ |
1,262.3 |
$ |
656.8 |
$ |
2,473.0 |
$ |
1,252.8 |
|||||||
|
Earnings before interest, taxes and depreciation and |
|||||||||||||||
|
FMC Agricultural Solutions |
$ |
343.5 |
$ |
113.6 |
$ |
699.9 |
$ |
215.4 |
|||||||
|
FMC Lithium |
51.2 |
27.7 |
101.5 |
53.5 |
|||||||||||
|
Corporate and other |
(23.9) |
(26.1) |
(50.8) |
(47.1) |
|||||||||||
|
Adjusted earnings from continuing operations, before interest, |
$ |
370.8 |
$ |
115.2 |
$ |
750.6 |
$ |
221.8 |
|||||||
|
Depreciation and amortization |
$ |
(43.2) |
$ |
(22.5) |
$ |
(82.3) |
$ |
(46.1) |
|||||||
|
Interest expense, net |
(34.4) |
(17.2) |
(68.3) |
(32.9) |
|||||||||||
|
Corporate special (charges) income: |
|||||||||||||||
|
Restructuring and other (charges) income (a) |
(81.0) |
(6.9) |
(3.3) |
(15.2) |
|||||||||||
|
Non-operating pension and postretirement (charges) income (b) |
(0.2) |
4.1 |
(0.7) |
8.7 |
|||||||||||
|
Transaction-related charges (c) |
(71.9) |
(20.7) |
(124.1) |
(29.9) |
|||||||||||
|
(Provision) benefit for income taxes |
(1.6) |
(3.3) |
(70.3) |
(12.7) |
|||||||||||
|
Discontinued operations, net of income taxes (d) |
(6.0) |
26.6 |
0.5 |
(142.2) |
|||||||||||
|
Net income attributable to noncontrolling interests |
(2.8) |
(0.6) |
(5.2) |
(1.0) |
|||||||||||
|
Net income (loss) attributable to FMC stockholders |
$ |
129.7 |
$ |
74.7 |
$ |
396.9 |
$ |
(49.5) |
|||||||
|
(a) |
Below provides the details of restructuring and other (charges) income by segment. | ||
|
Three Months Ended June 30, |
Six Months Ended June 30, | ||||||||||||||
|
(in millions) |
2018 |
2017 |
2018 |
2017 | |||||||||||
|
FMC Agricultural Solutions |
$ |
(74.3) |
$ |
(0.2) |
$ |
8.1 |
$ |
(4.7) |
|||||||
|
FMC Lithium |
— |
— |
(2.1) |
— |
|||||||||||
|
Corporate |
(6.7) |
(6.7) |
(9.3) |
(10.5) |
|||||||||||
|
Restructuring and other (charges) income |
$ |
(81.0) |
$ |
(6.9) |
$ |
(3.3) |
$ |
(15.2) |
|||||||
|
(b) |
See Note (b) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP)" for further details on the components that make up this line item. |
|
(c) |
See Note (c) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP)" for further details on the components that make up this line item. |
|
(d) |
See Note (e) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP)" for further details on the components that make up this line item. |
|
FMC CORPORATION | |||||||
|
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
|
(Unaudited, in millions) | |||||||
|
June 30, 2018 |
December 31, 2017 | ||||||
|
Cash and cash equivalents |
$ |
326.4 |
$ |
283.0 |
|||
|
Trade receivables, net of allowance of $41.4 in 2018 and $38.7 in 2017 |
2,194.1 |
2,043.5 |
|||||
|
Inventories |
958.7 |
992.5 |
|||||
|
Prepaid and other current assets |
513.8 |
326.4 |
|||||
|
Current assets of discontinued operations held for sale |
— |
7.3 |
|||||
|
Total current assets |
$ |
3,993.0 |
$ |
3,652.7 |
|||
|
Property, plant and equipment, net |
1,014.3 |
1,025.2 |
|||||
|
Goodwill |
1,237.2 |
1,198.9 |
|||||
|
Other intangibles, net |
2,736.8 |
2,631.8 |
|||||
|
Deferred income taxes |
287.2 |
252.7 |
|||||
|
Other long-term assets |
449.7 |
445.0 |
|||||
|
Total assets |
$ |
9,718.2 |
$ |
9,206.3 |
|||
|
Short-term debt and current portion of long-term debt |
$ |
174.5 |
$ |
192.6 |
|||
|
Accounts payable, trade and other |
947.2 |
714.2 |
|||||
|
Advanced payments from customers |
56.5 |
380.6 |
|||||
|
Accrued and other liabilities |
597.3 |
497.7 |
|||||
|
Accrued customer rebates |
511.7 |
266.6 |
|||||
|
Guarantees of vendor financing |
45.3 |
51.5 |
|||||
|
Accrued pensions and other postretirement benefits, current |
5.7 |
5.7 |
|||||
|
Income taxes |
110.1 |
99.2 |
|||||
|
Current liabilities of discontinued operations held for sale |
— |
1.3 |
|||||
|
Total current liabilities |
$ |
2,448.3 |
$ |
2,209.4 |
|||
|
Long-term debt, less current portion |
2,892.9 |
2,993.0 |
|||||
|
Long-term liabilities |
1,351.3 |
1,296.8 |
|||||
|
Equity |
3,025.7 |
2,707.1 |
|||||
|
Total liabilities and equity |
$ |
9,718.2 |
$ |
9,206.3 |
|||
|
FMC CORPORATION | |||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
|
(Unaudited, in millions) | |||||||
|
Six Months Ended June 30, | |||||||
|
2018 |
2017 | ||||||
|
Cash provided (required) by operating activities of continuing operations |
$ |
228.5 |
$ |
205.0 |
|||
|
Cash provided (required) by operating activities of discontinued operations |
(35.1) |
55.1 |
|||||
|
Cash provided (required) by investing activities of continuing operations |
18.9 |
(51.2) |
|||||
|
Cash provided (required) by investing activities of discontinued operations |
(15.0) |
(12.8) |
|||||
|
Cash provided (required) by financing activities of continuing operations: |
|||||||
|
Increase (decrease) in short-term debt |
$ |
1.8 |
$ |
(4.0) |
|||
|
Financing fees |
— |
(11.0) |
|||||
|
Proceeds from borrowings of long-term debt |
— |
97.9 |
|||||
|
Repayments of long-term debt |
(115.3) |
(200.7) |
|||||
|
Issuances of common stock, net |
8.1 |
14.3 |
|||||
|
Transactions with noncontrolling interests |
— |
(0.5) |
|||||
|
Dividends paid |
(44.6) |
(44.3) |
|||||
|
Other repurchases of common stock |
(5.2) |
(1.5) |
|||||
|
Cash provided (required) by financing activities |
$ |
(155.2) |
$ |
(149.8) |
|||
|
Effect of exchange rate changes on cash |
1.3 |
2.7 |
|||||
|
Increase (decrease) in cash and cash equivalents |
$ |
43.4 |
$ |
49.0 |
|||
|
Cash and cash equivalents, beginning of year |
283.0 |
64.2 |
|||||
|
Cash and cash equivalents, end of period |
$ |
326.4 |
$ |
113.2 |
|||
View original content with multimedia:http://www.prnewswire.com/news-releases/fmc-corporation-announces-second-quarter-2018-results-300690548.html
SOURCE FMC Corporation
Article Date
8/1/2018FMC Corporation's Board Declares Quarterly Dividend
Source: PR Newswire
PHILADELPHIA, July 19, 2018 /PRNewswire/ -- FMC Corporation (NYSE: FMC) announced today that its Board of Directors declared a regular quarterly dividend of 16.5 cents per share, payable on October 18, 2018, to shareholders of record at the close of business on September 28, 2018.
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About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. On November 1, 2017, FMC acquired a significant portion of DuPont's Crop Protection business. FMC employs approximately 7,000 people throughout the world and operates its businesses in two segments: FMC Agricultural Solutions and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2017 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
View original content:http://www.prnewswire.com/news-releases/fmc-corporations-board-declares-quarterly-dividend-300683973.html
SOURCE FMC Corporation
Article Date
7/19/20187/5/2018 - FMC Corporation Announces Dates for Second Quarter 2018 Earnings Release and Webcast Conference Call
FMC Corporation Announces Dates for Second Quarter 2018 Earnings Release and Webcast Conference Call
Source: PR Newswire
PHILADELPHIA, July 5, 2018 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today announced it will release its second quarter 2018 earnings on Wednesday, August 1, 2018, after the stock market close via PR Newswire and the company's website at: http://www.fmc.com.
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The company will host a webcast conference call on Thursday, August 2, 2018, at 9:00 a.m. ET that is open to the public via Internet broadcast and telephone.
Internet broadcast: http://www.fmc.com
Passcode: FMC
Dial-in telephone numbers:
U.S. / Canada: (800) 553-5275
International: (612) 288-0337
Conference ID # 444576
A replay of the call will be available via the internet and telephone from 11:00 a.m. ET on Thursday, August 2, 2018 until Sunday, September 2, 2018.
Internet replay: http://www.fmc.com
U.S. / Canada telephone number: (800) 475-6701
International telephone number: (320) 365-3844
Enter Conference ID # 444576
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. On November 1, 2017, FMC acquired a significant portion of DuPont's Crop Protection business. FMC employs approximately 7,000 people throughout the world and operates its businesses in two segments: FMC Agricultural Solutions and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2017 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
View original content:http://www.prnewswire.com/news-releases/fmc-corporation-announces-dates-for-second-quarter-2018-earnings-release-and-webcast-conference-call-300676620.html
SOURCE FMC Corporation
Article Date
7/5/2018FMC Corporation and Chr. Hansen Extend Collaboration on Natural Crop Protection
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
PHILADELPHIA and HØRSHOLM, Denmark, June 7, 2018 /PRNewswire/ -- FMC Corporation (NYSE: FMC) and Chr. Hansen have announced a five-year extension of their collaboration to develop and commercialize natural solutions for the agricultural industry.
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The collaboration, which has launched several natural products over the last five years, has enabled both Chr. Hansen and FMC to join resources and expertise to accelerate entry into the rapidly growing biological crop protection market. The newly extended agreement continues to leverage the resources and expertise of both companies, while allowing for more flexibility.
During the last five years, Chr. Hansen and FMC have had an exclusive relationship regarding crop protection. While the mutual development pipeline will continue to be exclusive, both companies will be able to pursue development and commercial relationships with other partners, if desired.
"Chr. Hansen and FMC have enjoyed a successful relationship, including the launch of new products that provide natural alternatives for farmers to significantly boost crop yield," said Christian Barker, Chr. Hansen executive vice president, Health & Nutrition. "Now, with our continued collaboration confirmed, we look forward to launching our strong pipeline of new products together in the years ahead. Beyond that pipeline, the new agreement provides full flexibility for both parties which will enable Chr. Hansen to further leverage our distinctive microbial capabilities by also collaborating with additional partners."
Marc Hullebroeck, president, FMC Europe, Middle East and Africa, added: "We are pleased to extend our relationship for at least another five years as we continue to collaborate on commercializing technologies that have been jointly developed, which includes products such as Quartzo® nematicide and Presence® nematicide in Brazil. In addition, FMC will continue its own efforts on discovery, development and commercialization of new innovative technologies at our state-of-the-art laboratory facilities at FMC's European Innovation Center near Copenhagen, Denmark. Our priority is to focus on differentiated solutions for growers throughout the world."
About Chr. Hansen
Chr. Hansen is a leading, global bioscience company that develops natural ingredient solutions for the food, nutritional, pharmaceutical and agricultural industries. We develop and produce cultures, enzymes, probiotics and natural colors for a rich variety of foods, confectionery, beverages, dietary supplements and even animal feed and plant protection. Our product innovation is based on more than 30,000 microbial strains – we like to refer to them as 'good bacteria'. Our solutions enable food manufacturers to produce more with less – while also reducing the use of chemicals and other synthetic additives – which make our products highly relevant in today's world. We have been delivering value to our partners – and, ultimately, end consumers worldwide – for over 140 years. We are proud that more than one billion people consume products containing our natural ingredients every day. Revenue in the 2016/17 financial year was EUR 1,063 million. Chr. Hansen was founded in 1874 and is listed on Nasdaq Copenhagen.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. On November 1, 2017, FMC acquired a significant portion of DuPont's Crop Protection business. FMC employs approximately 7,000 people throughout the world and operates its businesses in two segments: FMC Agricultural Solutions and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2017 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
Quartzo and Presence are trademarks of FMC Corporation or an affiliate.
View original content:http://www.prnewswire.com/news-releases/fmc-corporation-and-chr-hansen-extend-collaboration-on-natural-crop-protection-300661557.html
SOURCE FMC Corporation
Article Date
6/7/2018FMC Corporation Issues Annual Sustainability Report
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
PHILADELPHIA, June 6, 2018 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today released its 2017 report on the company's global sustainability performance, including progress toward multi-year goals and the future of sustainable agriculture. The report, "Powering Progress, Growing Results," is FMC's seventh annual update, and is aligned with GRI (Global Reporting Initiative) Standards.
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The report details the company's sustainable product development, environmental goals, product stewardship and community engagement programs, safety record, and its commitment to diversity and inclusion in its workforce.
"As the company transforms, our commitment to sustainability is steadfast," said Pierre Brondeau, FMC CEO and chairman. "FMC has a broader global footprint today with the addition of 14 manufacturing sites and 15 R&D facilities around the world. Now we're an even larger international company, and it's important that we're aligned with the United Nations Sustainable Development Goals.
"Sustainability is a catalyst for developing innovative technologies and engaging with partners," Brondeau added. "Now is the time for public and private institutions to step up, collaborate and partner globally to solve food security issues and protect the environment."
Additional information about FMC's sustainability initiatives, including an online copy of the 2017 report, is available at www.FMCsustainability.com.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. On November 1, 2017, FMC acquired a significant portion of DuPont's Crop Protection business. FMC employs approximately 7,000 people throughout the world and operates its businesses in two segments: FMC Agricultural Solutions and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2017 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
View original content:http://www.prnewswire.com/news-releases/fmc-corporation-issues-annual-sustainability-report-300661043.html
SOURCE FMC Corporation
Article Date
6/6/2018FMC Corporation to Provide Strategic Update at 2018 Investor Day
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
PHILADELPHIA, June 5, 2018 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today announced that it will hold an Investor Day on December 3, 2018, at 10 on the Park at Time Warner Center in New York City.
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Senior leadership will discuss FMC's strategic direction and will showcase the company's technology pipeline, product portfolio and long-term growth plans. The event will be webcast live and a recorded archive will be available beginning December 4, at www.FMC.com. The company will also post supplemental information to www.FMC.com on the day of the event.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. On November 1, 2017, FMC acquired a significant portion of DuPont's Crop Protection business. FMC employs approximately 7,000 people throughout the world and operates its businesses in two segments: FMC Agricultural Solutions and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2017 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
View original content:http://www.prnewswire.com/news-releases/fmc-corporation-to-provide-strategic-update-at-2018-investor-day-300659460.html
SOURCE FMC Corporation
Article Date
6/5/20185/21/2018 - FMC Announces Leadership Appointments
FMC Announces Leadership Appointments
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
PHILADELPHIA, May 21, 2018 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today announced several changes to its executive leadership, effective June 1, 2018.
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Mark Douglas, president of FMC Agricultural Solutions, has been appointed president and chief operating officer. He will lead FMC's operational, commercial and technology organizations.
Kathy Shelton, global director of Research and Development, has been appointed FMC vice president and chief technology officer.
Diane Allemang, global director of Global Portfolio Strategy and Management, has been appointed FMC vice president and chief marketing officer.
Susanne Lingard, global director of Regulatory Affairs, has been appointed FMC vice president, Regulatory Affairs.
Shelton, Allemang and Lingard will continue to report to Douglas.
"These appointments reflect a new FMC that will be focused exclusively on the discovery, development, production and commercialization of advanced crop protection technologies," said Pierre Brondeau, CEO and chairman. "We are taking steps now, in advance of the Lithium IPO, to ensure we have the right executive team and leadership structure that will continue the growth momentum and robust performance of our agricultural sciences business."
Brondeau added, "Mark, Kathy, Diane and Susanne are seasoned industry leaders with exceptional skills and a strong track record in global business, technology, marketing and regulatory. I look forward to working with each of them and the rest of our executive team, which is committed to our transformation and focused on delivering industry leading performance."
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. On November 1, 2017, FMC acquired a significant portion of DuPont's Crop Protection business. FMC employs approximately 7,000 people throughout the world and operates its businesses in two segments: FMC Agricultural Solutions and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2017 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
View original content:http://www.prnewswire.com/news-releases/fmc-announces-leadership-appointments-300652094.html
SOURCE FMC Corporation
Article Date
5/21/2018FMC Announces Appointment of Rasmus Gerdeman to Lead Lithium Investor Relations and Corporate Strategy
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
PHILADELPHIA, May 8, 2018 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today announced that Rasmus Gerdeman will lead Investor Relations and Corporate Strategy for FMC Lithium. He reports to Paul Graves, who previously was announced CEO of the Lithium business upon its planned IPO in October.
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Gerdeman will direct the IR function for the new Lithium company, as well as oversee Lithium's corporate strategy initiatives, including long-range planning, mergers and acquisitions and related enterprise priorities.
He brings nearly 20 years of experience in finance and investment advisory services in the chemicals and mining sectors. Gerdeman was most recently the managing director of Strategic Communications and Corporate Finance, Office of the CFO, at FTI Consulting, where he advised clients on investor relations strategies and IPOs, and provided strategic M&A counsel for companies in the chemicals industry. Earlier in his career, he was a senior analyst in the basic materials sector for Zweig-Dimenna & Associates, Neuberger Berman and Northern Trust Global Investments.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. On November 1, 2017, FMC acquired a significant portion of DuPont's Crop Protection business. FMC employs approximately 7,000 people throughout the world and operates its businesses in two segments: FMC Agricultural Solutions and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2017 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
View original content:http://www.prnewswire.com/news-releases/fmc-announces-appointment-of-rasmus-gerdeman-to-lead-lithium-investor-relations-and-corporate-strategy-300644746.html
SOURCE FMC Corporation
Article Date
5/8/2018FMC Corporation Announces First Quarter 2018 Results
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
PHILADELPHIA, May 2, 2018 /PRNewswire/ --
First Quarter 2018 Highlights
FMC Corporation (NYSE:FMC) today reported first quarter 2018 revenue of $1.2 billion, an increase of 103 percent year-over-year. On a GAAP basis, the company reported earnings of $1.96 per diluted share in the first quarter, or $267 million, which compares to a net loss of $0.92 per diluted share, or a net loss of $124 million, in the first quarter of 2017. First quarter adjusted earnings were $1.84 per diluted share, an increase of 328 percent year-over-year.
Pierre Brondeau, FMC president, CEO and chairman said: "FMC delivered an exceptionally strong quarter. In Ag Solutions, our first full quarter since the DuPont crop protection acquisition showcased FMC's ability to generate very strong demand for the acquired products and the success of our integration around the world. Our lithium hydroxide expansion in China and price increases of about 30 percent on hydroxide led to a near doubling of Lithium segment EBITDA year-over-year."
FMC Agricultural Solutions
FMC Agricultural Solutions reported first quarter revenue of $1.1 billion, an increase of 109 percent year-over-year due to the strength of the DuPont acquisition. On a pro forma basis, revenue increased 13 percent, of which foreign exchange contributed 3 to 4 percent growth. Segment earnings before interest, tax, depreciation and amortization (EBITDA) of $356 million increased 250 percent year-over-year and were $51 million above the mid-point of the prior guidance range.
FMC is raising full-year estimates for Agricultural Solutions. Full-year revenue for 2018 is now forecasted to be in the range of $4.05 billion to $4.25 billion, up 2.5 percent at the mid-point compared to prior guidance. This implies 7 to 8 percent year-over-year growth on a pro forma basis, of which foreign exchange will contribute 1 to 2 percent growth. Full-year segment EBITDA is expected to be in the range of $1.16 billion to $1.24 billion, up $100 million at the mid-point compared to prior guidance. Second quarter segment EBITDA is forecasted to be in the range of $315 million to $345 million.
FMC Lithium
FMC Lithium reported first quarter segment revenue of $103 million, an increase of 57 percent versus the prior-year quarter. Segment EBITDA nearly doubled year-over-year to $50 million in the quarter. Higher volume from debottlenecking projects in Argentina and the hydroxide expansion in China, higher year-over-year prices on all product categories and lower operating costs were the main contributors to growth.
The outlook for Lithium for the full year has been increased. Segment revenue for the full year of 2018 is in the range of $430 million to $460 million, an increase of nearly 30 percent at the mid-point compared to 2017, while the outlook for full-year segment EBITDA is in the range of $193 million to $203 million. This EBITDA forecast represents an increase of 40 percent at the mid-point compared to the prior year. Second quarter segment EBITDA is expected to be in the range of $47 million to $51 million, which represents an increase of over 75 percent at the mid-point compared to the prior-year quarter.
2018 Outlook
FMC expects adjusted earnings per share to be in the range of $5.90 to $6.20 for the full year 2018, an increase of 12 percent at the mid-point compared to prior guidance, and 123 percent higher year-over-year. FMC expects second quarter adjusted earnings per share to be in the range of $1.65 to $1.75.1 The separate listing of FMC Lithium stock remains on track for October 2018.
Webcast and Supplemental Information
The company will post supplemental information on the web at www.FMC.com, including its 2018 Outlook Statement, definitions of non-GAAP terms and reconciliations of non-GAAP figures to the nearest available GAAP term.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. On November 1, 2017, FMC acquired a significant portion of DuPont's Crop Protection business. FMC employs approximately 7,000 people throughout the world and operates its businesses in two segments: FMC Agricultural Solutions and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2017 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
This press release contains certain "non-GAAP financial terms" which are defined on our website www.fmc.com. In addition, we have also provided on our website at www.fmc.com reconciliations of non-GAAP terms to the most directly comparable GAAP term.
|
FMC CORPORATION | |||||||
|
Three Months Ended | |||||||
|
March 31, | |||||||
|
2018 |
2017 | ||||||
|
Revenue |
$ |
1,210.7 |
$ |
596.0 |
|||
|
Costs of sales and services |
656.0 |
379.8 |
|||||
|
Gross margin |
$ |
554.7 |
$ |
216.2 |
|||
|
Selling, general and administrative expenses |
200.4 |
114.3 |
|||||
|
Research and development expenses |
65.9 |
28.2 |
|||||
|
Restructuring and other charges (income) |
(77.7) |
8.3 |
|||||
|
Total costs and expenses |
$ |
844.6 |
$ |
530.6 |
|||
|
Income (loss) from operations |
$ |
366.1 |
$ |
65.4 |
|||
|
Equity in (earnings) loss of affiliates |
(0.1) |
(0.1) |
|||||
|
Non-operating pension and postretirement charges (income) |
0.5 |
(4.6) |
|||||
|
Interest expense, net |
33.9 |
15.7 |
|||||
|
Income (loss) from continuing operations before income taxes |
$ |
331.8 |
$ |
54.4 |
|||
|
Provision (benefit) for income taxes |
68.7 |
9.4 |
|||||
|
Income (loss) from continuing operations |
$ |
263.1 |
$ |
45.0 |
|||
|
Discontinued operations, net of income taxes |
6.5 |
(168.8) |
|||||
|
Net income (loss) |
$ |
269.6 |
$ |
(123.8) |
|||
|
Less: Net income (loss) attributable to noncontrolling interests |
2.4 |
0.4 |
|||||
|
Net income (loss) attributable to FMC stockholders |
$ |
267.2 |
$ |
(124.2) |
|||
|
Amounts attributable to FMC stockholders: |
|||||||
|
Income (loss) from continuing operations, net of tax |
$ |
260.7 |
$ |
44.5 |
|||
|
Discontinued operations, net of tax |
6.5 |
(168.7) |
|||||
|
Net income (loss) |
$ |
267.2 |
$ |
(124.2) |
|||
|
Basic earnings (loss) per common share attributable to FMC stockholders: |
|||||||
|
Continuing operations |
$ |
1.93 |
$ |
0.33 |
|||
|
Discontinued operations |
0.05 |
(1.26) |
|||||
|
Basic earnings per common share |
$ |
1.98 |
$ |
(0.93) |
|||
|
Average number of shares outstanding used in basic earnings per share computations |
134.6 |
134.0 |
|||||
|
Diluted earnings (loss) per common share attributable to FMC stockholders: |
|||||||
|
Continuing operations |
$ |
1.91 |
$ |
0.33 |
|||
|
Discontinued operations |
0.05 |
(1.25) |
|||||
|
Diluted earnings per common share |
$ |
1.96 |
$ |
(0.92) |
|||
|
Average number of shares outstanding used in diluted earnings per share computations |
136.2 |
135.1 |
|||||
|
Other Data: |
|||||||
|
Capital additions |
$ |
19.3 |
$ |
11.5 |
|||
|
Depreciation and amortization expense |
39.1 |
23.6 |
|||||
|
FMC CORPORATION RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO FMC STOCKHOLDERS (GAAP) TO ADJUSTED AFTER-TAX EARNINGS FROM CONTINUING OPERATIONS, ATTRIBUTABLE TO FMC STOCKHOLDERS (NON-GAAP) | |||||||
|
Three Months Ended | |||||||
|
March 31, | |||||||
|
2018 |
2017 | ||||||
|
Net income (loss) attributable to FMC stockholders (GAAP) |
$ |
267.2 |
$ |
(124.2) |
|||
|
Corporate special charges (income): |
|||||||
|
Restructuring and other charges (income) (a) |
(77.7) |
8.3 |
|||||
|
Non-operating pension and postretirement charges (income) (b) |
0.5 |
(4.6) |
|||||
|
Transaction-related charges (c) |
52.2 |
9.2 |
|||||
|
Income tax expense (benefit) on Corporate special charges (income) (d) |
7.3 |
(4.4) |
|||||
|
Discontinued operations attributable to FMC stockholders, net of income taxes (e) |
(6.5) |
168.7 |
|||||
|
Tax adjustment (f) |
7.7 |
5.4 |
|||||
|
Adjusted after-tax earnings from continuing operations attributable to FMC stockholders (Non-GAAP) (1) |
$ |
250.7 |
$ |
58.4 |
|||
|
Diluted earnings per common share (GAAP) |
$ |
1.96 |
$ |
(0.92) |
|||
|
Corporate special charges (income) per diluted share, before tax: |
|||||||
|
Restructuring and other charges (income) |
(0.57) |
0.06 |
|||||
|
Non-operating pension and postretirement charges |
— |
(0.04) |
|||||
|
Transaction-related charges |
0.38 |
0.07 |
|||||
|
Income tax expense (benefit) on Corporate special charges (income), per diluted share |
0.06 |
(0.03) |
|||||
|
Discontinued operations attributable to FMC stockholders, net of income taxes per diluted share |
(0.05) |
1.25 |
|||||
|
Tax adjustments per diluted share |
0.06 |
0.04 |
|||||
|
Diluted adjusted after-tax earnings from continuing operations per share, attributable to FMC stockholders (Non-GAAP) |
$ |
1.84 |
$ |
0.43 |
|||
|
Average number of shares outstanding used in diluted adjusted after-tax earnings from continuing operations per share computations |
136.2 |
135.1 |
|||||
|
____________________ | |
|
(1) |
The Company believes that the Non-GAAP financial measure "Adjusted after-tax earnings from continuing operations attributable to FMC stockholders" and its presentation on a per share basis provides useful information about the Company's operating results to investors and securities analysts. Adjusted earnings excludes the effects of corporate special charges, tax-related adjustments and the results of our discontinued operations. The Company also believes that excluding the effects of these items from operating results allows management and investors to compare more easily the financial performance of its underlying businesses from period to period. |
|
(a) |
Three Months Ended March 31, 2018: |
|
Restructuring and other charges (income) primarily consists of a gain on sale of $85.0 million from the divestment of a portion of FMC's European herbicide portfolio to Nufarm Limited. This divestiture satisfied FMC's commitment to the European Commission related to the DuPont Crop Protection Acquisition. Additionally, restructuring and other charges (income) includes charges within FMC Agricultural Solutions of $2.6 million, which includes approximately $1 million of accelerated depreciation charges related to certain fixed assets that will no longer be used when we exit our Ewing R&D facility as well as miscellaneous restructuring efforts. Additionally, we implemented a formal plan to restructure our operations at the FMC Lithium manufacturing site located in Bessemer City, North Carolina. The objective of this restructuring plan was to optimize both the assets and cost structure by reducing certain production lines at the plant which resulted in restructuring and asset disposal charges of $2.1 million. | |
|
Three Months Ended March 31, 2017: | |
|
Restructuring and other charges (income) represents $4.5 million of exit costs related to the termination of our interest in a variable interest entity that was previously consolidated and part of our FMC Agricultural Solutions segment. Additionally, restructuring and other charges (income) includes charges of continuing environmental sites treated as a Corporate charge of $2.3 million and other Corporate charges of $1.5 million. | |
|
(b) |
Our non-operating pension and postretirement costs are defined as those costs related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These costs are primarily related to changes in pension plan assets and liabilities which are tied to financial market performance and we consider these costs to be outside our operational performance. We exclude these non-operating pension and postretirement costs from our segments as we believe that removing them provides a better understanding of the underlying profitability of our businesses, provides increased transparency and clarity in the performance of our retirement plans and enhances period-over-period comparability. We continue to include the service cost and amortization of prior service cost in our Adjusted Earnings results noted above. We believe these elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees. |
|
(c) |
Charges related to the legal and professional fees associated with acquisitions and separation activities. Amounts represent the following: |
|
Three Months Ended March 31, | |||||||
|
(in Millions) |
2018 |
2017 | |||||
|
Transaction-related charges |
|||||||
|
Legal and professional fees (1) |
$ |
22.3 |
$ |
9.2 |
|||
|
Inventory fair value amortization (2) |
29.9 |
— |
|||||
|
Total Transaction-related charges |
$ |
52.2 |
$ |
9.2 |
|||
|
____________________ |
||
|
(1) |
Represents transaction costs, costs for transitional employees, other acquired employees related costs, and integration-related and transactional-related legal and professional third-party fees. These charges are recorded as a component of "Selling, general and administrative expense" on the condensed consolidated statements of income (loss). |
|
|
(2) |
These charges are included in "Costs of sales and services" on the condensed consolidated statements of income (loss). |
|
|
(d) |
The income tax expense (benefit) on Corporate special charges (income) is determined using the applicable rates in the taxing jurisdictions in which the corporate special charge or income occurred and includes both current and deferred income tax expense (benefit) based on the nature of the non-GAAP performance measure. |
|
|
(e) |
Three Months Ended March 31, 2018 and 2017 |
|
|
Discontinued operations, net of income taxes include, in periods up to its sale (on November 1, 2017), the results of FMC Health and Nutrition as well as provisions, net of recoveries, for environmental liabilities and legal reserves and expenses related to previously discontinued operations. Discontinued operations, net of income taxes for the three months ended March 31, 2018 includes an additional gain on sale of the FMC Health and Nutrition business to DuPont of approximately $16 million as a result of the adjustment to the final working capital. During the three months ended March 31, 2017, we reclassified the FMC Health and Nutrition segment as a discontinued operation. We determined the fair value of the Omega-3 business, which was previously part of the broader FMC Health and Nutrition reporting unit, was significantly less than its carrying value. As a result, we recorded an impairment charge of approximately $185 million ($165 million, net of tax) for the three months ended March 31, 2017. |
||
|
(f) |
We exclude the GAAP tax provision, including discrete items, from the Non-GAAP measure of income, and instead include a Non-GAAP tax provision based upon the projected annual Non-GAAP effective tax rate. The GAAP tax provision includes certain discrete tax items including, but are not limited to: income tax expenses or benefits that are not related to ongoing business operations in the current year; tax adjustments associated with fluctuations in foreign currency remeasurement of certain foreign operations; certain changes in estimates of tax matters related to prior fiscal years; certain changes in the realizability of deferred tax assets and related interim accounting impacts; and changes in tax law. Management believes excluding these discrete tax items assists investors and securities analysts in understanding the tax provision and the effective tax rate related to ongoing operations thereby providing investors with useful supplemental information about FMC's operational performance. |
|
|
Three Months Ended | |||||||
|
March 31, | |||||||
|
(in Millions) |
2018 |
2017 | |||||
|
Non-GAAP tax adjustments |
|||||||
|
Impacts of Tax Cuts and Jobs Act (1) |
$ |
0.8 |
$ |
— |
|||
|
Revisions to valuation allowances of historical deferred tax assets |
(1.8) |
3.4 |
|||||
|
Foreign currency remeasurement and other discrete items |
8.7 |
2.0 |
|||||
|
Total Non-GAAP tax adjustments |
$ |
7.7 |
$ |
5.4 |
|||
|
___________________ | |
|
(1) |
On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the "Act"), which, among other things, reduces the federal income tax rate from 35% to 21% effective January 1, 2018, and imposes a transition tax on deemed repatriated earnings of foreign subsidiaries which will be payable over eight years. During the three months ended March 31, 2018, we recorded an adjustment to our provisional tax expense of $0.8 million of income tax benefit pertaining to a change in the estimated impact of the remeasurement of the Company's U.S. net deferred tax assets and the realizability of the Company's U.S. state net deferred tax assets. |
|
RECONCILIATION OF NET INCOME (LOSS) (GAAP) TO ADJUSTED EARNINGS FROM CONTINUING OPERATIONS, BEFORE INTEREST, DEPRECIATION AND AMORTIZATION, AND INCOME | |||||||
|
Three Months Ended | |||||||
|
March 31, | |||||||
|
2018 |
2017 | ||||||
|
Net income (loss) (GAAP) |
$ |
269.6 |
$ |
(123.8) |
|||
|
Restructuring and other charges (income) |
(77.7) |
8.3 |
|||||
|
Non-operating pension and postretirement charges (income) |
0.5 |
(4.6) |
|||||
|
Transaction-related charges |
52.2 |
9.2 |
|||||
|
Discontinued operations, net of income taxes |
(6.5) |
168.8 |
|||||
|
Interest expense, net |
33.9 |
15.7 |
|||||
|
Depreciation and amortization |
39.1 |
23.6 |
|||||
|
Provision (benefit) for income taxes |
68.7 |
9.4 |
|||||
|
Adjusted earnings from continuing operations, before interest, income taxes, depreciation and amortization, and noncontrolling interests (Non-GAAP) (1) |
$ |
379.8 |
$ |
106.6 |
|||
|
___________________ | |
|
(1) |
Referred to as Adjusted EBITDA. Adjusted EBITDA is defined as operating profit excluding depreciation and amortization expense. |
|
RECONCILIATION OF CASH PROVIDED (REQUIRED) BY OPERATING ACTIVITIES (GAAP) TO ADJUSTED CASH FROM OPERATIONS (NON-GAAP) | |||||||
|
Three Months Ended | |||||||
|
March 31, | |||||||
|
2018 |
2017 | ||||||
|
Cash provided (required) by operating activities (GAAP) |
$ |
(61.7) |
$ |
(70.0) |
|||
|
Transaction and integration costs |
34.0 |
— |
|||||
|
Adjusted cash from operations (Non-GAAP) (1) |
$ |
(27.7) |
$ |
(70.0) |
|||
|
___________________ | |
|
(1) |
The Company believes that the Non-GAAP financial measure "Adjusted cash from operations" provides useful information about the Company's cash flows to investors and securities analysts. Adjusted cash from operations excludes the effects of transaction-related cash flows. The Company also believes that excluding the effects of these items from cash provided (required) by operating activities allows management and investors to compare more easily the cash flows from period to period. |
|
FMC CORPORATION | |||||||
|
Three Months Ended March 31, | |||||||
|
2018 |
2017 | ||||||
|
Revenue |
|||||||
|
FMC Agricultural Solutions |
$ |
1,107.9 |
$ |
530.4 |
|||
|
FMC Lithium |
102.8 |
65.6 |
|||||
|
Total |
$ |
1,210.7 |
$ |
596.0 |
|||
|
Earnings before interest, taxes and depreciation and amortization (EBITDA) |
|||||||
|
FMC Agricultural Solutions |
$ |
356.4 |
$ |
101.8 |
|||
|
FMC Lithium |
50.3 |
25.8 |
|||||
|
Corporate and other |
(26.9) |
(21.0) |
|||||
|
Adjusted earnings from continuing operations, before interest, income taxes, depreciation and amortization, and noncontrolling interests (Non-GAAP) |
$ |
379.8 |
$ |
106.6 |
|||
|
Depreciation and amortization |
$ |
(39.1) |
$ |
(23.6) |
|||
|
Interest expense, net |
(33.9) |
(15.7) |
|||||
|
Corporate special (charges) income: |
|||||||
|
Restructuring and other (charges) income (a) |
77.7 |
(8.3) |
|||||
|
Non-operating pension and postretirement (charges) income (b) |
(0.5) |
4.6 |
|||||
|
Transaction-related charges (c) |
(52.2) |
(9.2) |
|||||
|
(Provision) benefit for income taxes |
(68.7) |
(9.4) |
|||||
|
Discontinued operations, net of income taxes (d) |
6.5 |
(168.8) |
|||||
|
Net income attributable to noncontrolling interests |
(2.4) |
(0.4) |
|||||
|
Net income (loss) attributable to FMC stockholders |
$ |
267.2 |
$ |
(124.2) |
|||
|
____________________ |
|||||||
|
(a) Below provides the details of restructuring and other (charges) income by segment. | |||||||
|
Three Months Ended March 31, | |||||||
|
(in millions) |
2018 |
2017 | |||||
|
FMC Agricultural Solutions |
$ |
82.4 |
$ |
(4.5) |
|||
|
FMC Lithium |
(2.1) |
— |
|||||
|
Corporate |
(2.6) |
(3.8) |
|||||
|
Restructuring and other (charges) income |
$ |
77.7 |
$ |
(8.3) |
|||
|
(b) |
See Note (b) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP)" for further details on the components that make up this line item. |
|
(c) |
See Note (c) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP)" for further details on the components that make up this line item. |
|
(d) |
See Note (e) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP)" for further details on the components that make up this line item. |
|
FMC CORPORATION | |||||||
|
March 31, 2018 |
December 31, 2017 | ||||||
|
Cash and cash equivalents |
$ |
359.7 |
$ |
283.0 |
|||
|
Trade receivables, net of allowance of $44.0 in 2018 and $38.7 in 2017 |
2,399.7 |
2,043.5 |
|||||
|
Inventories |
1,035.2 |
992.5 |
|||||
|
Prepaid and other current assets |
534.5 |
326.4 |
|||||
|
Current assets of discontinued operations held for sale |
6.5 |
7.3 |
|||||
|
Total current assets |
$ |
4,335.6 |
$ |
3,652.7 |
|||
|
Property, plant and equipment, net |
1,030.4 |
1,025.2 |
|||||
|
Goodwill |
1,242.8 |
1,198.9 |
|||||
|
Other intangibles, net |
2,805.2 |
2,631.8 |
|||||
|
Deferred income taxes |
261.4 |
252.7 |
|||||
|
Other long-term assets |
473.7 |
445.0 |
|||||
|
Total assets |
$ |
10,149.1 |
$ |
9,206.3 |
|||
|
Short-term debt and current portion of long-term debt |
$ |
328.9 |
$ |
192.6 |
|||
|
Accounts payable, trade and other |
914.1 |
714.2 |
|||||
|
Advanced payments from customers |
191.6 |
380.6 |
|||||
|
Accrued and other liabilities |
611.5 |
497.7 |
|||||
|
Accrued customer rebates |
412.0 |
266.6 |
|||||
|
Guarantees of vendor financing |
66.9 |
51.5 |
|||||
|
Accrued pensions and other postretirement benefits, current |
5.7 |
5.7 |
|||||
|
Income taxes |
155.1 |
99.2 |
|||||
|
Current liabilities of discontinued operations held for sale |
0.2 |
1.3 |
|||||
|
Total current liabilities |
$ |
2,686.0 |
$ |
2,209.4 |
|||
|
Long-term debt, less current portion |
2,993.2 |
2,993.0 |
|||||
|
Long-term liabilities |
1,455.2 |
1,296.8 |
|||||
|
Equity |
3,014.7 |
2,707.1 |
|||||
|
Total liabilities and equity |
$ |
10,149.1 |
$ |
9,206.3 |
|||
|
FMC CORPORATION | |||||||
|
Three Months Ended March 31, | |||||||
|
2018 |
2017 | ||||||
|
Cash provided (required) by operating activities of continuing operations |
$ |
(61.7) |
$ |
(70.0) |
|||
|
Cash provided (required) by operating activities of discontinued operations |
(16.7) |
35.1 |
|||||
|
Cash provided (required) by investing activities of continuing operations |
60.1 |
(24.9) |
|||||
|
Cash provided (required) by investing activities of discontinued operations |
(15.0) |
(6.2) |
|||||
|
Cash provided (required) by financing activities of continuing operations: |
|||||||
|
Increase (decrease) in short-term debt |
$ |
138.0 |
$ |
120.1 |
|||
|
Financing fees |
— |
(8.5) |
|||||
|
Repayments of long-term debt |
(0.6) |
(0.7) |
|||||
|
Issuances of common stock, net |
3.9 |
9.6 |
|||||
|
Transactions with noncontrolling interests |
— |
(0.5) |
|||||
|
Dividends paid |
(22.3) |
(22.1) |
|||||
|
Other repurchases of common stock |
(5.1) |
(1.4) |
|||||
|
Cash provided (required) by financing activities |
$ |
113.9 |
$ |
96.5 |
|||
|
Effect of exchange rate changes on cash |
(3.9) |
1.4 |
|||||
|
Increase (decrease) in cash and cash equivalents |
$ |
76.7 |
$ |
31.9 |
|||
|
Cash and cash equivalents, beginning of year |
283.0 |
64.2 |
|||||
|
Cash and cash equivalents, end of period |
$ |
359.7 |
$ |
96.1 |
|||
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SOURCE FMC Corporation
Article Date
5/2/2018FMC Corporation's Board Declares Quarterly Dividend
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
PHILADELPHIA, April 24, 2018 /PRNewswire/ -- FMC Corporation (NYSE: FMC) announced today that its Board of Directors declared a regular quarterly dividend of 16.5 cents per share, payable on July 19, 2018, to shareholders of record at the close of business on June 29, 2018.
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About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. On November 1, 2017, FMC acquired a significant portion of DuPont's Crop Protection business. FMC employs approximately 7,000 people throughout the world and operates its businesses in two segments: FMC Agricultural Solutions and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2017 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
View original content:http://www.prnewswire.com/news-releases/fmc-corporations-board-declares-quarterly-dividend-300635716.html
SOURCE FMC Corporation
Article Date
4/24/2018FMC Corporation's Pierre Brondeau and Mark Douglas to Speak at the BMO Capital Markets 13th Annual Farm to Market Conference
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
PHILADELPHIA, April 20, 2018 /PRNewswire/ -- FMC Corporation (NYSE:FMC) today announced that Pierre Brondeau, president, chief executive officer and chairman, and Mark Douglas, president, Agricultural Solutions, will speak at the BMO Capital Markets 13th Annual Farm to Market Conference in New York City, Wednesday, May 16, 2018, at 1:30 p.m. ET. A live webcast will be available on the FMC Investor Relations website.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. On November 1, 2017, FMC acquired a significant portion of DuPont's Crop Protection business. FMC employs approximately 7,000 people throughout the world and operates its businesses in two segments: FMC Agricultural Solutions and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2017 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
View original content with multimedia:http://www.prnewswire.com/news-releases/fmc-corporations-pierre-brondeau-and-mark-douglas-to-speak-at-the-bmo-capital-markets-13th-annual-farm-to-market-conference-300633655.html
SOURCE FMC Corporation
Article Date
4/20/20184/19/2018 - FMC Corporation's Paul Graves and Thomas Schneberger to Speak at Barclays Electronic Chemicals Conference
FMC Corporation's Paul Graves and Thomas Schneberger to Speak at Barclays Electronic Chemicals Conference
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
PHILADELPHIA, April 19, 2018 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today announced that Paul Graves, executive vice president, chief financial officer, and Thomas Schneberger, vice president and global business director, FMC Lithium, will speak at the Barclays Electronic Chemicals Conference in New York City, Monday, May 14, 2018, at 1:00 p.m. ET. A live webcast will be available on the FMC Investor Relations website.
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About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. On November 1, 2017, FMC acquired a significant portion of DuPont's Crop Protection business. FMC employs approximately 7,000 people throughout the world and operates its businesses in two segments: FMC Agricultural Solutions and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2017 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
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SOURCE FMC Corporation
Article Date
4/19/2018FMC Corporation's Paul Graves to Speak at the 2018 Wells Fargo Industrials Conference
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
PHILADELPHIA, April 18, 2018 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today announced that Paul Graves, executive vice president, chief financial officer, will speak at the 2018 Wells Fargo Industrials Conference in New York City, Wednesday, May 9, 2018, at 11:20 a.m. ET. A live webcast will be available on the FMC Investor Relations website.
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About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. On November 1, 2017, FMC acquired a significant portion of DuPont's Crop Protection business. FMC employs approximately 7,000 people throughout the world and operates its businesses in two segments: FMC Agricultural Solutions and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2017 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
View original content:http://www.prnewswire.com/news-releases/fmc-corporations-paul-graves-to-speak-at-the-2018-wells-fargo-industrials-conference-300632362.html
SOURCE FMC Corporation
Article Date
4/18/20184/4/2018 - FMC Corporation Announces Dates for First Quarter 2018 Earnings Release and Webcast Conference Call
FMC Corporation Announces Dates for First Quarter 2018 Earnings Release and Webcast Conference Call
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
PHILADELPHIA, April 4, 2018 /PRNewswire/ -- FMC Corporation (NYSE:FMC) today announced it will release its first quarter 2018 earnings on Wednesday, May 2, 2018, after the stock market close via PR Newswire and the company's website at: http://www.fmc.com.
Logo: http://mma.prnewswire.com/media/331912/fmc_corporation_logo.jpg
The company will host a webcast conference call on Thursday, May 3, 2018, at 9:30 a.m. ET that is open to the public via Internet broadcast and telephone.
Internet broadcast: http://www.fmc.com
Passcode: FMC
Dial-in telephone numbers:
U.S. / Canada: (800) 553-5275
International: (612) 288-0337
Conference ID # 444575
A replay of the call will be available via the internet and telephone from 11:30 a.m. ET on Thursday, May 3, 2018 until Sunday, June 3, 2018.
Internet replay: http://www.fmc.com
U.S. / Canada telephone number: (800) 475-6701
International telephone number: (320) 365-3844
Enter Conference ID # 444575
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. On November 1, 2017, FMC acquired a significant portion of DuPont's Crop Protection business. FMC employs approximately 7,000 people throughout the world and operates its businesses in two segments: FMC Agricultural Solutions and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2017 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
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SOURCE FMC Corporation
Article Date
4/4/2018FMC Gives Update on Expected Performance for First Quarter and Full Year 2018 Ahead of Scheduled Meeting with Investors
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
PHILADELPHIA, March 29, 2018 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today announced that it expects first quarter adjusted earnings to exceed the high end of its prior guidance range of $1.45 to $1.59 per share, and that it expects full year 2018 adjusted earnings to exceed the high end of its prior guidance range of $5.20 to $5.60 per diluted share.1
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FMC expects the first quarter performance to be driven by stronger segment earnings. In FMC Agricultural Solutions segment, a combination of strong customer demand and lower achieved operating costs are leading to higher earnings. FMC Lithium is also performing very well in the first quarter, driven by continued strong market conditions.
Pierre Brondeau, FMC president, CEO and chairman said: "Given our scheduled meeting with investors today, and to ensure compliance with Reg FD, we have elected to share additional information in regards to our current expectations for FMC's first quarter and full-year performance."
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. On November 1, 2017, FMC acquired a significant portion of DuPont's Crop Protection business. FMC employs approximately 7,000 people throughout the world and operates its businesses in two segments: FMC Agricultural Solutions and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2017 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
This press release contains certain "non-GAAP financial terms" which are defined on our website www.fmc.com. In addition, we have also provided on our website at www.fmc.com reconciliations of non-GAAP terms to the most directly comparable GAAP term.
View original content:http://www.prnewswire.com/news-releases/fmc-gives-update-on-expected-performance-for-first-quarter-and-full-year-2018-ahead-of-scheduled-meeting-with-investors-300621663.html
SOURCE FMC Corporation
Article Date
3/29/2018FMC Announces Executive Leaders for Planned New Lithium Materials Company, Appoints New FMC Chief Financial Officer
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
PHILADELPHIA, March 9, 2018 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today announced that Paul Graves, executive vice president and chief financial officer, has been appointed chief executive officer for the previously announced new, publicly traded lithium materials company, which will be created by separating FMC's lithium business in the second half of 2018. Gilberto Antoniazzi, CFO for FMC Agricultural Solutions, has been appointed CFO for the new lithium materials company.
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Pierre Brondeau will serve as chairman of the board of the new lithium materials company. He will continue to lead FMC Corporation as president, CEO and chairman.
Tom Schneberger, vice president and global business director of FMC Lithium, has been named chief operating officer for the new lithium materials company.
Andrew Sandifer, FMC vice president and treasurer, has been appointed CFO and treasurer for FMC Corporation.
All appointments are effective May 15, 2018.
"Preparations to separate our lithium business are progressing very well, with an expected IPO in the second half of 2018," said Brondeau. "It is important that we have a strong executive team in place well in advance of the IPO. Paul is a seasoned executive with more than 25 years of experience in the chemical and financial industries. He brings exceptional leadership capabilities to launch and grow an exciting new lithium company."
Antoniazzi has served in senior finance roles in the U.S., Latin America and Europe during his 25-year FMC career. "Gilberto is a highly-respected leader in our Finance organization and throughout the company," Brondeau said. "He has worked across most disciplines in Finance, including financial planning, analysis, accounting and tax. Gilberto will bring strong business credentials, a global view and extensive experience in Argentina and the Latin America region to the lithium CFO role."
Brondeau said that FMC Lithium has performed very well under Schneberger's guidance. "Tom has elevated operating discipline and strengthened customer engagements during his three years leading our lithium business. He will work closely with Paul and the lithium leadership team to continue driving business performance and preparing for the separation."
Sandifer is a 25-year industry veteran with extensive experience in strategic planning, investor relations, treasury, M&A and commercial management. Prior to joining FMC in 2010, he held various business and finance leadership roles at ARAMARK, The Dow Chemical Company, Rohm and Haas Company and the Boston Consulting Group. "I have worked with Andrew for more than 15 years. He is well respected for his sound judgement, business acumen and financial leadership," Brondeau said.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. On November 1, 2017, FMC acquired a significant portion of DuPont's Crop Protection business. FMC employs approximately 7,000 people throughout the world and operates its businesses in two segments: FMC Agricultural Solutions and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2017 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
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SOURCE FMC Corporation
Article Date
3/9/2018FMC Corporation's Mark Douglas and Paul Graves to Speak at The Bank of America Merrill Lynch 2018 Global Agricultural & Materials Conference
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
PHILADELPHIA, Feb. 19, 2018 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today announced that Mark Douglas, president, Agricultural Solutions, will speak at The Bank of America Merrill Lynch 2018 Global Agricultural & Materials Conference in Ft. Lauderdale, Florida, on Wednesday, February 28, 2018 at 4:30 p.m. ET.
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FMC also announced that Paul Graves, executive vice president, chief financial officer, will participate in a panel discussion, "Lithium Outlook," on Thursday, March 1, 2018 at 9:15 a.m. ET.
A live webcast for both events will be available on the FMC Investor Relations website.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. On November 1, 2017, FMC acquired a significant portion of DuPont's Crop Protection business. FMC employs approximately 7,000 people throughout the world and operates its businesses in two segments: FMC Agricultural Solutions and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2016 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
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SOURCE FMC Corporation
Article Date
2/19/20182/19/2018 - FMC Corporation's Paul Graves to Speak at The BMO Capital Markets 27th Global Metals & Mining Conference
FMC Corporation's Paul Graves to Speak at The BMO Capital Markets 27th Global Metals & Mining Conference
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
PHILADELPHIA, Feb. 19, 2018 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today announced that Paul Graves, executive vice president, chief financial officer, will speak at The BMO Capital Markets 27th Global Metals & Mining Conference in Hollywood, Florida, on Tuesday, February 27, 2018 at 9:45 a.m. ET. Mr. Graves will be joined by Tom Schneberger, vice president and global business director of FMC Lithium. A live webcast will be available on the FMC Investor Relations website.
http://mma.prnewswire.com/media/331912/fmc_corporation_logo.jpg
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. On November 1, 2017, FMC acquired a significant portion of DuPont's Crop Protection business. FMC employs approximately 7,000 people throughout the world and operates its businesses in two segments: FMC Agricultural Solutions and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2016 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
View original content:http://www.prnewswire.com/news-releases/fmc-corporations-paul-graves-to-speak-at-the-bmo-capital-markets-27th-global-metals--mining-conference-300600481.html
SOURCE FMC Corporation
Article Date
2/19/2018FMC Corporation's Board Declares Quarterly Dividend
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
PHILADELPHIA, Feb. 16, 2018 /PRNewswire/ -- FMC Corporation (NYSE: FMC) announced today that its Board of Directors declared a regular quarterly dividend of 16.5 cents per share, payable on April 19, 2018, to shareholders of record at the close of business on March 29, 2018.
Logo: http://mma.prnewswire.com/media/331912/fmc_corporation_logo.jpg
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. On November 1, 2017, FMC acquired a significant portion of DuPont's Crop Protection business. FMC employs approximately 7,000 people throughout the world and operates its businesses in two segments: FMC Agricultural Solutions and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2016 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
View original content:http://www.prnewswire.com/news-releases/fmc-corporations-board-declares-quarterly-dividend-300600167.html
SOURCE FMC Corporation
Article Date
2/16/2018FMC Corporation Announces Fourth Quarter and Full Year 2017 Results
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
PHILADELPHIA, Feb. 12, 2018 /PRNewswire/ --
Fourth Quarter 2017 Highlights
FMC Corporation (NYSE:FMC) today reported fourth quarter and full-year 2017 results. For the year, FMC reported revenue of approximately $2.9 billion, an increase of 13 percent compared to 2016. On a GAAP basis, the company reported earnings of $536 million, or $3.99 per diluted share. Full-year adjusted earnings were $2.71 per diluted share, an increase of 41 percent compared to the prior year.
For the fourth quarter, FMC reported revenue of $980 million, an increase of 42 percent year- over-year. Excluding revenue related to FMC's recent acquisition, underlying growth was 14 percent. On a GAAP basis, the company reported earnings of $3.94 per diluted share in the fourth quarter, or $530 million, which compares to the GAAP earnings of $0.12 per diluted share, or $16 million, in the fourth quarter of 2016. The GAAP figure includes a $727 million gain, net of tax, from the November 2017 sale of FMC Health and Nutrition, partially offset by a provisional income tax charge of $316 million related to the recently enacted Tax Cuts and Jobs Act. Fourth quarter 2017 adjusted earnings per diluted share were $1.10, 67 percent higher than the prior year quarter.
Pierre Brondeau, FMC president, CEO and chairman said: "FMC delivered another very strong quarter. In Ag Solutions, our legacy business posted 9 percent revenue growth versus the same quarter last year, and our integration of the DuPont crop protection business is proceeding very well. Our lithium hydroxide expansion in China led to a doubling of Lithium segment earnings year-over-year, and we are moving forward with plans to double our lithium carbonate capacity in Argentina by 2022."
FMC Agricultural Solutions
FMC Agricultural Solutions reported fourth quarter revenue of $866 million, an increase of 40 percent year-over-year. FMC's legacy Agricultural Solutions grew 9 percent in the quarter, driven by double-digit revenue growth in North America, Asia and Europe. The remainder of the revenue growth, or $193 million, was attributable to FMC's recent acquisition. Segment earnings of $189 million increased 48 percent year-over-year and were above the top end of our guidance range.
Segment revenue for 2017 was approximately $2.5 billion, an 11 percent increase compared to the prior year. FMC's legacy Agricultural Solutions revenue increased 3 percent year-over-year. Full-year segment earnings were $486 million, a 21 percent increase compared to the prior year, and segment earnings margin improved 160 basis points to 19.2 percent.
Agricultural Solutions full-year revenue for 2018 is forecasted to be in the range of $3.95 billion to $4.15 billion. The legacy FMC Agricultural Solutions business is expected to increase revenue by 2 to 4 percent, and the acquired business is expected to grow by 6 to 10 percent, which implies underlying growth of approximately 5 percent year-over-year for the combined business. Full-year segment earnings before interest, tax, depreciation and amortization (EBITDA) are expected to be in the range of $1.05 billion to $1.15 billion. First quarter segment EBITDA is forecasted to be in the range of $290 million to $320 million.2
FMC Lithium
FMC Lithium reported fourth quarter segment revenue of $113 million, an increase of 60 percent versus the prior-year quarter. Segment earnings more than doubled year-over-year to $44 million in the quarter. Higher volume from FMC's new hydroxide operations in China and higher year-over-year prices were the main contributors to growth.
Segment revenue for 2017 was $347 million, a 32 percent increase compared to the prior year, while full-year segment earnings were $127 million, an 80 percent increase compared to the prior year. Segment earnings margin improved to 36.5 percent, compared to 26.6 percent in 2016.
The outlook for Lithium segment revenue for the full year of 2018 is in the range of $420 million to $460 million, an increase of 27 percent at the mid-point compared to 2017, while the outlook for full-year segment EBITDA is in the range of $180 million to $200 million. This forecast for full-year segment EBITDA represents an increase of nearly 35 percent at the mid-point compared to the prior year. First quarter segment EBITDA is expected to be in the range of $44 million to $48 million, which, at the mid-point, represents an increase of nearly 80 percent compared to the prior-year quarter.2
2018 Outlook
FMC expects adjusted earnings per share to be in the range of $5.20 to $5.60 for the full year 2018 and $1.45 to $1.59 for the first quarter.1 FMC continues to expect it will conduct a separate listing of FMC Lithium in the second half of 2018 to create two separate public companies.
Webcast and Supplemental Information
The company will post supplemental information on the web at www.FMC.com, including its 2018 Outlook Statement, definitions of non-GAAP terms and reconciliations of non-GAAP figures to the nearest available GAAP term.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. On November 1, 2017, FMC acquired a significant portion of DuPont's Crop Protection business. FMC employs approximately 7,000 people throughout the world and operates its businesses in two segments: FMC Agricultural Solutions and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2016 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
This press release contains certain "non-GAAP financial terms" which are defined on our websitewww.fmc.com. In addition, we have also provided on our website at www.fmc.com reconciliations of non-GAAP terms to the most directly comparable GAAP term.
|
FMC CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited) | |||||||||||||||
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
December 31, |
December 31, | ||||||||||||||
|
(In Millions, Except Per Share Data) |
2017 |
2016 |
2017 |
2016 | |||||||||||
|
Revenue |
$ |
979.6 |
$ |
688.4 |
$ |
2,878.6 |
$ |
2,538.9 |
|||||||
|
Costs of sales and services |
594.8 |
423.2 |
1,777.3 |
1,607.7 |
|||||||||||
|
Gross margin |
$ |
384.8 |
$ |
265.2 |
$ |
1,101.3 |
$ |
931.2 |
|||||||
|
Selling, general and administrative expenses |
$ |
231.6 |
$ |
137.9 |
$ |
618.6 |
$ |
458.5 |
|||||||
|
Research and development expenses |
51.1 |
36.5 |
141.5 |
134.5 |
|||||||||||
|
Restructuring and other charges (income) |
59.1 |
62.3 |
81.4 |
95.0 |
|||||||||||
|
Total costs and expenses |
$ |
936.6 |
$ |
659.9 |
$ |
2,618.8 |
$ |
2,295.7 |
|||||||
|
Income (loss) from operations |
$ |
43.0 |
$ |
28.5 |
$ |
259.8 |
$ |
243.2 |
|||||||
|
Equity in (earnings) loss of affiliates |
0.1 |
(0.1) |
(0.1) |
(0.5) |
|||||||||||
|
Interest expense, net |
27.8 |
16.5 |
79.1 |
62.9 |
|||||||||||
|
Income (loss) from continuing operations before income taxes |
$ |
15.1 |
$ |
12.1 |
$ |
180.8 |
$ |
180.8 |
|||||||
|
Provision (benefit) for income taxes |
263.0 |
2.7 |
264.1 |
50.1 |
|||||||||||
|
Income (loss) from continuing operations |
$ |
(247.9) |
$ |
9.4 |
$ |
(83.3) |
$ |
130.7 |
|||||||
|
Discontinued operations, net of income taxes |
779.0 |
7.0 |
621.7 |
81.0 |
|||||||||||
|
Net income (loss) |
$ |
531.1 |
$ |
16.4 |
$ |
538.4 |
$ |
211.7 |
|||||||
|
Less: Net income attributable to noncontrolling interests |
1.0 |
0.5 |
2.6 |
2.6 |
|||||||||||
|
Net income (loss) attributable to FMC stockholders |
$ |
530.1 |
$ |
15.9 |
$ |
535.8 |
$ |
209.1 |
|||||||
|
Amounts attributable to FMC stockholders: |
|||||||||||||||
|
Income (loss) from continuing operations, net of tax |
$ |
(249.0) |
$ |
8.9 |
$ |
(85.9) |
$ |
128.4 |
|||||||
|
Discontinued operations, net of tax |
779.1 |
7.0 |
621.7 |
80.7 |
|||||||||||
|
Net income (loss) |
$ |
530.1 |
$ |
15.9 |
$ |
535.8 |
$ |
209.1 |
|||||||
|
Basic earnings (loss) per common share attributable to FMC |
|||||||||||||||
|
Continuing operations |
$ |
(1.85) |
$ |
0.07 |
$ |
(0.64) |
$ |
0.96 |
|||||||
|
Discontinued operations |
5.79 |
0.05 |
4.63 |
0.60 |
|||||||||||
|
Basic earnings per common share |
$ |
3.94 |
$ |
0.12 |
$ |
3.99 |
$ |
1.56 |
|||||||
|
Average number of shares outstanding used in basic earnings per |
134.5 |
133.9 |
134.3 |
133.9 |
|||||||||||
|
Diluted earnings (loss) per common share attributable to FMC |
|||||||||||||||
|
Continuing operations |
$ |
(1.85) |
$ |
0.07 |
$ |
(0.64) |
$ |
0.96 |
|||||||
|
Discontinued operations |
5.79 |
0.05 |
4.63 |
0.60 |
|||||||||||
|
Diluted earnings per common share |
$ |
3.94 |
$ |
0.12 |
$ |
3.99 |
$ |
1.56 |
|||||||
|
Average number of shares outstanding used in diluted earnings per |
134.5 |
134.8 |
134.3 |
134.5 |
|||||||||||
|
Other Data: |
|||||||||||||||
|
Capital additions |
$ |
61.9 |
$ |
26.2 |
$ |
109.4 |
$ |
89.9 |
|||||||
|
Depreciation and amortization expense |
41.8 |
25.4 |
113.0 |
100.6 |
|||||||||||
|
FMC CORPORATION RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||||||||||
|
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO FMC STOCKHOLDERS (GAAP) TO ADJUSTED AFTER-TAX EARNINGS FROM CONTINUING OPERATIONS, ATTRIBUTABLE TO FMC STOCKHOLDERS (NON-GAAP) (Unaudited) | |||||||||||||||
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
December 31, |
December 31, | ||||||||||||||
|
(In Millions, except per share amounts) |
2017 |
2016 |
2017 |
2016 | |||||||||||
|
Net income (loss) attributable to FMC stockholders (GAAP) |
$ |
530.1 |
$ |
15.9 |
$ |
535.8 |
$ |
209.1 |
|||||||
|
Corporate special charges (income): |
|||||||||||||||
|
Restructuring and other charges (income) (a) |
59.1 |
62.3 |
81.4 |
95.0 |
|||||||||||
|
Non-operating pension and postretirement charges (b) |
30.5 |
20.9 |
18.2 |
23.4 |
|||||||||||
|
Acquisition-related charges (c) |
71.7 |
6.6 |
150.4 |
23.4 |
|||||||||||
|
Income tax expense (benefit) on Corporate special charges (income) (d) |
(37.1) |
(30.2) |
(67.5) |
(44.9) |
|||||||||||
|
Discontinued operations attributable to FMC stockholders, net of income |
(779.1) |
(7.0) |
(621.7) |
(80.7) |
|||||||||||
|
Tax adjustments (f) |
274.5 |
20.2 |
271.7 |
32.4 |
|||||||||||
|
Adjusted after-tax earnings from continuing operations attributable to |
$ |
149.7 |
$ |
88.7 |
$ |
368.3 |
$ |
257.7 |
|||||||
|
Diluted earnings per common share (GAAP) |
$ |
3.94 |
$ |
0.12 |
$ |
3.99 |
$ |
1.56 |
|||||||
|
Corporate special charges (income) per diluted share, before tax: |
|||||||||||||||
|
Restructuring and other charges (income) |
0.44 |
0.46 |
0.60 |
0.71 |
|||||||||||
|
Non-operating pension and postretirement charges |
0.23 |
0.16 |
0.14 |
0.17 |
|||||||||||
|
Acquisition-related charges |
0.53 |
0.05 |
1.11 |
0.17 |
|||||||||||
|
Income tax expense (benefit) on Corporate special charges (income), per |
(0.27) |
(0.23) |
(0.50) |
(0.33) |
|||||||||||
|
Discontinued operations attributable to FMC stockholders, net of income |
(5.79) |
(0.05) |
(4.63) |
(0.60) |
|||||||||||
|
Tax adjustments per diluted share |
2.02 |
0.15 |
2.00 |
0.24 |
|||||||||||
|
Diluted adjusted after-tax earnings from continuing operations per share, |
$ |
1.10 |
$ |
0.66 |
$ |
2.71 |
$ |
1.92 |
|||||||
|
Average number of shares outstanding used in diluted adjusted after-tax |
136.2 |
134.8 |
135.7 |
134.5 |
|||||||||||
|
(1) |
The Company believes that the Non-GAAP financial measure "Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders", and its presentation on a per share basis, provides useful information about the Company's operating results to investors and securities analysts. Adjusted earnings excludes the effects of Corporate special charges, tax-related adjustments and the results of our discontinued operations. The Company also believes that excluding the effects of these items from operating results allows management and investors to compare more easily the financial performance of its underlying businesses from period to period. | ||||||||||||
|
(2) |
The average number of shares outstanding used in the three and twelve months ended December 31, 2017 diluted adjusted after-tax earnings from continuing operations per share computation (Non-GAAP) include 1.7 million and 1.4 million diluted shares, respectively. The number of shares differs from the average number of shares outstanding used in diluted earnings per share computations (GAAP) as we had a net loss from continuing operations attributable to FMC stockholders. | ||||||||||||
|
(a) |
Three Months Ended December 31, 2017: | ||||||||||||
|
Restructuring and other charges (income) includes an impairment charge to write down certain indefinite-lived intangible assets of the acquired DuPont Crop Protection Business as a result of a triggering event associated with the United States' enactment of the Tax Cuts and Jobs Act which was passed in the fourth quarter. The impairment, solely due to tax reform, impacted the fair value and resulted in a charge of $42.1 million. Additionally, restructuring and other charges (income) include asset write-offs of approximately $1.7 million and $3.3 million within FMC Lithium and Corporate, respectively. Restructuring and other charges (income) also includes $8.3 million of charges for continuing environmental sites treated as a Corporate charge. Amounts also include miscellaneous other charges of $3.7 million. | |||||||||||||
|
Three Months Ended December 31, 2016: | |||||||||||||
|
Restructuring and other charges (income) includes charges of $27.6 million representing final adjustments to severance, asset write-offs, and other costs associated with the integration of Cheminova within FMC Agricultural Solutions. In the fourth quarter, we also entered into an agreement to obtain certain technology and intellectual property rights related to compounds still under development for our FMC Agricultural Solutions businesses. The $13.2 million paid to acquire these rights was expensed as in-process research and development costs. Restructuring and other charges (income) also includes $19.4 million of charges for continuing environmental sites treated as a Corporate charge. Amounts also include miscellaneous restructuring charges totaling $1.1 million and other charges of $1.0 million. | |||||||||||||
|
Twelve Months Ended December 31, 2017: | |||||||||||||
|
Restructuring and other charges (income) includes an impairment charge to write down certain indefinite-lived intangible assets of the acquired DuPont Crop Protection Business as a result of a triggering event for the United States' enactment of the Tax Cuts and Jobs Act which was passed in the fourth quarter. The impairment, solely due to tax reform, impacted the fair value and resulted in a charge of $42.1 million. Additionally, restructuring and other charges (income) includes $7.7 million of costs related to miscellaneous restructuring efforts and asset-write downs within FMC Lithium. Restructuring and other charges (income) also includes asset write-offs of approximately $2.2 million and $5.5 million within FMC Agricultural Solutions and Corporate, respectively. Restructuring and other charges (income) also includes $4.7 million of exit costs related to the termination of our interest in a variable interest entity that was previously consolidated and part of our FMC Agricultural Solutions segment. Additionally, restructuring and other charges (income) includes charges of continuing environmental sites treated as a Corporate charge of $16.6 million. Remaining restructuring and other charges (income) includes net miscellaneous charges of $2.6 million. | |||||||||||||
|
Twelve Months Ended December 31, 2016: | |||||||||||||
|
Restructuring and other charges (income) includes charges of $42.3 million representing final adjustments to severance, asset write-offs, and other costs associated with the integration of Cheminova within FMC Agricultural Solutions. Integration-related costs associated with the integration of Cheminova were completed at the end of 2016. Amount also includes other miscellaneous restructuring costs of $1.1 million. Additionally, restructuring and other charges (income) includes $36.8 million of charges for continuing environmental sites treated as Corporate charges, $13.2 million associated with a license agreement to obtain certain technology and intellectual property rights for new compounds still under development, and $4.2 million as a result of the Argentina government's action to devalue its currency. These charges were offset by other miscellaneous income of $2.6 million. | |||||||||||||
|
(b) |
Our non-operating pension and postretirement costs are defined as those costs related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These costs are primarily related to changes in pension plan assets and liabilities which are tied to financial market performance and we consider these costs to be outside our operational performance. We exclude these non-operating pension and postretirement costs from our segments as we believe that removing them provides a better understanding of the underlying profitability of our businesses, provides increased transparency and clarity in the performance of our retirement plans and enhances period-over-period comparability. We continue to include the service cost and amortization of prior service cost in our Adjusted Earnings results noted above. We believe these elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees. | ||||||||||||
|
(c) |
Charges related to the expensing of the inventory fair value step-up resulting from the application of acquisition accounting, legal and professional fees and gains or losses on hedging purchase price associated with the completed acquisitions. Amounts represent the following: | ||||||||||||
|
Three Months Ended |
Twelve Months Ended | ||||||||||||
|
December 31, |
December 31, | ||||||||||||
|
(in Millions) |
2017 |
2016 |
2017 |
2016 | |||||||||
|
Acquisition related charges |
|||||||||||||
|
Legal and professional fees (1) |
$ |
51.5 |
$ |
6.6 |
$ |
130.2 |
$ |
23.4 | |||||
|
Inventory fair value amortization (2) |
20.2 |
— |
20.2 |
— | |||||||||
|
Total Acquisition-related charges (3) |
$ |
71.7 |
$ |
6.6 |
$ |
150.4 |
$ |
23.4 | |||||
|
(1) |
Represents transaction costs, costs for transitional employees, other acquired employee related costs and integration-related legal and professional third-party fees. These charges are included in "Selling, general and administrative expenses" on the condensed consolidated statements of income (loss). | ||||||||||||
|
(2) |
These charges are included in "Costs of sales and services" on the condensed consolidated statements of income (loss). | ||||||||||||
|
(3) |
Acquisition-related charges for the three and twelve months ended December 31, 2017 relate to the acquisition of a significant portion of DuPont's Crop Protection business, while charges for the three and twelve months ended December 31, 2016 relate to the integration of Cheminova with FMC Agricultural Solutions, which were completed at the end of 2016. | ||||||||||||
|
(d) |
The income tax expense (benefit) on Corporate special charges (income) is determined using the applicable rates in the taxing jurisdictions in which the Corporate special charge or income occurred and includes both current and deferred income tax expense (benefit) based on the nature of the non-GAAP performance measure. | ||||||||||||
|
(e) |
Three and Twelve Months Ended December 31, 2017 and 2016: | ||||||||||||
|
Discontinued operations, net of income taxes include, in periods up to its sale, the results of FMC Health and Nutrition as well as provisions, net of recoveries, for environmental liabilities and legal reserves and expenses related to previously discontinued operations. The three and twelve months ended December 31, 2017 include the divestiture gain of approximately $918 million ($727 million, net of tax), which includes $33 million ($28 million, net of tax) of divestiture related costs, associated with the sale of FMC Health and Nutrition which was completed on November 1, 2017. The twelve months ended December 31, 2017 included a $168 million ($148 million, net of tax) impairment charge related to our Omega-3 business which was sold on August 1, 2017. | |||||||||||||
|
(f) |
We exclude the GAAP tax provision, including discrete items, from the Non-GAAP measure of income, and instead include a Non-GAAP tax provision based upon the annual Non-GAAP effective tax rate. The GAAP tax provision includes certain discrete tax items including, but not limited to: income tax expenses or benefits that are not related to ongoing business operations in the current year; unusual or infrequently occurring items; tax adjustments associated with fluctuations in foreign currency remeasurement of certain foreign operations; certain changes in estimates of tax matters related to prior fiscal years; certain changes in the realizability of deferred tax assets; and changes in tax law. Management believes excluding these discrete tax items assists investors and securities analysts in understanding the tax provision and the effective tax rate related to ongoing operations thereby providing investors with useful supplemental information about FMC's operational performance. | ||||||||||||
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
December 31, |
December 31, | ||||||||||||||
|
(in Millions) |
2017 |
2016 |
2017 |
2016 | |||||||||||
|
Tax adjustments: |
|||||||||||||||
|
Impacts of Tax Cuts and Jobs Act (1) |
$ |
315.9 |
$ |
— |
$ |
315.9 |
$ |
— |
|||||||
|
Revisions to our tax liabilities due to finalization of prior year tax returns |
2.7 |
0.7 |
1.9 |
2.9 |
|||||||||||
|
Revisions to valuation allowances of historical deferred tax assets |
(1.9) |
18.5 |
(1.9) |
18.9 |
|||||||||||
|
Foreign currency remeasurement and other discrete items |
(42.2) |
1.0 |
(44.2) |
10.6 |
|||||||||||
|
Total tax adjustments |
$ |
274.5 |
$ |
20.2 |
$ |
271.7 |
$ |
32.4 |
|||||||
|
________________ | |
|
(1) |
On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the Tax Act), which, among other things, reduces the |
|
RECONCILIATION OF NET INCOME (LOSS) (GAAP) TO ADJUSTED EARNINGS FROM CONTINUING OPERATIONS, BEFORE INTEREST AND INCOME TAXES (NON-GAAP)(Unaudited) | |||||||||||||||
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
December 31, |
December 31, | ||||||||||||||
|
(In Millions) |
2017 |
2016 |
2017 |
2016 | |||||||||||
|
Net income (loss) (GAAP) |
$ |
531.1 |
$ |
16.4 |
$ |
538.4 |
$ |
211.7 |
|||||||
|
Restructuring and other charges (income) |
59.1 |
62.3 |
81.4 |
95.0 |
|||||||||||
|
Non-operating pension and postretirement charges |
30.5 |
20.9 |
18.2 |
23.4 |
|||||||||||
|
Acquisition-related charges |
71.7 |
6.6 |
150.4 |
23.4 |
|||||||||||
|
Discontinued operations, net of income taxes |
(779.0) |
(7.0) |
(621.7) |
(81.0) |
|||||||||||
|
Interest expense, net |
27.8 |
16.5 |
79.1 |
62.9 |
|||||||||||
|
Provision (benefit) for income taxes |
263.0 |
2.7 |
264.1 |
50.1 |
|||||||||||
|
Adjusted earnings from continuing operations, before interest, income taxes and noncontrolling interests (Non-GAAP) (1) |
$ |
204.2 |
$ |
118.4 |
$ |
509.9 |
$ |
385.5 |
|||||||
|
__________________ | |||||||||||||||
|
(1) Referred to as Adjusted Operating Profit. | |||||||||||||||
|
RECONCILIATION OF CASH PROVIDED (REQUIRED) BY OPERATING ACTIVITIES (GAAP) TO ADJUSTED CASH FROM OPERATIONS | |||||||
|
Twelve Months Ended | |||||||
|
December 31, | |||||||
|
(In Millions) |
2017 |
2016 | |||||
|
Cash provided (required) by operating activities (GAAP) |
$ |
314.5 |
$ |
368.9 |
|||
|
Transaction and integration costs related to acquisitions |
78.9 |
23.4 |
|||||
|
Adjusted cash from operations (Non-GAAP) (1) |
$ |
393.4 |
$ |
392.3 |
|||
|
________________ | |
|
(1) |
The Company believes that the Non-GAAP financial measure "Adjusted cash from operations" provides useful information |
|
FMC CORPORATION INDUSTRY SEGMENT DATA (Unaudited) | |||||||||||||||
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
December 31, |
December 31, | ||||||||||||||
|
(In Millions) |
2017 |
2016 |
2017 |
2016 | |||||||||||
|
Revenue |
|||||||||||||||
|
FMC Agricultural Solutions |
$ |
866.2 |
$ |
617.8 |
$ |
2,531.2 |
$ |
2,274.8 |
|||||||
|
FMC Lithium |
113.4 |
70.6 |
347.4 |
264.1 |
|||||||||||
|
Total |
$ |
979.6 |
$ |
688.4 |
$ |
2,878.6 |
$ |
2,538.9 |
|||||||
|
Income from continuing operations before income taxes |
|||||||||||||||
|
FMC Agricultural Solutions |
$ |
188.5 |
$ |
127.1 |
$ |
485.6 |
$ |
399.9 |
|||||||
|
FMC Lithium |
44.1 |
21.3 |
126.7 |
70.2 |
|||||||||||
|
Segment operating profit (a) |
$ |
232.6 |
$ |
148.4 |
$ |
612.3 |
$ |
470.1 |
|||||||
|
Corporate and other |
(28.4) |
(30.0) |
(102.4) |
(84.6) |
|||||||||||
|
Adjusted earnings from continuing operations, before interest, |
$ |
204.2 |
$ |
118.4 |
$ |
509.9 |
$ |
385.5 |
|||||||
|
Interest expense, net |
(27.8) |
(16.5) |
(79.1) |
(62.9) |
|||||||||||
|
Corporate special (charges) income: |
|||||||||||||||
|
Restructuring and other (charges) income (b) |
(59.1) |
(62.3) |
(81.4) |
(95.0) |
|||||||||||
|
Non-operating pension and postretirement charges (c) |
(30.5) |
(20.9) |
(18.2) |
(23.4) |
|||||||||||
|
Acquisition-related charges (d) |
(71.7) |
(6.6) |
(150.4) |
(23.4) |
|||||||||||
|
(Provision) benefit for income taxes |
(263.0) |
(2.7) |
(264.1) |
(50.1) |
|||||||||||
|
Discontinued operations, net of income taxes (e) |
779.0 |
7.0 |
621.7 |
81.0 |
|||||||||||
|
Net income (loss) attributable to noncontrolling interests |
(1.0) |
(0.5) |
(2.6) |
(2.6) |
|||||||||||
|
Net income (loss) attributable to FMC stockholders |
$ |
530.1 |
$ |
15.9 |
$ |
535.8 |
$ |
209.1 |
|||||||
|
_________________________ | |||||||||||||||
|
(a) Referred to as Segment Earnings. | |||||||||||||||
|
(b) Below provides the details of restructuring and other (charges) income by segment. | |||||||||||||||
|
Three Months Ended December 31, |
Twelve Months Ended December 31, | ||||||||||||||
|
(In Millions) |
2017 |
2016 |
2017 |
2016 | |||||||||||
|
FMC Agricultural Solutions |
$ |
(42.9) |
$ |
(40.8) |
$ |
(49.9) |
$ |
(62.4) |
|||||||
|
FMC Lithium |
(5.1) |
— |
(7.8) |
(0.6) |
|||||||||||
|
Corporate |
(11.1) |
(21.5) |
(23.7) |
(32.0) |
|||||||||||
|
Restructuring and other (charges) income |
$ |
(59.1) |
$ |
(62.3) |
$ |
(81.4) |
$ |
(95.0) |
|||||||
|
(c) |
See Note (b) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from |
|
(d) |
See Note (c) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from |
|
(e) |
See Note (e) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from |
|
FMC CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) | |||||||
|
(In Millions) |
December 31, 2017 |
December 31, 2016 | |||||
|
Cash and cash equivalents |
$ |
283.0 |
$ |
64.2 |
|||
|
Trade receivables, net of allowance of $38.7 in 2017 and $17.6 in 2016 |
2,043.5 |
1,692.5 |
|||||
|
Inventories |
992.5 |
478.9 |
|||||
|
Other current assets |
326.4 |
232.1 |
|||||
|
Current assets held for sale |
7.3 |
381.5 |
|||||
|
Total current assets |
$ |
3,652.7 |
$ |
2,849.2 |
|||
|
Property, plant and equipment, net |
$ |
1,025.2 |
$ |
538.1 |
|||
|
Goodwill |
1,198.9 |
498.7 |
|||||
|
Other intangibles, net |
2,631.8 |
719.9 |
|||||
|
Deferred income taxes |
252.7 |
242.1 |
|||||
|
Other long-term assets |
445.0 |
455.7 |
|||||
|
Noncurrent assets held for sale |
— |
835.6 |
|||||
|
Total assets |
$ |
9,206.3 |
$ |
6,139.3 |
|||
|
Short-term debt and current portion of long-term debt |
$ |
192.6 |
$ |
94.2 |
|||
|
Accounts payable, trade and other |
714.2 |
317.4 |
|||||
|
Accrued customer rebates |
266.6 |
246.7 |
|||||
|
Guarantees of vendor financing |
51.5 |
104.5 |
|||||
|
Accrued pensions and other postretirement benefits, current |
5.7 |
7.1 |
|||||
|
Other current liabilities |
977.5 |
609.3 |
|||||
|
Current liabilities held for sale |
1.3 |
59.0 |
|||||
|
Total current liabilities |
$ |
2,209.4 |
$ |
1,438.2 |
|||
|
Long-term debt, less current portion |
$ |
2,993.0 |
$ |
1,798.8 |
|||
|
Long-term liabilities |
1,296.8 |
841.6 |
|||||
|
Long-term liabilities held for sale |
— |
67.7 |
|||||
|
Equity |
2,707.1 |
1,993.0 |
|||||
|
Total liabilities and equity |
$ |
9,206.3 |
$ |
6,139.3 |
|||
|
FMC CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
| |||||||
|
Twelve Months Ended December 31, | |||||||
|
(In Millions) |
2017 |
2016 | |||||
|
Cash provided (required) by operating activities of continuing operations |
$ |
314.5 |
$ |
368.9 |
|||
|
Cash provided (required) by operating activities of discontinued operations |
$ |
21.0 |
$ |
128.9 |
|||
|
Cash provided (required) by investing activities of continuing operations |
$ |
(1,349.5) |
$ |
(100.8) |
|||
|
Cash provided (required) by investing activities of discontinued operations |
$ |
15.7 |
$ |
(34.4) |
|||
|
Cash provided (required) by financing activities of continuing operations: |
|||||||
|
Increase (decrease) in short-term debt |
(3.1) |
(19.4) |
|||||
|
Financing fees |
(11.0) |
(0.7) |
|||||
|
Repayments of long-term debt |
(302.3) |
(242.6) |
|||||
|
Proceeds from borrowings of long-term debt |
1,598.9 |
2.8 |
|||||
|
Acquisition of noncontrolling interest |
— |
(20.0) |
|||||
|
Transactions with noncontrolling interests |
(0.5) |
— |
|||||
|
Dividends paid |
(88.8) |
(88.6) |
|||||
|
Repurchases of common stock under publicly announced program |
— |
(11.2) |
|||||
|
Other repurchases of common stock |
(2.6) |
(1.8) |
|||||
|
Excess tax benefits from share-based compensation |
— |
0.4 |
|||||
|
Issuances of common stock, net |
22.5 |
4.1 |
|||||
|
Cash provided (required) by financing activities |
$ |
1,213.1 |
$ |
(377.0) |
|||
|
Effect of exchange rate changes on cash |
4.0 |
— |
|||||
|
Increase (decrease) in cash and cash equivalents |
$ |
218.8 |
$ |
(14.4) |
|||
|
Cash and cash equivalents, beginning of year |
64.2 |
78.6 |
|||||
|
Cash and cash equivalents, end of period |
$ |
283.0 |
$ |
64.2 |
|||
Segment EBITDA
Beginning in 2018 we will present earnings before interest, taxes, and depreciation and amortization ("EBITDA") by operating segment, which is a Non-GAAP financial measure. We define segment EBITDA as segment operating profit excluding depreciation and amortization expense. We believe that this Non-GAAP financial measure provides a useful metric for management and investors to better assess operating performance and enables transparency to investors and analysts for period-to-period comparability of financial performance. Due to the recent DuPont Crop Protection Business acquisition, we acquired a large number of intangible assets and property, plant, and equipment. The depreciation and amortization on the intangible assets is expected to significantly increase our depreciation and amortization expense.
We have provided a reconciliation of Segment Operating Profit to EBITDA by segment for each quarterly period within the fiscal year ended December 31, 2017 as well as the full year fiscal years ended December 31, 2017 and 2016, respectively.
|
FMC CORPORATION | ||||||||||||||||||||||||
|
2017 |
2016 | |||||||||||||||||||||||
|
(In Millions) |
Q1 |
Q2 |
Q3 |
Q4 |
FY |
FY | ||||||||||||||||||
|
FMC Agricultural Solutions |
||||||||||||||||||||||||
|
Segment operating profit (GAAP) (1) |
$ |
83.0 |
$ |
95.7 |
$ |
118.4 |
$ |
188.5 |
$ |
485.6 |
$ |
399.9 |
||||||||||||
|
Depreciation and amortization |
18.8 |
17.9 |
18.9 |
34.9 |
90.5 |
80.8 |
||||||||||||||||||
|
EBITDA (Non-GAAP) |
$ |
101.8 |
$ |
113.6 |
$ |
137.3 |
$ |
223.4 |
$ |
576.1 |
$ |
480.7 |
||||||||||||
|
FMC Lithium |
||||||||||||||||||||||||
|
Segment operating profit (GAAP) (1) |
$ |
21.6 |
$ |
24.2 |
$ |
36.8 |
$ |
44.1 |
$ |
126.7 |
$ |
70.2 |
||||||||||||
|
Depreciation and amortization |
4.2 |
3.5 |
3.4 |
4.1 |
15.2 |
14.8 |
||||||||||||||||||
|
EBITDA (Non-GAAP) |
$ |
25.8 |
$ |
27.7 |
$ |
40.2 |
$ |
48.2 |
$ |
141.9 |
$ |
85.0 |
||||||||||||
|
FMC Corporate |
||||||||||||||||||||||||
|
Corporate expenses (GAAP) |
$ |
(21.6) |
$ |
(27.2) |
$ |
(25.2) |
$ |
(28.4) |
$ |
(102.4) |
$ |
(84.6) |
||||||||||||
|
Depreciation and amortization |
0.7 |
1.0 |
2.9 |
2.7 |
7.3 |
5.0 |
||||||||||||||||||
|
Corporate expenses excluding depreciation |
$ |
(20.9) |
$ |
(26.2) |
$ |
(22.3) |
$ |
(25.7) |
$ |
(95.1) |
$ |
(79.6) |
||||||||||||
|
(1) Referred to as Segment Earnings. See Industry Segment Data for reconciliation of our Segment Earnings to Net income (loss) attributable to FMC stockholders. | ||||||||||||||||||||||||
View original content with multimedia:http://www.prnewswire.com/news-releases/fmc-corporation-announces-fourth-quarter-and-full-year-2017-results-300597426.html
SOURCE FMC Corporation
Article Date
2/12/2018FMC Corporation Announces Date of 2018 Annual Meeting of Stockholders
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
PHILADELPHIA, Jan. 24, 2018 /PRNewswire/ -- FMC Corporation (NYSE: FMC) announced today that its 2018 Annual Meeting of Stockholders will be held on Tuesday, April 24, 2018, at 2 p.m. ET at FMC Tower at Cira Centre South, 2929 Walnut Street, Philadelphia, Pennsylvania 19104.
Logo - http://mma.prnewswire.com/media/331912/fmc_corporation_logo.jpg
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. On November 1, 2017, FMC acquired a significant portion of DuPont's Crop Protection business. FMC's 2016 pro forma revenue was approximately $4 billion.1 FMC employs more than 7,000 people throughout the world and operates its businesses in two segments: FMC Agricultural Solutions and FMC Lithium. For more information, visit www.FMC.com.
1 2016 pro forma revenue assumes the transactions with DuPont occurred at the beginning of the year and includes twelve months of revenue from the DuPont Crop Protection business and it excludes the revenue from FMC Health and Nutrition.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2016 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
View original content:http://www.prnewswire.com/news-releases/fmc-corporation-announces-date-of-2018-annual-meeting-of-stockholders-300587765.html
SOURCE FMC Corporation
Article Date
1/24/20181/10/2018 - FMC Asia President Receives Women in Leadership Award from Australia China Alumni Association
FMC Asia President Receives Women in Leadership Award from Australia China Alumni Association
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
PHILADELPHIA, Jan. 10, 2018 /PRNewswire/ -- The Australia China Alumni Association (ACAA) has recognized Bethwyn Todd, vice president and director for FMC Agricultural Solutions and president of FMC Asia, with the Australian Ambassador's Award for Women in Leadership. The award recognizes achievements of leading female graduates of Australian universities who inspire other women through their dedication, accomplishments and commitment to the Australia-China relationship.
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"I remember how important it was for me to have strong female role models throughout my life. To now have the honor of receiving the Women in Leadership Award and to be recognized as an inspiration to other women is such a humbling experience," said Todd. "I thank the Australia China Alumni Association for its commitment to increase awareness about the importance of gender equality and diversity in leadership. And of course, I'm grateful for the nomination from The University of Queensland," Todd added.
The Australia China Alumni Awards were established in 2009 by the ACAA to recognize the wide-ranging achievements of Australian university graduates and other successes from the Australia-China relationship.
"Bethwyn is an exceptional executive and strong advocate for diversity and inclusion," said Pierre Brondeau, FMC president, CEO and chairman. "She's an inspiration to FMC employees throughout Asia and across our company. We're very proud of her and congratulate her on this important recognition."
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. On November 1, 2017, FMC acquired a significant portion of DuPont's Crop Protection business. FMC's 2016 pro forma revenue was approximately $4 billion.1 FMC employs more than 7,000 people throughout the world and operates its businesses in two segments: FMC Agricultural Solutions and FMC Lithium. For more information, visit www.FMC.com.
1 2016 pro forma revenue assumes the transactions with DuPont occurred at the beginning of the year and includes twelve months of revenue from the DuPont Crop Protection business and it excludes the revenue from FMC Health and Nutrition.
About Australia China Alumni Association
The Australia China Alumni Association (ACAA) was established in 2007 with the support of the Australian Ambassador to China. After almost 10 years of operation and growth, the ACAA now communicates with a network of over 20,000+ Australian alumni across greater China. As a non-for-profit organization, the ACAA is funded through our university and corporate partners and is supported by the Australian Government in China.
View original content with multimedia:http://www.prnewswire.com/news-releases/fmc-asia-president-receives-women-in-leadership-award-from-australia-china-alumni-association-300581010.html
SOURCE FMC Corporation
Article Date
1/10/20181/8/2018 - FMC Corporation Announces Dates for Fourth Quarter 2017 Earnings Release and Webcast Conference Call
FMC Corporation Announces Dates for Fourth Quarter 2017 Earnings Release and Webcast Conference Call
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
PHILADELPHIA, Jan. 8, 2018 /PRNewswire/ -- FMC Corporation (NYSE:FMC) today announced it will release its fourth quarter 2017 earnings on Monday, February 12, 2018, after the stock market close via PR Newswire and the company's website at: http://www.fmc.com.
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The company will host a webcast conference call on Tuesday, February 13, 2018, at 9:00 a.m. ET that is open to the public via internet broadcast and telephone.
Internet broadcast: http://www.fmc.com
Passcode: FMC
Dial-in telephone numbers:
U.S. / Canada: (800) 230-1074
International: (612) 288-0329
Conference ID # 442501
A replay of the call will be available via the internet and telephone from 11:00 a.m. ET on Tuesday, February 13, 2018 until Tuesday, March 13, 2018.
Internet replay: http://www.fmc.com
U.S. / Canada telephone number: (800) 475-6701
International telephone number: (320) 365-3844
Enter Conference ID # 442501
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. On November 1, 2017, FMC acquired a significant portion of DuPont's Crop Protection business. FMC's 2016 pro forma revenue was approximately $4 billion.1 FMC employs more than 7,000 people throughout the world and operates its businesses in two segments: FMC Agricultural Solutions and FMC Lithium. For more information, visit www.FMC.com.
1 2016 pro forma revenue assumes the transactions with DuPont occurred at the beginning of the year and includes twelve months of revenue from the DuPont Crop Protection business and it excludes the revenue from FMC Health and Nutrition. The pro forma revenue reflects FMC's calculation as of the date hereof based on information currently available. Form 8-K will be filed within 75 days of the transaction date and will include unaudited pro forma condensed financial information related to the transactions.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2016 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
View original content:http://www.prnewswire.com/news-releases/fmc-corporation-announces-dates-for-fourth-quarter-2017-earnings-release-and-webcast-conference-call-300579172.html
SOURCE FMC Corporation
Article Date
1/8/2018FMC Revises Operating Agreements in Argentina, Completing an Important Step Toward the Separation of Its Lithium Business
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
PHILADELPHIA, Jan. 4, 2018 /PRNewswire/ -- FMC Corporation (NYSE: FMC) announced that it has revised its operating agreements in Argentina, allowing it to expand production and completing an important step toward the intended separation of its lithium business in 2018.
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The revised operating agreements update FMC royalties and corporate social responsibility (CSR) programs in Argentina and eliminate restrictions that may have prevented a change of control of FMC Lithium. The revised royalties and CSR programs are at levels generally consistent with current commitments.
FMC reconfirms that it will at least double its production in Argentina during the next several years, with total annual output expected to exceed 40,000 metric tons of lithium carbonate equivalents (LCE).
FMC will provide an update on plans to separate its lithium business and expand its Argentina operations during the fourth quarter 2017 earnings conference call.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. On November 1, 2017, FMC acquired a significant portion of DuPont's Crop Protection business. FMC's 2016 pro forma revenue was approximately $4 billion.1 FMC employs more than 7,000 people throughout the world and operates its businesses in two segments: FMC Agricultural Solutions and FMC Lithium. For more information, visit www.FMC.com.
1 2016 pro forma revenue assumes the transactions with DuPont occurred at the beginning of the year and includes twelve months of revenue from the DuPont Crop Protection business and it excludes the revenue from FMC Health and Nutrition. The pro forma revenue reflects FMC's calculation as of the date hereof based on information currently available. Form 8-K will be filed within 75 days of the transaction date and will include unaudited pro forma condensed financial information related to the transactions.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2016 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
View original content:http://www.prnewswire.com/news-releases/fmc-revises-operating-agreements-in-argentina-completing-an-important-step-toward-the-separation-of-its-lithium-business-300577563.html
SOURCE FMC Corporation
Article Date
1/4/201812/12/2017 - FMC Corporation's Board Declares Quarterly Dividend
FMC Corporation's Board Declares Quarterly Dividend
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
PHILADELPHIA, Dec. 12, 2017 /PRNewswire/ -- FMC Corporation (NYSE: FMC) announced today that its Board of Directors declared a regular quarterly dividend of 16.5 cents per share, payable on January 18, 2018, to shareholders of record at the close of business on December 29, 2017.
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About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. On November 1, 2017, FMC acquired a significant portion of DuPont's Crop Protection business. FMC's 2016 pro forma revenue was approximately $4 billion.1 FMC employs more than 7,000 people throughout the world and operates its businesses in two segments: FMC Agricultural Solutions and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2016 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
SOURCE FMC Corporation
Article Date
12/12/2017FMC Corporation Announces Agreement with Nufarm Limited
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
PHILADELPHIA, Nov. 7, 2017 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today announced the signing of a definitive agreement with Nufarm Limited to divest a portion of FMC's European herbicide portfolio. Under the transaction, Nufarm will acquire FMC's SU-class herbicides and Florasulam for post-emergence use to control broadleaf weeds in cereals. In exchange, FMC will receive $90 million, which includes the purchase of existing product inventory. The divestiture will satisfy FMC's commitments to the European Commission related to its recent acquisition of a significant portion of DuPont's Crop Protection business.
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The close of the transaction is subject to customary conditions.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. On November 1, 2017, FMC acquired a significant portion of DuPont's Crop Protection business. FMC's 2016 pro forma revenue was approximately $4 billion.1 FMC employs more than 7,000 people throughout the world and operates its businesses in two segments: FMC Agricultural Solutions and FMC Lithium. For more information, visit www.FMC.com.
1 2016 pro forma revenue assumes the transactions with DuPont occurred at the beginning of the year and includes twelve months of revenue from the DuPont Crop Protection business and it excludes the revenue from FMC Health and Nutrition. The pro forma revenue reflects FMC's calculation as of the date hereof based on information currently available. Form 8-K will be filed within 75 days of the transaction date and will include unaudited pro forma condensed financial information related to the transactions.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2016 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
View original content:http://www.prnewswire.com/news-releases/fmc-corporation-announces-agreement-with-nufarm-limited-300551548.html
SOURCE FMC Corporation
Article Date
11/8/2017FMC Corporation Announces Third Quarter 2017 Results
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
PHILADELPHIA, Nov. 6, 2017 /PRNewswire/ --
Third Quarter 2017 Highlights
FMC Corporation (NYSE: FMC) today reported third quarter revenue of $646 million, which is an increase of 3 percent year-over-year. On a GAAP basis, the company reported earnings of $0.41 per diluted share in the third quarter, or $55 million, which is 31 percent lower than the GAAP earnings of $0.59 per diluted share, or $80 million, in the third quarter of 2016. Third quarter 2017 adjusted earnings per diluted share were $0.70, which is 59 percent higher than the prior year quarter.
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Pierre Brondeau, FMC president, CEO and chairman said: "FMC delivered a very strong quarter. In Ag Solutions, we are especially pleased with the significant volume growth in Latin America and North America. In Lithium, we also saw strong volume and revenue growth, driven by our lithium hydroxide expansion and robust pricing across our product categories."
FMC Agricultural Solutions
FMC Agricultural Solutions reported third quarter revenue of $552 million and segment earnings of $118 million, a record third quarter earnings performance for the segment. Third quarter segment revenue grew 6 percent year-over-year, excluding India. The increase was driven by strong volume growth in the Americas, offset by revenue declines in Asia and Europe. The company took actions in India to prepare for the integration of the different market access channels between FMC and the acquired business, which reduced overall Agricultural Solutions revenue by 7 percent. In total, third quarter revenue was down 1 percent year over year. Segment earnings increased 31 percent compared to the third quarter of 2016, with volume gains and lower costs having the largest impact.
Agricultural Solutions full-year revenue is forecasted to be in the range of $2.5 and $2.6 billion and segment earnings are expected to be in a range of $465 to $485 million.2 The legacy Agricultural Solutions business is expected to contribute $2.3 billion to $2.4 billion of revenue and $425 to $445 million of earnings in 2017; this legacy contribution to segment earnings guidance represents 9 percent year-over-year growth and a $5 million increase versus prior guidance, at the mid-point. Fourth quarter segment earnings are forecasted to be in the range of $168 million to $188 million.2
FMC Lithium
FMC Lithium reported third quarter segment revenue of $94 million, an increase of 28 percent sequentially and an increase of 35 percent versus the prior-year quarter. Segment earnings increased over 50 percent sequentially and more than doubled year-over-year to $37 million in the quarter. Higher volume from FMC's new hydroxide operations in China and higher year-over-year prices were the main contributors to growth.
The outlook for Lithium segment revenue for the full year of 2017 remains in the range of $340 million to $360 million, an increase of 33 percent at the mid-point compared to 2016, while the outlook for full-year segment earnings has been raised to a range of $124 million to $128 million. This revised forecast for full-year segment earnings represents an increase of nearly 80 percent at the mid-point compared to the prior year and a $6 million increase versus prior guidance. Fourth quarter segment earnings are expected to be in the range of $41 million to $45 million, which, at the mid-point, represents a doubling of earnings compared to the prior year quarter.
2017 Outlook
FMC expects adjusted earnings per share to be in the range of $2.59 to $2.69 for the full year 2017, including the impact of two months contribution from the DuPont Crop Protection acquisition.1,2
Brondeau added, "With Ag Solutions earnings up over 30 percent in the third quarter, and fourth quarter legacy Ag Solutions expected to post a year-over-year increase of 8 percent, we believe it is the perfect time to integrate the DuPont business, as our legacy business is performing very well. Conditions in the agriculture industry remain difficult, but we believe they have now stabilized. Now is a good time to be increasing our global footprint in the crop protection market. We remain equally excited about the current performance of our Lithium business, and believe the next few years offer compelling opportunities to invest in continued growth, while strengthening our leading position as a supplier into the electric vehicle market."
Webcast and Supplemental Information
The company will post supplemental information on the web at www.FMC.com, including its 2017 Outlook Statement, definitions of non-GAAP terms and reconciliations of non-GAAP figures to the nearest available GAAP term.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. On November 1, 2017, FMC acquired a significant portion of DuPont's Crop Protection business. FMC's 2016 pro forma revenue was approximately $4 billion.3 FMC employs more than 7,000 people throughout the world and operates its businesses in two segments: FMC Agricultural Solutions and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2016 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
This press release contains certain "non-GAAP financial terms" which are defined on our website www.fmc.com. In addition, we have also provided on our website at www.fmc.com reconciliations of non-GAAP terms to the most directly comparable GAAP term.
|
FMC CORPORATION | |||||||||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
|
(Unaudited, in millions, except per share amounts) | |||||||||||||||
|
Three Months Ended |
Nine Months Ended | ||||||||||||||
|
September 30 |
September 30 | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
Revenue |
$ |
646.2 |
$ |
628.8 |
$ |
1,899.0 |
$ |
1,850.5 |
|||||||
|
Costs of sales and services |
380.3 |
414.2 |
1,182.5 |
1,184.5 |
|||||||||||
|
Gross margin |
265.9 |
214.6 |
716.5 |
666.0 |
|||||||||||
|
Selling, general and administrative expenses |
150.9 |
99.9 |
387.0 |
320.6 |
|||||||||||
|
Research and development expenses |
30.2 |
30.6 |
90.4 |
98.0 |
|||||||||||
|
Restructuring and other charges (income) |
7.1 |
14.1 |
22.3 |
32.7 |
|||||||||||
|
Total costs and expenses |
568.5 |
558.8 |
1,682.2 |
1,635.8 |
|||||||||||
|
Income (loss) from operations |
77.7 |
70.0 |
216.8 |
214.7 |
|||||||||||
|
Equity in (earnings) loss of affiliates |
— |
(0.4) |
(0.2) |
(0.4) |
|||||||||||
|
Interest expense, net |
18.4 |
15.4 |
51.3 |
46.4 |
|||||||||||
|
Income (loss) from continuing operations before income taxes |
59.3 |
55.0 |
165.7 |
168.7 |
|||||||||||
|
Provision (benefit) for income taxes |
(11.6) |
6.5 |
1.1 |
47.4 |
|||||||||||
|
Income (loss) from continuing operations |
70.9 |
48.5 |
164.6 |
121.3 |
|||||||||||
|
Discontinued operations, net of income taxes |
(15.1) |
31.1 |
(157.3) |
74.0 |
|||||||||||
|
Net income (loss) |
$ |
55.8 |
$ |
79.6 |
$ |
7.3 |
$ |
195.3 |
|||||||
|
Less: Net income (loss) attributable to noncontrolling interests |
0.6 |
(0.1) |
1.6 |
2.1 |
|||||||||||
|
Net income (loss) attributable to FMC stockholders |
$ |
55.2 |
$ |
79.7 |
$ |
5.7 |
$ |
193.2 |
|||||||
|
Amounts attributable to FMC stockholders: |
|||||||||||||||
|
Income (loss) from continuing operations, net of tax |
$ |
70.4 |
$ |
48.9 |
$ |
163.1 |
$ |
119.5 |
|||||||
|
Discontinued operations, net of tax |
(15.2) |
30.8 |
(157.4) |
73.7 |
|||||||||||
|
Net income (loss) |
$ |
55.2 |
$ |
79.7 |
$ |
5.7 |
$ |
193.2 |
|||||||
|
Basic earnings (loss) per common share attributable to FMC stockholders: |
|||||||||||||||
|
Continuing operations |
$ |
0.52 |
$ |
0.36 |
$ |
1.21 |
$ |
0.89 |
|||||||
|
Discontinued operations |
(0.11) |
0.23 |
(1.17) |
0.55 |
|||||||||||
|
Basic earnings per common share |
$ |
0.41 |
$ |
0.59 |
$ |
0.04 |
$ |
1.44 |
|||||||
|
Average number of shares outstanding used in basic earnings per share computations |
134.4 |
134.0 |
134.2 |
133.9 |
|||||||||||
|
Diluted earnings (loss) per common share attributable to FMC stockholders: |
|||||||||||||||
|
Continuing operations |
$ |
0.52 |
$ |
0.36 |
$ |
1.20 |
$ |
0.89 |
|||||||
|
Discontinued operations |
(0.11) |
0.23 |
(1.16) |
0.55 |
|||||||||||
|
Diluted earnings per common share |
$ |
0.41 |
$ |
0.59 |
$ |
0.04 |
$ |
1.44 |
|||||||
|
Average number of shares outstanding used in diluted earnings per share computations |
135.9 |
134.7 |
135.5 |
134.5 |
|||||||||||
|
Other Data: |
|||||||||||||||
|
Capital additions |
$ |
20.8 |
$ |
18.4 |
$ |
47.5 |
$ |
63.7 |
|||||||
|
Depreciation and amortization expense |
25.1 |
25.6 |
71.2 |
75.2 |
|||||||||||
|
FMC CORPORATION | |||||||||||||||
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||||||||||
|
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO FMC STOCKHOLDERS (GAAP) TO ADJUSTED AFTER-TAX EARNINGS FROM CONTINUING OPERATIONS, ATTRIBUTABLE TO FMC STOCKHOLDERS (NON-GAAP) | |||||||||||||||
|
(Unaudited, in millions, except per share amounts) | |||||||||||||||
|
Three Months Ended |
Nine Months Ended | ||||||||||||||
|
September 30 |
September 30 | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
Net income (loss) attributable to FMC stockholders (GAAP) |
$ |
55.2 |
$ |
79.7 |
$ |
5.7 |
$ |
193.2 |
|||||||
|
Corporate special charges (income): |
|||||||||||||||
|
Restructuring and other charges (income) (a) |
7.1 |
14.1 |
22.3 |
32.7 |
|||||||||||
|
Non-operating pension and postretirement charges (income) (b) |
(3.6) |
0.2 |
(12.3) |
2.5 |
|||||||||||
|
Acquisition-related charges (c) |
48.8 |
4.4 |
78.7 |
16.8 |
|||||||||||
|
Income tax expense (benefit) on Corporate special charges (income) (d) |
(17.9) |
(5.0) |
(30.4) |
(14.7) |
|||||||||||
|
Discontinued operations attributable to FMC stockholders, net of income taxes (e) |
15.2 |
(30.8) |
157.4 |
(73.7) |
|||||||||||
|
Tax adjustment (f) |
(9.4) |
(3.9) |
(2.8) |
12.2 |
|||||||||||
|
Adjusted after-tax earnings from continuing operations attributable to FMC stockholders (Non-GAAP) (1) |
$ |
95.4 |
$ |
58.7 |
$ |
218.6 |
$ |
169.0 |
|||||||
|
Diluted earnings per common share (GAAP) |
$ |
0.41 |
$ |
0.59 |
$ |
0.04 |
$ |
1.44 |
|||||||
|
Corporate special charges (income) per diluted share, before tax: |
|||||||||||||||
|
Restructuring and other charges (income) |
0.05 |
0.10 |
0.16 |
0.24 |
|||||||||||
|
Non-operating pension and postretirement charges |
(0.03) |
— |
(0.09) |
0.02 |
|||||||||||
|
Acquisition-related charges |
0.36 |
0.03 |
0.58 |
0.13 |
|||||||||||
|
Income tax expense (benefit) on Corporate special charges (income), per diluted share |
(0.13) |
(0.04) |
(0.22) |
(0.11) |
|||||||||||
|
Discontinued operations per diluted share |
0.11 |
(0.22) |
1.16 |
(0.55) |
|||||||||||
|
Tax adjustments per diluted share |
(0.07) |
(0.02) |
(0.02) |
0.09 |
|||||||||||
|
Diluted adjusted after-tax earnings from continuing operations per share, attributable to FMC stockholders (Non-GAAP) |
$ |
0.70 |
$ |
0.44 |
$ |
1.61 |
$ |
1.26 |
|||||||
|
Average number of shares outstanding used in diluted adjusted after-tax earnings from continuing operations per share computations |
135.9 |
134.7 |
135.5 |
134.5 |
|||||||||||
|
____________________ | |||||||||||||||||
|
(1) |
The Company believes that the Non-GAAP financial measure "Adjusted after-tax earnings from continuing operations attributable to FMC stockholders", and its presentation on a per share basis, provides useful information about the Company's operating results to investors and securities analysts. Adjusted earnings excludes the effects of corporate special charges, tax-related adjustments and the results of our discontinued operations. The Company also believes that excluding the effects of these items from operating results allows management and investors to compare more easily the financial performance of its underlying businesses from period to period. | ||||||||||||||||
|
(a) |
Three Months Ended September 30, 2017: | ||||||||||||||||
|
Restructuring and other charges (income) represents $2.2 million of impairment charges of intangible assets within our FMC Agricultural Solutions segment. Additionally, restructuring and other charges (income) includes charges of continuing environmental sites treated as a Corporate charge of $2.7 million and other Corporate charges of $2.2 million. | |||||||||||||||||
|
Three Months Ended September 30, 2016: | |||||||||||||||||
|
Restructuring and other charges (income) includes charges of $5.8 million representing adjustments to severance and asset write-offs primarily associated with the integration of Cheminova with FMC Agricultural Solutions. Additionally, restructuring and other charges (income) includes charges of continuing environmental sites treated as a Corporate charge of $8.1 million. Remaining restructuring and other charges (income) includes net miscellaneous charges of $0.2 million. | |||||||||||||||||
|
Nine Months Ended September 30, 2017: | |||||||||||||||||
|
Restructuring and other charges (income) represents $2.2 million of impairment charges of intangible assets write-offs and $4.7 million of exit costs related to the termination of our interest in a variable interest entity that was previously consolidated and part of our FMC Agricultural Solutions segment. Additionally, restructuring and other charges (income) includes charges of continuing environmental sites treated as a Corporate charge of $8.3 million and Corporate asset write-off charges of $2.2 million. Remaining restructuring and other charges (income) includes net miscellaneous charges of $4.9 million. | |||||||||||||||||
|
Nine Months Ended September 30, 2016: | |||||||||||||||||
|
Restructuring and other charges (income) includes charges of $14.7 million representing adjustments to severance and asset write-offs primarily associated with the integration of Cheminova with FMC Agricultural Solutions. Amounts also include $4.2 million associated as a result of the Argentina government's action to devalue its currency. Additionally, restructuring and other charges includes charges of continuing environmental sites treated as a Corporate charge of $17.1 million. Remaining restructuring and other charges includes net miscellaneous charges (income) of $(3.3) million. | |||||||||||||||||
|
(b) |
Our non-operating pension and postretirement costs are defined as those costs related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These costs are primarily related to changes in pension plan assets and liabilities which are tied to financial market performance and we consider these costs to be outside our operational performance. We exclude these non-operating pension and postretirement costs from our segments as we believe that removing them provides a better understanding of the underlying profitability of our businesses, provides increased transparency and clarity in the performance of our retirement plans and enhances period-over-period comparability. We continue to include the service cost and amortization of prior service cost in our Adjusted Earnings results noted above. We believe these elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees. | ||||||||||||||||
|
(c) |
Charges related to the legal and professional fees associated with the planned or completed acquisitions. Amounts represent the following: | ||||||||||||||||
|
Three Months Ended |
Nine Months Ended | ||||||||||||||||
|
(in Millions) |
2017 |
2016 |
2017 |
2016 | |||||||||||||
|
Acquisition-related charges |
|||||||||||||||||
|
Legal and professional fees (1) |
$ |
48.8 |
$ |
4.4 |
$ |
78.7 |
$ |
16.8 |
|||||||||
|
Total Acquisition-related charges (2) |
$ |
48.8 |
$ |
4.4 |
$ |
78.7 |
$ |
16.8 |
|||||||||
|
____________________ | |||||||||||||||||
|
(1) Represents transaction costs, costs for transitional employees, other acquired employees related costs and | |||||||||||||||||
|
(2) Acquisition-related charges for the three and nine months ended September 30, 2017 relate to the acquisition | |||||||||||||||||
|
(d) |
The income tax expense (benefit) on Corporate special charges (income) is determined using the applicable rates in the taxing jurisdictions in which the corporate special charge or income occurred and includes both current and deferred income tax expense (benefit) based on the nature of the non-GAAP performance measure. | ||||||||||||||||
|
(e) |
Three and Nine Months Ended September 30, 2017 and 2016 | ||||||||||||||||
|
Discontinued operations include the results of FMC Health and Nutrition as well as provisions, net of recoveries, for environmental liabilities and legal reserves and expenses related to previously discontinued operations. Assets held for sale under U.S. GAAP are required to be reported at the lower of carrying value or fair value, less costs to sell. We expected a significant gain on the FMC Health and Nutrition assets sold to DuPont and therefore these assets held for sale were reported at their carrying value. However, the fair value of the Omega-3 business, which was previously part of the broader FMC Health and Nutrition reporting unit, was significantly less than its carrying value, which included accumulated foreign currency translation adjustments that were subsequently reclassified to earnings after completion of the sale. As a result, we recorded an impairment charge of approximately $171 million ($151 million, net of tax) during the six months ended June 30, 2017 to reflect the definitive agreement. As the sale occurred August 1, 2017, the charge was revised to reflect the sales price less the carrying value at the sale date. The impairment charge for the nine months ended September 30, 2017 was approximately $168 million ($148 million, net of tax). | |||||||||||||||||
|
(f) |
We exclude the GAAP tax provision, including discrete items, from the Non-GAAP measure of income, and instead include a Non-GAAP tax provision based upon the projected annual Non-GAAP effective tax rate. The GAAP tax provision includes certain discrete tax items including, but are not limited to: income tax expenses or benefits that are not related to ongoing business operations in the current year; tax adjustments associated with fluctuations in foreign currency remeasurement of certain foreign operations; certain changes in estimates of tax matters related to prior fiscal years; certain changes in the realizability of deferred tax assets and related interim accounting impacts; and changes in tax law. Management believes excluding these discrete tax items assists investors and securities analysts in understanding the tax provision and the effective tax rate related to ongoing operations thereby providing investors with useful supplemental information about FMC's operational performance. | ||||||||||||||||
|
Three Months Ended |
Nine Months Ended | ||||||||||||||||
|
September 30 |
September 30 | ||||||||||||||||
|
(in Millions) |
2017 |
2016 |
2017 |
2016 | |||||||||||||
|
Non-GAAP tax adjustments: |
|||||||||||||||||
|
Revisions to our tax liabilities due to finalization of prior year tax returns |
$ |
— |
$ |
0.6 |
$ |
(0.8) |
$ |
2.2 |
|||||||||
|
Revisions to valuation allowances of historical deferred tax assets |
0.1 |
0.4 |
— |
0.4 |
|||||||||||||
|
Foreign currency remeasurement and other discrete items |
(9.5) |
(4.9) |
(2.0) |
9.6 |
|||||||||||||
|
Total Non-GAAP tax adjustments |
$ |
(9.4) |
$ |
(3.9) |
$ |
(2.8) |
$ |
12.2 |
|||||||||
|
RECONCILIATION OF NET INCOME (LOSS) (GAAP) TO ADJUSTED EARNINGS FROM CONTINUING OPERATIONS, BEFORE INTEREST AND INCOME TAXES (NON-GAAP) | |||||||||||||||
|
(Unaudited, in millions) | |||||||||||||||
|
Three Months Ended |
Nine Months Ended | ||||||||||||||
|
September 30 |
September 30 | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
Net income (loss) (GAAP) |
$ |
55.8 |
$ |
79.6 |
$ |
7.3 |
$ |
195.3 |
|||||||
|
Restructuring and other charges (income) |
7.1 |
14.1 |
22.3 |
32.7 |
|||||||||||
|
Non-operating pension and postretirement charges |
(3.6) |
0.2 |
(12.3) |
2.5 |
|||||||||||
|
Acquisition-related charges |
48.8 |
4.4 |
78.7 |
16.8 |
|||||||||||
|
Discontinued operations, net of income taxes |
15.1 |
(31.1) |
157.3 |
(74.0) |
|||||||||||
|
Interest expense, net |
18.4 |
15.4 |
51.3 |
46.4 |
|||||||||||
|
Provision (benefit) for income taxes |
(11.6) |
6.5 |
1.1 |
47.4 |
|||||||||||
|
Adjusted earnings from continuing operations, before interest, income taxes and noncontrolling interests (Non-GAAP) (1) |
$ |
130.0 |
$ |
89.1 |
$ |
305.7 |
$ |
267.1 |
|||||||
|
___________________ | |
|
(1) |
Referred to as Adjusted Operating Profit. |
|
RECONCILIATION OF CASH PROVIDED (REQUIRED) BY OPERATING ACTIVITIES (GAAP) TO ADJUSTED CASH FROM OPERATIONS (NON-GAAP) | |||||||
|
(Unaudited, in millions) | |||||||
|
Nine Months Ended | |||||||
|
September 30 | |||||||
|
2017 |
2016 | ||||||
|
Cash provided (required) by operating activities (GAAP) |
$ |
272.5 |
$ |
266.5 |
|||
|
Transaction and integration costs related to acquisitions |
35.2 |
16.8 |
|||||
|
Adjusted cash from operations (Non-GAAP) (1) |
$ |
307.7 |
$ |
283.3 |
|||
|
___________________ | |
|
(1) |
The Company believes that the Non-GAAP financial measure "Adjusted cash from operations" provides useful information about the Company's cash flows to investors and securities analysts. Adjusted cash from operations excludes the effects of acquisition-related cash flows. The Company also believes that excluding the effects of these items from cash provided (required) by operating activities allows management and investors to compare more easily the cash flows from period to period. |
|
FMC CORPORATION | |||||||||||||||
|
INDUSTRY SEGMENT DATA | |||||||||||||||
|
(Unaudited, in millions) | |||||||||||||||
|
Three Months Ended |
Nine Months Ended | ||||||||||||||
|
September 30 |
September 30 | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
Revenue |
|||||||||||||||
|
FMC Agricultural Solutions |
$ |
551.8 |
$ |
558.9 |
$ |
1,665.0 |
$ |
1,657.0 |
|||||||
|
FMC Lithium |
94.4 |
69.9 |
234.0 |
193.5 |
|||||||||||
|
Total |
$ |
646.2 |
$ |
628.8 |
$ |
1,899.0 |
$ |
1,850.5 |
|||||||
|
Income from continuing operations before income taxes |
|||||||||||||||
|
FMC Agricultural Solutions |
118.4 |
90.1 |
297.1 |
272.8 |
|||||||||||
|
FMC Lithium |
36.8 |
17.5 |
82.6 |
48.9 |
|||||||||||
|
Segment operating profit (a) |
155.2 |
107.6 |
379.7 |
321.7 |
|||||||||||
|
Corporate and other |
(25.2) |
(18.5) |
(74.0) |
(54.6) |
|||||||||||
|
Adjusted earnings from continuing operations, before interest, income taxes and noncontrolling interests (Non-GAAP) |
$ |
130.0 |
$ |
89.1 |
$ |
305.7 |
$ |
267.1 |
|||||||
|
Interest expense, net |
(18.4) |
(15.4) |
(51.3) |
(46.4) |
|||||||||||
|
Corporate special (charges) income: |
|||||||||||||||
|
Restructuring and other (charges) income (b) |
(7.1) |
(14.1) |
(22.3) |
(32.7) |
|||||||||||
|
Non-operating pension and postretirement (charges) income (c) |
3.6 |
(0.2) |
12.3 |
(2.5) |
|||||||||||
|
Acquisition-related charges (d) |
(48.8) |
(4.4) |
(78.7) |
(16.8) |
|||||||||||
|
(Provision) benefit for income taxes |
11.6 |
(6.5) |
(1.1) |
(47.4) |
|||||||||||
|
Discontinued operations, net of income taxes (e) |
(15.1) |
31.1 |
(157.3) |
74.0 |
|||||||||||
|
Net income attributable to noncontrolling interests |
(0.6) |
0.1 |
(1.6) |
(2.1) |
|||||||||||
|
Net income (loss) attributable to FMC stockholders |
$ |
55.2 |
$ |
79.7 |
$ |
5.7 |
$ |
193.2 |
|||||||
|
____________________ | |||||||||||||||
|
(a) Referred to as Segment Earnings. | |||||||||||||||
|
(b) Below provides the details of restructuring and other (charges) income by segment. | |||||||||||||||
|
Three Months Ended September 30 |
Nine Months Ended September 30 | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
FMC Agricultural Solutions |
$ |
(2.2) |
$ |
(9.1) |
$ |
(7.0) |
$ |
(21.6) |
|||||||
|
FMC Lithium |
— |
— |
(2.7) |
(0.6) |
|||||||||||
|
Corporate |
(4.9) |
(5.0) |
(12.6) |
(10.5) |
|||||||||||
|
Restructuring and other (charges) income |
$ |
(7.1) |
$ |
(14.1) |
$ |
(22.3) |
$ |
(32.7) |
|||||||
|
(c) See Note (b) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from | |||||||||||||||
|
(d) See Note (c) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from | |||||||||||||||
|
(e) See Note (e) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from | |||||||||||||||
|
FMC CORPORATION | |||||||
|
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
|
(Unaudited, in millions) | |||||||
|
September 30, 2017 |
December 31, 2016 | ||||||
|
Cash and cash equivalents |
$ |
93.8 |
$ |
64.2 |
|||
|
Trade receivables, net of allowance of $21.5 in 2017 and $17.6 in 2016 |
1,457.6 |
1,692.5 |
|||||
|
Inventories |
614.8 |
478.9 |
|||||
|
Prepaid and other current assets |
280.7 |
232.1 |
|||||
|
Current assets of discontinued operations held for sale |
1,127.3 |
381.5 |
|||||
|
Total current assets |
$ |
3,574.2 |
$ |
2,849.2 |
|||
|
Property, plant and equipment, net |
547.0 |
538.1 |
|||||
|
Goodwill |
500.3 |
498.7 |
|||||
|
Deferred income taxes |
238.8 |
242.1 |
|||||
|
Other long-term assets |
1,196.5 |
1,175.6 |
|||||
|
Noncurrent assets of discontinued operations held for sale |
— |
835.6 |
|||||
|
Total assets |
$ |
6,056.8 |
$ |
6,139.3 |
|||
|
Short-term debt and current portion of long-term debt |
$ |
214.2 |
$ |
94.2 |
|||
|
Accounts payable, trade and other |
437.7 |
317.4 |
|||||
|
Accrued customer rebates |
376.3 |
246.7 |
|||||
|
Guarantees of vendor financing |
57.9 |
104.5 |
|||||
|
Accrued pensions and other postretirement benefits, current |
7.1 |
7.1 |
|||||
|
Other current liabilities |
390.6 |
609.3 |
|||||
|
Current liabilities of discontinued operations held for sale |
146.8 |
59.0 |
|||||
|
Total current liabilities |
$ |
1,630.6 |
$ |
1,438.2 |
|||
|
Long-term debt, less current portion |
1,492.9 |
1,798.8 |
|||||
|
Long-term liabilities |
798.1 |
841.6 |
|||||
|
Long-term liabilities of discontinued operations held for sale |
— |
67.7 |
|||||
|
Equity |
2,135.2 |
1,993.0 |
|||||
|
Total liabilities and equity |
$ |
6,056.8 |
$ |
6,139.3 |
|||
|
FMC CORPORATION | |||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
|
(Unaudited, in millions) | |||||||
|
Nine Months Ended September 30 | |||||||
|
2017 |
2016 | ||||||
|
Cash provided (required) by operating activities of continuing operations |
$ |
272.5 |
$ |
266.5 |
|||
|
Cash provided (required) by operating activities of discontinued operations |
47.0 |
121.6 |
|||||
|
Cash provided (required) by investing activities of continuing operations |
(70.0) |
(74.9) |
|||||
|
Cash provided (required) by investing activities of discontinued operations |
20.2 |
(22.3) |
|||||
|
Cash provided (required) by financing activities of continuing operations: |
|||||||
|
Increase (decrease) in short-term debt |
14.1 |
(50.4) |
|||||
|
Financing Fees |
(11.0) |
(0.7) |
|||||
|
Proceeds from borrowings of long-term debt |
103.3 |
2.1 |
|||||
|
Repayments of long-term debt |
(301.9) |
(126.3) |
|||||
|
Issuances of common stock, net |
20.1 |
2.4 |
|||||
|
Excess tax benefits from share-based compensation |
— |
0.5 |
|||||
|
Transactions with noncontrolling interests |
(0.5) |
— |
|||||
|
Dividends paid |
(66.6) |
(66.4) |
|||||
|
Other repurchases of common stock |
(1.8) |
(1.6) |
|||||
|
Cash provided (required) by financing activities |
(244.3) |
(240.4) |
|||||
|
Effect of exchange rate changes on cash |
4.2 |
1.6 |
|||||
|
Increase (decrease) in cash and cash equivalents |
29.6 |
52.1 |
|||||
|
Cash and cash equivalents, beginning of year |
64.2 |
78.6 |
|||||
|
Cash and cash equivalents, end of period |
$ |
93.8 |
$ |
130.7 |
|||
View original content:http://www.prnewswire.com/news-releases/fmc-corporation-announces-third-quarter-2017-results-300550345.html
SOURCE FMC Corporation
Article Date
11/6/2017FMC Corporation Completes Transformative Transactions with DuPont
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
PHILADELPHIA, Nov. 1, 2017 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today announced it has successfully completed the closing of its two pending transactions with DuPont. The companies signed a definitive agreement on March 31, 2017, and have now satisfied all necessary conditions and approvals. FMC has acquired the portion of DuPont's Crop Protection business it had to divest to comply with the European Commission ruling related to its merger with The Dow Chemical Company, which was completed on August 31, 2017, to form DowDuPont™. Additionally, FMC has completed the sale of FMC Health and Nutrition to DuPont.
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The company will provide a first look at the combined company and the integration of this acquisition next week, as part of its third quarter 2017 earnings conference call on Tuesday, November 7, 2017, at 9:00 a.m. ET.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. On November 1, 2017, FMC acquired a significant portion of DuPont's Crop Protection business. FMC's 2016 pro forma revenue was approximately $4 billion.1 FMC employs more than 7,000 people throughout the world and operates its businesses in two segments: FMC Agricultural Solutions and FMC Lithium. For more information, visit www.FMC.com.
1 2016 pro forma revenue assumes the transactions with DuPont occurred at the beginning of the year and includes twelve months of revenue from the DuPont Crop Protection business and it excludes the revenue from FMC Health and Nutrition. The pro forma revenue reflects FMC's calculation as of the date hereof based on information currently available. Form 8-K will be filed within 75 days of the transaction date and will include unaudited pro forma condensed financial information related to the transactions.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2016 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
View original content:http://www.prnewswire.com/news-releases/fmc-corporation-completes-transformative-transactions-with-dupont-300547433.html
SOURCE FMC Corporation
Article Date
11/1/2017FMC Corporation's Paul Graves and Thomas Schneberger to Speak at the 2017 Deutsche Bank Lithium Supply Chain and Energy Storage Conference
Source: PR Newswire
PHILADELPHIA, Oct. 16, 2017 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today announced that Paul Graves, executive vice president and chief financial officer, and Thomas Schneberger, vice president and global business director of FMC Lithium, will speak at the 2017 Deutsche Bank Lithium Supply Chain and Energy Storage Conference in New York City, on Thursday, November 16, 2017 at 8:40 a.m. ET.
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About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. Revenue totaled approximately $3.3 billion in 2016. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. On March 31, 2017, FMC announced the signing of a definitive agreement to acquire a significant portion of DuPont's Crop Protection business and to sell FMC Health and Nutrition to DuPont. Closing is expected to occur in the fourth quarter of 2017. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2016 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
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SOURCE FMC Corporation
Article Date
10/16/201710/3/2017 - FMC Corporation Announces Dates for Third Quarter 2017 Earnings Release and Webcast Conference Call
FMC Corporation Announces Dates for Third Quarter 2017 Earnings Release and Webcast Conference Call
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, Oct. 3, 2017 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today announced it will release its third quarter 2017 earnings on Monday, November 6, 2017, after the stock market close via PR Newswire and the company's website at: http://www.fmc.com.
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The company will host a webcast conference call on Tuesday, November 7, 2017, at 9:00 a.m. ET that is open to the public via Internet broadcast and telephone.
Internet broadcast: http://www.fmc.com
Passcode: FMC
Dial-in telephone numbers:
U.S. / Canada: (800) 230-1074
International: (612) 234-9959
Conference ID #421902
A replay of the call will be available via the internet and telephone from 11:00 a.m. ET on Tuesday, November 7, 2017 until Thursday, December 7, 2017.
Internet replay: http://www.fmc.com
U.S. / Canada telephone number: (800) 475-6701
International telephone number: (320) 365-3844
Enter Conference ID # 421902
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. Revenue totaled approximately $3.3 billion in 2016. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. On March 31, 2017, FMC announced the signing of a definitive agreement to acquire a significant portion of DuPont's Crop Protection business and to sell FMC Health and Nutrition to DuPont. Closing is expected to occur in the fourth quarter of 2017. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2016 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
View original content:http://www.prnewswire.com/news-releases/fmc-corporation-announces-dates-for-third-quarter-2017-earnings-release-and-webcast-conference-call-300530338.html
SOURCE FMC Corporation
Article Date
10/3/2017FMC Corporation Receives Antitrust Clearances Needed to Close Proposed Acquisition of DuPont Crop Protection Assets
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, Sept. 21, 2017 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today announced that it has received approval from the Competition Commission of India (CCI) for the proposed acquisition of a significant portion of DuPont's Crop Protection business. The CCI is the final jurisdiction to grant antitrust clearance needed to satisfy regulatory conditions for closing.
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"FMC is pleased to have received CCI's approval," said Pierre Brondeau, FMC president, CEO and chairman. "We are on track to close our transactions with DuPont on November 1, 2017."
FMC announced on March 31, 2017 the signing of a definitive agreement for FMC to acquire a portion of DuPont's Crop Protection business that it must divest to comply with the European Commission ruling related to its merger with The Dow Chemical Company. FMC will acquire DuPont's global chewing pest insecticide portfolio, its global cereal broadleaf herbicides, and substantially all of DuPont's global crop protection R&D capabilities. Additionally, DuPont will acquire FMC's Health and Nutrition segment and receive $1.2 billion in cash.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. Revenue totaled approximately $3.3 billion in 2016. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. On March 31, 2017, FMC announced the signing of a definitive agreement to acquire a significant portion of DuPont's Crop Protection business and to sell FMC Health and Nutrition to DuPont. Closing is expected to occur in the fourth quarter of 2017. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2016 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
View original content:http://www.prnewswire.com/news-releases/fmc-corporation-receives-antitrust-clearances-needed-to-close-proposed-acquisition-of-dupont-crop-protection-assets-300523917.html
SOURCE FMC Corporation
Article Date
9/21/2017FMC Corporation's Paul Graves to Speak at the Credit Suisse Basic Materials Conference
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, Sept. 1, 2017 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today announced that Paul Graves, Executive Vice President and Chief Financial Officer, will speak at the Credit Suisse Basic Materials Conference in New York City, on Tuesday, September 12, 2017 at 12:15 p.m. ET. A live webcast will be available on the FMC Investor Relations website.
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About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. Revenue totaled approximately $3.3 billion in 2016. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. On March 31, 2017, FMC announced the signing of a definitive agreement to acquire a significant portion of DuPont's Crop Protection business and to sell FMC Health and Nutrition to DuPont. Closing is expected to occur in the fourth quarter of 2017. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2016 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
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SOURCE FMC Corporation
Article Date
9/1/2017FMC Corporation Announces Second Quarter 2017 Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, Aug. 1, 2017 /PRNewswire/ --
Second Quarter 2017 Highlights
FMC Corporation (NYSE: FMC) today reported second quarter revenue of $657 million, which is an increase of 7 percent year-over-year. On a GAAP basis, the company reported earnings of $0.56 per diluted share in the second quarter, or $75 million, which is 14 percent higher than the GAAP earnings of $0.49 per diluted share, or $65 million, in the second quarter of 2016. Second quarter 2017 adjusted earnings per diluted share were $0.48, which excludes approximately 24 cents attributable to the reporting of Health and Nutrition in discontinued operations.
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Pierre Brondeau, FMC president, CEO and chairman said: "FMC delivered another solid quarter. In Ag Solutions, we saw strong volumes in Latin America and successful new product launches into Asia. Lithium earnings increased by over 45 percent, on higher pricing. Our lithium hydroxide expansion began selling product to customers in the second quarter and will be at full run rate by the fourth quarter."
FMC Agricultural Solutions
FMC Agricultural Solutions reported second quarter revenue of $583 million and segment earnings of $96 million. Second quarter segment revenue increased 6 percent year-over-year, with volume increasing 10 percent, partially offset by a 4 percent decline in price. Segment earnings decreased 5 percent compared to the second quarter of 2016, with price and geographic mix shift having the largest negative impact.
Agricultural Solutions full-year segment revenue is forecasted to be in the range of $2.3 billion to $2.4 billion, an increase of 3 percent at the mid-point compared to 2016, and full-year segment earnings are expected to be in the range of $415 million to $445 million, an increase of 8 percent at the mid-point. 2 Segment earnings margin is expected to be approximately 20 percent in the second half of 2017. Third quarter segment earnings are forecasted to be in the range of $100 million to $120 million, an increase of 22 percent at the mid-point compared to the prior year quarter.
FMC Lithium
FMC Lithium reported second quarter segment revenue of $74 million, an increase of 17 percent from the prior-year quarter. Segment earnings increased 47 percent to $24 million in the quarter versus $17 million in the prior-year quarter. Significantly higher prices and improved mix were partially offset by increased costs.
The outlook for Lithium for the full year has been increased. Segment revenue for the full year of 2017 is forecasted to be in the range of $340 million to $360 million, an increase of 33 percent at the mid-point compared to 2016, while full-year segment earnings are expected to be between $115 million and $125 million. This revised forecast for full-year segment earnings represents an increase of $10 million versus prior guidance and an increase of over 70 percent at the mid-point compared to the prior year. Third quarter segment earnings are expected to be in the range of $30 million to $35 million, an increase of approximately 85 percent at the mid-point compared to the prior year quarter.
2017 Outlook
FMC expects adjusted earnings per share to be in the range of $2.30 to $2.50 for the full year 2017, excluding any benefit from the pending DuPont (NYSE:DD) Crop Protection transaction.1,2
Update on Transactions with DuPont
FMC continues to expect both the Crop Protection and Health and Nutrition transactions with DuPont will close on November 1, 2017.
Webcast and Supplemental Information
The company will post supplemental information on the web at www.FMC.com, including its 2017 Outlook Statement, definitions of non-GAAP terms and reconciliations of non-GAAP figures to the nearest available GAAP term.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. Revenue totaled approximately $3.3 billion in 2016. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. On March 31, 2017, FMC announced the signing of a definitive agreement to acquire a significant portion of DuPont's Crop Protection business and to sell FMC Health and Nutrition to DuPont. Closing is expected to occur in the fourth quarter of 2017. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2016 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
This press release contains certain "non-GAAP financial terms" which are defined on our website www.fmc.com. In addition, we have also provided on our website at www.fmc.com reconciliations of non-GAAP terms to the most directly comparable GAAP term.
|
FMC CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited, in millions, except per share amounts) | |||||||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
June 30 |
June 30 | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
Revenue |
$ |
656.8 |
$ |
615.3 |
$ |
1,252.8 |
$ |
1,221.7 |
|||||||
|
Costs of sales and services |
422.4 |
379.9 |
802.2 |
770.3 |
|||||||||||
|
Gross margin |
234.4 |
235.4 |
450.6 |
451.4 |
|||||||||||
|
Selling, general and administrative expenses |
126.4 |
110.6 |
236.1 |
220.7 |
|||||||||||
|
Research and development expenses |
32.0 |
33.2 |
60.2 |
67.4 |
|||||||||||
|
Restructuring and other charges (income) |
6.9 |
9.1 |
15.2 |
18.6 |
|||||||||||
|
Total costs and expenses |
587.7 |
532.8 |
1,113.7 |
1,077.0 |
|||||||||||
|
Income (loss) from operations |
69.1 |
82.5 |
139.1 |
144.7 |
|||||||||||
|
Equity in (earnings) loss of affiliates |
(0.1) |
— |
(0.2) |
— |
|||||||||||
|
Interest expense, net |
17.2 |
15.2 |
32.9 |
31.0 |
|||||||||||
|
Income (loss) from continuing operations before income taxes |
52.0 |
67.3 |
106.4 |
113.7 |
|||||||||||
|
Provision (benefit) for income taxes |
3.3 |
20.5 |
12.7 |
40.9 |
|||||||||||
|
Income (loss) from continuing operations |
48.7 |
46.8 |
93.7 |
72.8 |
|||||||||||
|
Discontinued operations, net of income taxes |
26.6 |
20.2 |
(142.2) |
42.9 |
|||||||||||
|
Net income (loss) |
$ |
75.3 |
$ |
67.0 |
$ |
(48.5) |
$ |
115.7 |
|||||||
|
Less: Net income attributable to noncontrolling interests |
0.6 |
1.8 |
1.0 |
2.2 |
|||||||||||
|
Net income (loss) attributable to FMC stockholders |
$ |
74.7 |
$ |
65.2 |
$ |
(49.5) |
$ |
113.5 |
|||||||
|
Amounts attributable to FMC stockholders: |
|||||||||||||||
|
Income (loss) from continuing operations, net of tax |
$ |
48.2 |
$ |
45.0 |
$ |
92.7 |
$ |
70.6 |
|||||||
|
Discontinued operations, net of tax |
26.5 |
20.2 |
(142.2) |
42.9 |
|||||||||||
|
Net income (loss) |
$ |
74.7 |
$ |
65.2 |
$ |
(49.5) |
$ |
113.5 |
|||||||
|
Basic earnings (loss) per common share attributable to FMC |
|||||||||||||||
|
Continuing operations |
$ |
0.36 |
$ |
0.34 |
$ |
0.69 |
$ |
0.52 |
|||||||
|
Discontinued operations |
0.20 |
0.15 |
(1.06) |
0.32 |
|||||||||||
|
Basic earnings per common share |
$ |
0.56 |
$ |
0.49 |
$ |
(0.37) |
$ |
0.84 |
|||||||
|
Average number of shares outstanding used in basic earnings per share computations |
134.2 |
133.9 |
134.1 |
133.9 |
|||||||||||
|
Diluted earnings (loss) per common share attributable to FMC |
|||||||||||||||
|
Continuing operations |
$ |
0.36 |
$ |
0.34 |
$ |
0.69 |
$ |
0.52 |
|||||||
|
Discontinued operations |
0.20 |
0.15 |
(1.06) |
0.32 |
|||||||||||
|
Diluted earnings per common share |
$ |
0.56 |
$ |
0.49 |
$ |
(0.37) |
$ |
0.84 |
|||||||
|
Average number of shares outstanding used in diluted earnings per share |
135.6 |
134.6 |
135.3 |
134.4 |
|||||||||||
|
Other Data: |
|||||||||||||||
|
Capital additions |
$ |
15.2 |
$ |
22.4 |
$ |
26.7 |
$ |
45.3 |
|||||||
|
Depreciation and amortization expense |
$ |
22.5 |
$ |
24.7 |
$ |
46.1 |
$ |
49.6 |
|||||||
|
FMC CORPORATION RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||||||||||
|
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO FMC STOCKHOLDERS (GAAP) TO (Unaudited, in millions, except per share amounts) | |||||||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
June 30 |
June 30 | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
Net income (loss) attributable to FMC stockholders (GAAP) |
$ |
74.7 |
$ |
65.2 |
$ |
(49.5) |
$ |
113.5 |
|||||||
|
Corporate special charges (income): |
|||||||||||||||
|
Restructuring and other charges (income) (a) |
6.9 |
9.1 |
15.2 |
18.6 |
|||||||||||
|
Non-operating pension and postretirement charges (income) (b) |
(4.1) |
1.2 |
(8.7) |
2.3 |
|||||||||||
|
Acquisition-related charges (c) |
20.7 |
5.0 |
29.9 |
12.4 |
|||||||||||
|
Income tax expense (benefit) on Corporate special charges (income) (d) |
(8.1) |
(4.5) |
(12.5) |
(9.7) |
|||||||||||
|
Discontinued operations attributable to FMC stockholders, net of income taxes (e) |
(26.5) |
(20.2) |
142.2 |
(42.9) |
|||||||||||
|
Tax adjustment (f) |
1.2 |
6.5 |
6.6 |
16.1 |
|||||||||||
|
Adjusted after-tax earnings from continuing operations |
$ |
64.8 |
$ |
62.3 |
$ |
123.2 |
$ |
110.3 |
|||||||
|
Diluted earnings per common share (GAAP) |
$ |
0.56 |
$ |
0.49 |
$ |
(0.37) |
$ |
0.84 |
|||||||
|
Corporate special charges (income) per diluted share, before tax: |
|||||||||||||||
|
Restructuring and other charges (income) |
0.05 |
0.06 |
0.11 |
0.14 |
|||||||||||
|
Non-operating pension and postretirement charges |
(0.03) |
0.01 |
(0.06) |
0.02 |
|||||||||||
|
Acquisition-related charges |
0.15 |
0.04 |
0.22 |
0.09 |
|||||||||||
|
Income tax expense (benefit) on Corporate special charges (income), per diluted share |
(0.06) |
(0.03) |
(0.09) |
(0.07) |
|||||||||||
|
Discontinued operations per diluted share |
(0.20) |
(0.15) |
1.05 |
(0.32) |
|||||||||||
|
Tax adjustments per diluted share |
0.01 |
0.04 |
0.05 |
0.12 |
|||||||||||
|
Diluted adjusted after-tax earnings from continuing |
$ |
0.48 |
$ |
0.46 |
$ |
0.91 |
$ |
0.82 |
|||||||
|
Average number of shares outstanding used in diluted adjusted |
135.6 |
134.6 |
135.3 |
134.4 |
|||||||||||
|
____________________ | |
|
(1) |
The Company believes that the Non-GAAP financial measure "Adjusted after-tax earnings from continuing operations attributable to FMC stockholders", and its presentation on a per share basis, provides useful information about the Company's operating results to investors and securities analysts. Adjusted earnings excludes the effects of corporate special charges, tax-related adjustments and the results of our discontinued operations. The Company also believes that excluding the effects of these items from operating results allows management and investors to compare more easily the financial performance of its underlying businesses from period to period. |
|
(a) |
Three Months Ended June 30, 2017: |
|
Restructuring and other charges (income) represents $0.2 million associated with our FMC Agricultural Solutions segment. Additionally, restructuring and other charges (income) includes charges of continuing environmental sites treated as a Corporate charge of $3.3 million and other Corporate charges of $3.4 million. | |
|
Three Months Ended June 30, 2016: | |
|
Restructuring and other charges (income) includes charges of $5.9 million representing adjustments to severance and asset write-offs primarily associated with the integration of Cheminova with FMC Agricultural Solutions. Additionally, restructuring and other charges (income) includes charges of continuing environmental sites treated as a Corporate charge of $2.5 million. Remaining restructuring and other charges includes net miscellaneous charges of $0.7 million. | |
|
Six Months Ended June 30, 2017: | |
|
Restructuring and other charges (income) represents $4.7 million of exit costs related to the termination of our interest in a variable interest entity that was previously consolidated and part of our FMC Agricultural Solutions segment. Additionally, restructuring and other charges (income) includes charges of continuing environmental sites treated as a Corporate charge of $5.6 million and other Corporate charges of $4.9 million. | |
|
Six Months Ended June 30, 2016: | |
|
Restructuring and other charges (income) includes charges of $8.9 million representing adjustments to severance and asset write-offs primarily associated with the integration of Cheminova with FMC Agricultural Solutions. Amounts also include $4.2 million associated as a result of the Argentina government's action to devalue its currency. Additionally, restructuring and other charges includes charges of continuing environmental sites treated as a Corporate charge of $9.1 million. Remaining restructuring and other charges includes net miscellaneous charges (income) of $(3.6) million. | |
|
(b) |
Our non-operating pension and postretirement costs are defined as those costs related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These costs are primarily related to changes in pension plan assets and liabilities which are tied to financial market performance and we consider these costs to be outside our operational performance. We exclude these non-operating pension and postretirement costs from our segments as we believe that removing them provides a better understanding of the underlying profitability of our businesses, provides increased transparency and clarity in the performance of our retirement plans and enhances period-over-period comparability. We continue to include the service cost and amortization of prior service cost in our Adjusted Earnings results noted above. We believe these elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees. |
|
(c) |
Charges related to the legal and professional fees associated with the planned or completed acquisitions. Amounts represent the following: |
|
Three Months Ended June 30 |
Six Months Ended June 30 | ||||||||||||||||
|
(in Millions) |
2017 |
2016 |
2017 |
2016 | |||||||||||||
|
Acquisition-related charges |
|||||||||||||||||
|
Legal and professional fees (1) |
$ |
20.7 |
$ |
5.0 |
$ |
29.9 |
$ |
12.4 |
|||||||||
|
Total Acquisition-related charges (2) |
$ |
20.7 |
$ |
5.0 |
$ |
29.9 |
$ |
12.4 |
|||||||||
|
____________________ | |||||
|
(1) |
Represents transaction costs, costs for transitional employees, other acquired employees related costs and integration-related legal and professional third-party fees. These charges are recorded as a component of "Selling, general and administrative expense" on the condensed consolidated statements of income (loss). | ||||
|
(2) |
Acquisition-related charges for the three and six months ended June 30, 2017 relate to the previously announced definitive agreement to acquire a significant portion of DuPont's crop protection business, while charges for the three and six months ended June 30, 2016 relate to the integration of Cheminova with FMC Agricultural Solutions, which were completed at the end of 2016. | ||||
|
(d) |
The income tax expense (benefit) on Corporate special charges (income) is determined using the applicable rates in the taxing jurisdictions in which the corporate special charge or income occurred and includes both current and deferred income tax expense (benefit) based on the nature of the non-GAAP performance measure. |
|
(e) |
Three and Six Months Ended June 30, 2017 and 2016 |
|
Discontinued operations include the results of FMC Health and Nutrition as well as provisions, net of recoveries, for environmental liabilities and legal reserves and expenses related to previously discontinued operations. Assets held for sale under U.S. GAAP are required to be reported at the lower of carrying value or fair value, less costs to sell. We expect a significant gain on the FMC Health and Nutrition assets to be sold to DuPont and therefore these assets held for sale are reported at carrying value. However, the fair value of the Omega-3 business, which was previously part of the broader FMC Health and Nutrition reporting unit, is significantly less than its carrying value, which includes accumulated foreign currency translation adjustments that would be reclassified to earnings upon completion of sale. As a result, we recorded an impairment charge of approximately $185 million ($165 million, net of tax) during the three months ended March 31, 2017. On June 22, 2017, we announced that we signed a definitive agreement to sell the Omega-3 business. As a result, the fair value of the Omega-3 business was revised in the three months ended June 30, 2017 to reflect the sales price. The impairment charge for the six months ended June 30, 2017 was approximately $171 million ($151 million, net of tax). | |
|
(f) |
We exclude the GAAP tax provision, including discrete items, from the Non-GAAP measure of income, and instead include a Non-GAAP tax provision based upon the projected annual Non-GAAP effective tax rate. The GAAP tax provision includes certain discrete tax items including, but are not limited to: income tax expenses or benefits that are not related to ongoing business operations in the current year; tax adjustments associated with fluctuations in foreign currency remeasurement of certain foreign operations; certain changes in estimates of tax matters related to prior fiscal years; certain changes in the realizability of deferred tax assets and related interim accounting impacts; and changes in tax law. Management believes excluding these discrete tax items assists investors and securities analysts in understanding the tax provision and the effective tax rate related to ongoing operations thereby providing investors with useful supplemental information about FMC's operational performance. |
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
June 30 |
June 30 | ||||||||||||||
|
(in Millions) |
2017 |
2016 |
2017 |
2016 | |||||||||||
|
Non-GAAP tax adjustments: |
|||||||||||||||
|
Revisions to our tax liabilities due to finalization of prior year tax returns |
$ |
(0.8) |
$ |
0.1 |
$ |
(0.8) |
$ |
1.6 |
|||||||
|
Revisions to valuation allowances of historical deferred tax assets |
(3.5) |
— |
(0.1) |
— |
|||||||||||
|
Foreign currency remeasurement and other discrete items |
5.5 |
6.4 |
7.5 |
14.5 |
|||||||||||
|
Total Non-GAAP tax adjustments |
$ |
1.2 |
$ |
6.5 |
$ |
6.6 |
$ |
16.1 |
|||||||
|
RECONCILIATION OF NET INCOME (LOSS) (GAAP) TO ADJUSTED EARNINGS FROM CONTINUING (Unaudited, in millions) | |||||||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
June 30 |
June 30 | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
Net income (loss) (GAAP) |
$ |
75.3 |
$ |
67.0 |
$ |
(48.5) |
$ |
115.7 |
|||||||
|
Restructuring and other charges (income) |
6.9 |
9.1 |
15.2 |
18.6 |
|||||||||||
|
Non-operating pension and postretirement charges |
(4.1) |
1.2 |
(8.7) |
2.3 |
|||||||||||
|
Acquisition-related charges |
20.7 |
5.0 |
29.9 |
12.4 |
|||||||||||
|
Discontinued operations, net of income taxes |
(26.6) |
(20.2) |
142.2 |
(42.9) |
|||||||||||
|
Interest expense, net |
17.2 |
15.2 |
32.9 |
31.0 |
|||||||||||
|
Provision (benefit) for income taxes |
3.3 |
20.5 |
12.7 |
40.9 |
|||||||||||
|
Adjusted earnings from continuing operations, |
$ |
92.7 |
$ |
97.8 |
$ |
175.7 |
$ |
178.0 |
|||||||
|
___________________ | |
|
(1) |
Referred to as Adjusted Operating Profit. |
|
RECONCILIATION OF CASH PROVIDED (REQUIRED) BY OPERATING ACTIVITIES (GAAP) TO (Unaudited, in millions) | |||||||
|
Six Months Ended | |||||||
|
June 30 | |||||||
|
2017 |
2016 | ||||||
|
Cash provided (required) by operating activities (GAAP) |
$ |
205.0 |
$ |
160.1 |
|||
|
Transaction and integration costs related to acquisitions |
(9.0) |
(12.4) |
|||||
|
Adjusted cash from operations (Non-GAAP) (1) |
$ |
196.0 |
$ |
147.7 |
|||
|
___________________ | |
|
(1) |
The Company believes that the Non-GAAP financial measure "Adjusted cash from operations" provides useful information about the Company's cash flows to investors and securities analysts. Adjusted cash from operations excludes the effects of acquisition-related cash flows. The Company also believes that excluding the effects of these items from cash provided (required) by operating activities allows management and investors to compare more easily the cash flows from period to period. |
|
FMC CORPORATION INDUSTRY SEGMENT DATA (Unaudited, in millions) | |||||||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
June 30 |
June 30 | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
Revenue |
|||||||||||||||
|
FMC Agricultural Solutions |
$ |
582.8 |
$ |
552.0 |
$ |
1,113.2 |
$ |
1,098.1 |
|||||||
|
FMC Lithium |
74.0 |
63.3 |
139.6 |
123.6 |
|||||||||||
|
Total |
$ |
656.8 |
$ |
615.3 |
$ |
1,252.8 |
$ |
1,221.7 |
|||||||
|
Income from continuing operations before income taxes |
|||||||||||||||
|
FMC Agricultural Solutions |
95.7 |
100.7 |
178.7 |
182.7 |
|||||||||||
|
FMC Lithium |
24.2 |
16.5 |
45.8 |
31.4 |
|||||||||||
|
Segment operating profit (a) |
119.9 |
117.2 |
224.5 |
214.1 |
|||||||||||
|
Corporate and other |
(27.2) |
(19.4) |
(48.8) |
(36.1) |
|||||||||||
|
Adjusted earnings from continuing operations, before interest, |
$ |
92.7 |
$ |
97.8 |
$ |
175.7 |
$ |
178.0 |
|||||||
|
Interest expense, net |
(17.2) |
(15.2) |
(32.9) |
(31.0) |
|||||||||||
|
Corporate special (charges) income: |
|||||||||||||||
|
Restructuring and other (charges) income (b) |
(6.9) |
(9.1) |
(15.2) |
(18.6) |
|||||||||||
|
Non-operating pension and postretirement (charges) income (c) |
4.1 |
(1.2) |
8.7 |
(2.3) |
|||||||||||
|
Acquisition-related charges (d) |
(20.7) |
(5.0) |
(29.9) |
(12.4) |
|||||||||||
|
(Provision) benefit for income taxes |
(3.3) |
(20.5) |
(12.7) |
(40.9) |
|||||||||||
|
Discontinued operations, net of income taxes (e) |
26.6 |
20.2 |
(142.2) |
42.9 |
|||||||||||
|
Net income attributable to noncontrolling interests |
(0.6) |
(1.8) |
(1.0) |
(2.2) |
|||||||||||
|
Net income (loss) attributable to FMC stockholders |
$ |
74.7 |
$ |
65.2 |
$ |
(49.5) |
$ |
113.5 |
|||||||
|
____________________ | |
|
(a) |
Referred to as Segment Earnings. |
|
(b) |
Below provides the details of restructuring and other (charges) income by segment. |
|
Three Months Ended June 30 |
Six Months Ended June 30 | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
FMC Agricultural Solutions |
$ |
(0.2) |
$ |
(5.9) |
$ |
(4.7) |
$ |
(12.5) |
|||||||
|
FMC Lithium |
— |
— |
— |
(0.6) |
|||||||||||
|
Corporate |
(6.7) |
(3.2) |
(10.5) |
(5.5) |
|||||||||||
|
Restructuring and other (charges) income |
$ |
(6.9) |
$ |
(9.1) |
$ |
(15.2) |
$ |
(18.6) |
|||||||
|
(c) |
See Note (b) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP)" for further details on the components that make up this line item. |
|
(d) |
See Note (c) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP)" for further details on the components that make up this line item. |
|
(e) |
See Note (e) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP)" for further details on the components that make up this line item. |
|
FMC CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in millions) | |||||||
|
June 30, 2017 |
December 31, 2016 | ||||||
|
Cash and cash equivalents |
$ |
113.2 |
$ |
64.2 |
|||
|
Trade receivables, net of allowance of $28.5 in 2017 and $17.6 in 2016 |
1,442.3 |
1,692.5 |
|||||
|
Inventories |
546.3 |
478.9 |
|||||
|
Prepaid and other current assets |
261.4 |
232.1 |
|||||
|
Current assets of discontinued operations held for sale |
1,122.6 |
381.5 |
|||||
|
Total current assets |
$ |
3,485.8 |
$ |
2,849.2 |
|||
|
Property, plant and equipment, net |
538.3 |
538.1 |
|||||
|
Goodwill |
501.0 |
498.7 |
|||||
|
Deferred income taxes |
237.2 |
242.1 |
|||||
|
Other long-term assets |
1,222.0 |
1,175.6 |
|||||
|
Noncurrent assets of discontinued operations held for sale |
— |
835.6 |
|||||
|
Total assets |
$ |
5,984.3 |
$ |
6,139.3 |
|||
|
Short-term debt and current portion of long-term debt |
$ |
192.5 |
$ |
94.2 |
|||
|
Accounts payable, trade and other |
433.5 |
317.4 |
|||||
|
Accrued customer rebates |
347.8 |
246.7 |
|||||
|
Guarantees of vendor financing |
65.2 |
104.5 |
|||||
|
Accrued pensions and other postretirement benefits, current |
7.1 |
7.1 |
|||||
|
Other current liabilities |
356.2 |
609.3 |
|||||
|
Current liabilities of discontinued operations held for sale |
139.6 |
59.0 |
|||||
|
Total current liabilities |
$ |
1,541.9 |
$ |
1,438.2 |
|||
|
Long-term debt, less current portion |
1,592.3 |
1,798.8 |
|||||
|
Long-term liabilities |
823.4 |
841.6 |
|||||
|
Long-term liabilities of discontinued operations held for sale |
— |
67.7 |
|||||
|
Equity |
2,026.7 |
1,993.0 |
|||||
|
Total liabilities and equity |
$ |
5,984.3 |
$ |
6,139.3 |
|||
|
FMC CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in millions) | |||||||
|
Six Months Ended June 30 | |||||||
|
2017 |
2016 | ||||||
|
Cash provided (required) by operating activities of continuing operations |
$ |
205.0 |
$ |
160.1 |
|||
|
Cash provided (required) by operating activities of discontinued operations |
55.1 |
64.4 |
|||||
|
Cash provided (required) by investing activities of continuing operations |
(51.2) |
(45.0) |
|||||
|
Cash provided (required) by investing activities of discontinued operations |
(12.8) |
(14.7) |
|||||
|
Cash provided (required) by financing activities of continuing operations: |
|||||||
|
Net borrowings (repayments) under committed credit facilities |
— |
— |
|||||
|
Increase (decrease) in short-term debt |
(4.0) |
(59.4) |
|||||
|
Financing Fees |
(11.0) |
(0.7) |
|||||
|
Proceeds from borrowings of long-term debt |
97.9 |
2.8 |
|||||
|
Repayments of long-term debt |
(200.7) |
(50.8) |
|||||
|
Issuances of common stock, net |
14.3 |
2.1 |
|||||
|
Excess tax benefits from share-based compensation |
— |
0.4 |
|||||
|
Transactions with noncontrolling interests |
(0.5) |
— |
|||||
|
Dividends paid |
(44.3) |
(44.3) |
|||||
|
Other repurchases of common stock |
(1.5) |
(1.2) |
|||||
|
Cash provided (required) by financing activities |
(149.8) |
(151.1) |
|||||
|
Effect of exchange rate changes on cash |
2.7 |
1.3 |
|||||
|
Increase (decrease) in cash and cash equivalents |
49.0 |
15.0 |
|||||
|
Cash and cash equivalents, beginning of year |
64.2 |
78.6 |
|||||
|
Cash and cash equivalents, end of period |
$ |
113.2 |
$ |
93.6 |
|||
View original content:http://www.prnewswire.com/news-releases/fmc-corporation-announces-second-quarter-2017-results-300497812.html
SOURCE FMC Corporation
Article Date
8/1/2017FMC Corporation's Board Declares Quarterly Dividend
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, July 21, 2017 /PRNewswire/ -- FMC Corporation (NYSE: FMC) announced today that its Board of Directors declared a regular quarterly dividend of 16.5 cents per share, payable on October 19, 2017, to shareholders of record at the close of business on September 29, 2017.
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About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. Revenue totaled approximately $3.3 billion in 2016. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. On March 31, 2017, FMC announced the signing of a definitive agreement to acquire a significant portion of DuPont's Crop Protection business and to sell FMC Health and Nutrition to DuPont. Closing is expected to occur in the fourth quarter of 2017. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2016 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
View original content:http://www.prnewswire.com/news-releases/fmc-corporations-board-declares-quarterly-dividend-300492432.html
SOURCE FMC Corporation
Article Date
7/21/2017FMC Corporation Announces Dates for Second and Third Quarter 2017 Earnings Releases and Webcast Conference Calls
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, July 11, 2017 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today announced it will release its second quarter 2017 earnings on Tuesday, August 1, 2017, and its third quarter 2017 earnings on Monday, November 6, 2017. On each of these dates, the respective press release will be published after stock market close via PR Newswire and the company's website at: http://www.fmc.com.
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The company will host its second quarter 2017 webcast conference call on Wednesday, August 2, 2017, and its third quarter 2017 webcast conference call on Tuesday, November 7, 2017. Both calls will be held at 9:00 a.m. ET and they are open to the public via Internet broadcast and telephone.
Internet broadcast: http://www.fmc.com
Passcode: FMC
Dial-in telephone numbers for August 2:
U.S. / Canada: (800) 288-8960
International: (612) 288-0337
Conference ID # 414533
A replay of each conference call will be available via the internet and telephone for 30 days after the original call, starting at 11:00 a.m. ET on the day of each respective call.
Internet replay: http://www.fmc.com
U.S. / Canada telephone number: (800) 475-6701
International telephone number: (320) 365-3844
Enter Conference ID # 414533
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. Revenue totaled approximately $3.3 billion in 2016. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. On March 31, 2017, FMC announced the signing of a definitive agreement to acquire a significant portion of DuPont's Crop Protection business and to sell FMC Health and Nutrition to DuPont. Closing is expected to occur in the fourth quarter of 2017. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2016 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
View original content:http://www.prnewswire.com/news-releases/fmc-corporation-announces-dates-for-second-and-third-quarter-2017-earnings-releases-and-webcast-conference-calls-300485667.html
SOURCE FMC Corporation
Article Date
7/11/2017FMC Corporation Announces Definitive Agreement to Sell Omega-3 business to Pelagia AS
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, June 23, 2017 /PRNewswire/ -- FMC Corporation (NYSE: FMC) has signed a definitive agreement to sell its Epax® Omega-3 business to Pelagia AS. The transaction is expected to close by the end of Q3 2017, subject to customary regulatory approvals and closing conditions.
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"We are pleased to sell our Omega-3 business to Pelagia AS, a leading manufacturer of pelagic fish products," said Eric Norris, president, FMC Health and Nutrition. "We believe Pelagia provides a strong strategic fit for our Epax® Omega-3 product line and will complement Pelagia's existing portfolio."
Terms of the transaction were not disclosed.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. Revenue totaled approximately $3.3 billion in 2016. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. On March 31, 2017, FMC announced the signing of a definitive agreement to acquire a significant portion of DuPont's Crop Protection business and to sell FMC Health and Nutrition to DuPont. Closing is expected to occur in the fourth quarter of 2017. For more information, visit www.FMC.com.
About Pelagia
Pelagia is the world's leading producer of pelagic fish and marine protein and oils. Our products are sold globally with revenue of 5.7 billion NOK / 0.7 billion USD in 100% owned companies. Our factories are located in the United Kingdom, Ireland, Denmark and Norway and our approximately 700 employees are processing ca 1.2 billion kilograms of pelagic fish per year. Pelagia strives to increase value on the products we produce. Pelagia's key strategy is being the best supplier to our customers and being the best customer to our suppliers. We aim to achieve this by moving our products up the value chain and the acquisition of FMC's Epax® Omega-3 business complements this strategy.
For more information please visit www.pelagia.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2016 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
SOURCE FMC Corporation
Article Date
6/23/2017American Chemistry Council Names FMC Responsible Care Company of the Year
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, June 12, 2017 /PRNewswire/ -- FMC Corporation (NYSE: FMC) announced that it has received the American Chemistry Council (ACC) Responsible Care® Company of the Year Award for 2017. This marks the third consecutive year FMC has been recognized for its achievements and continuous improvement in all aspects of Environmental, Health, Safety and Sustainability (EHS&S). Responsible Care is ACC's world-class EHS&S performance initiative. As a Responsible Care Company of the Year, FMC is recognized as an industry leader in advancing business performance while protecting employees and safeguarding the environment.
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"Responsible Care has been part of the fabric of FMC a long time," said Pierre Brondeau, president, CEO and chairman of FMC. "It has become a part of everything we do. It is a core value in many aspects, much more than what we would call a system or a process. This has led to a culture of continuous improvement that has produced winning results with employees and through the communities we serve."
To be eligible for the Company of the Year award, companies must demonstrate: a recordable injury rating in the top 10 percent of companies in their size category; positive performance trends in process safety, transportation safety and emissions reduction; public availability of product stewardship information; as well as on-time or early completion of required performance metrics reporting and RCMS®/RC14001® certification and Code implementation.
Leadership and employee involvement were instrumental in earning FMC this recognition. As part of this award FMC was recognized by ACC for collective efforts that led to:
"FMC leadership is proud of this accomplishment," said Linda Froelich, director of sustainability for FMC. "Commitment to Responsible Care is rooted in our company culture and is visible in the everyday efforts of the workforce, the passion of the leadership and the strength of the company's partnerships."
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. Revenue totaled approximately $3.3 billion in 2016. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. On March 31, 2017, FMC announced the signing of a definitive agreement to acquire a significant portion of DuPont's Crop Protection business and to sell FMC Health and Nutrition to DuPont. Closing is expected to occur in the fourth quarter of 2017. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2016 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
SOURCE FMC Corporation
Article Date
6/12/2017FMC Issues 'Built for Progress' Sustainability Report for 2016
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, June 6, 2017 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today released its 2016 report on the company's global sustainability performance, including progress toward its goals published in last year's report as well as business-wide efforts to address climate change. The report, "Built for Progress," is FMC's sixth annual update, and is aligned with GRI (Global Reporting Initiative) Standards.
"Sustainability is a fundamental part of FMC's structure and culture," said Pierre Brondeau, FMC president, CEO and chairman. "We embrace a focused approach to engaging stakeholders and customers to create value and build momentum to address some of the world's toughest challenges."
The report details progress on the company's 2025 environmental impact goals and 2020 goals for safety, innovation and community engagement. It also summarizes FMC's vision to be a leading, innovative provider of technologies that help feed and power a growing population. This vision is supported by five core principles that guide the company's global workforce:
"We have made meaningful and measurable strides over the past few years and continue to deepen our commitment to sustainability," Brondeau added. "We intend to accelerate our progress by proactively addressing the environmental impact of our products and maintaining robust product stewardship programs as we help to feed and power a growing population."
Achievements cited in FMC's 2016 report include:
Additional information about FMC's sustainability initiatives, including an online copy of the 2016 report, is available at www.FMCsustainability.com.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. Revenue totaled approximately $3.3 billion in 2016. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. On March 31, 2017, FMC announced the signing of a definitive agreement to acquire a significant portion of DuPont's Crop Protection business and to sell FMC Health and Nutrition to DuPont. Closing is expected to occur in the fourth quarter of 2017. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2016 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
SOURCE FMC Corporation
Article Date
6/6/2017FMC Corporation Announces First Quarter 2017 Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, May 2, 2017 /PRNewswire/ --
First Quarter 2017 Highlights
FMC Corporation (NYSE: FMC) today reported first quarter revenue of $596 million, excluding $177 million of revenue attributable to Health and Nutrition. On a GAAP basis, the company reported a net loss of $124 million in the first quarter, or a loss of $0.92 per diluted share, which includes an impairment charge of $165 million, net of tax, taken on its Omega-3 business. This compares to GAAP earnings of $48 million, or $0.36 per diluted share in the first quarter of 2016. First quarter 2017 adjusted earnings per diluted share were $0.43, which excludes approximately 21 cents attributable to the reporting of Health and Nutrition in discontinued operations. On a like-for-like basis with the company's guidance of 50 to 60 cents per share, adjusted EPS would have been 64 cents, which is 9 cents, or 16 percent, above the midpoint of the range.
Logo - http://photos.prnewswire.com/prnh/20111101/NE97440LOGO
Pierre Brondeau, FMC president, CEO and chairman said: "FMC delivered another solid quarter. In Ag Solutions, we improved profitability in an environment that remains challenging. Lithium earnings increased by 45 percent, as significantly higher pricing on lithium hydroxide and other specialty products took effect."
FMC Agricultural Solutions
FMC Agricultural Solutions reported first quarter revenue of $530 million and segment earnings of $83 million. First quarter segment revenue declined 3 percent year-over-year, as lower sales in Europe and Latin America offset better than expected revenue in Asia and North America. Segment earnings increased 1 percent compared to the first quarter of 2016, with improved product mix and benefit of foreign exchange cancelling out the negative impact of lower volumes.
FMC's full year outlook for Ag Solutions is unchanged.2 For 2017, full-year segment revenue is expected to be approximately $2.2 billion to $2.4 billion and full-year segment earnings are expected to be in the range of $410 million to $450 million, an increase of 8 percent at the mid-point compared to the prior year, driven by a strong second half in Latin America and a strong year in Asia. Second quarter segment earnings are expected to be in the range of $80 million to $100 million, a decrease of approximately 11 percent at the mid-point compared to the prior year quarter.
FMC Lithium
FMC Lithium reported first quarter segment revenue of $66 million, an increase of 9 percent from the prior-year quarter. Segment earnings increased 45 percent to $22 million in the quarter versus $15 million in the prior-year quarter. Higher prices and improved mix more than offset the impact of lower volume and higher costs on earnings.
The outlook for Lithium for the full year has been increased by $10 million at the mid-point versus the prior forecast. Segment revenue for the full year of 2017 is forecast to be in the range of $325 million to $365 million, while full-year segment earnings are expected to be between $100 million and $120 million. This revised forecast for full year segment earnings represents an increase of over 55 percent at the mid-point compared to the prior year. Second quarter segment earnings are expected to be in the range of $19 million to $23 million, an increase of approximately 27 percent at the mid-point compared to the prior year quarter.
FMC Health and Nutrition
FMC Health and Nutrition results are reported as discontinued operations. The segment has been excluded from first quarter adjusted results and from the second quarter and full year outlook for FMC.
2017 Outlook
FMC expects adjusted earnings per share to be in the range of $2.20 to $2.60 for the full year 2017, excluding any benefit from the pending DuPont (NYSE: DD) transaction, which may accrue in the fourth quarter.1,2
Webcast and Supplemental Information
The company will post supplemental information on the web at www.FMC.com, including its 2017 Outlook Statement, definitions of non-GAAP terms and reconciliations of non-GAAP figures to the nearest available GAAP term.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. Revenue totaled approximately $3.3 billion in 2016. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. On March 31, 2017, FMC announced the signing of a definitive agreement to acquire a significant portion of DuPont's Crop Protection business and to sell FMC Health and Nutrition to DuPont. Closing is expected to occur in the fourth quarter of 2017. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2016 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
This press release contains certain "non-GAAP financial terms" which are defined on our website www.fmc.com. In addition, we have also provided on our website at www.fmc.com reconciliations of non-GAAP terms to the most directly comparable GAAP term.
|
FMC CORPORATION | |||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||
|
(Unaudited, in millions, except per share amounts) | |||||||
|
Three Months Ended | |||||||
|
March 31 | |||||||
|
2017 |
2016 | ||||||
|
Revenue |
$ |
596.0 |
$ |
606.4 |
|||
|
Costs of sales and services |
379.8 |
390.4 |
|||||
|
Gross margin |
216.2 |
216.0 |
|||||
|
Selling, general and administrative expenses |
109.7 |
110.1 |
|||||
|
Research and development expenses |
28.2 |
34.2 |
|||||
|
Restructuring and other charges (income) |
8.3 |
9.5 |
|||||
|
Total costs and expenses |
526.0 |
544.2 |
|||||
|
Income (loss) from operations |
70.0 |
62.2 |
|||||
|
Equity in (earnings) loss of affiliates |
(0.1) |
— |
|||||
|
Interest expense, net |
15.7 |
15.8 |
|||||
|
Income (loss) from continuing operations before income taxes |
54.4 |
46.4 |
|||||
|
Provision (benefit) for income taxes |
9.4 |
20.4 |
|||||
|
Income (loss) from continuing operations |
45.0 |
26.0 |
|||||
|
Discontinued operations, net of income taxes |
(168.8) |
22.7 |
|||||
|
Net income (loss) |
$ |
(123.8) |
$ |
48.7 |
|||
|
Less: Net income attributable to noncontrolling interests |
0.4 |
0.4 |
|||||
|
Net income (loss) attributable to FMC stockholders |
$ |
(124.2) |
$ |
48.3 |
|||
|
Amounts attributable to FMC stockholders: |
|||||||
|
Income (loss) from continuing operations, net of tax |
$ |
44.5 |
$ |
25.6 |
|||
|
Discontinued operations, net of tax |
(168.7) |
22.7 |
|||||
|
Net income (loss) |
$ |
(124.2) |
$ |
48.3 |
|||
|
Basic earnings (loss) per common share attributable to FMC stockholders: |
|||||||
|
Continuing operations |
$ |
0.33 |
$ |
0.19 |
|||
|
Discontinued operations |
(1.26) |
0.17 |
|||||
|
Basic earnings per common share |
$ |
(0.93) |
$ |
0.36 |
|||
|
Average number of shares outstanding used in basic earnings per share computations |
134.0 |
133.8 |
|||||
|
Diluted earnings (loss) per common share attributable to FMC stockholders: |
|||||||
|
Continuing operations |
$ |
0.33 |
$ |
0.19 |
|||
|
Discontinued operations |
(1.25) |
0.17 |
|||||
|
Diluted earnings per common share |
$ |
(0.92) |
$ |
0.36 |
|||
|
Average number of shares outstanding used in diluted earnings per share computations |
135.1 |
134.3 |
|||||
|
Other Data: |
|||||||
|
Capital additions |
$ |
11.5 |
$ |
22.9 |
|||
|
Depreciation and amortization expense |
$ |
23.6 |
$ |
24.9 |
|||
|
FMC CORPORATION | |||||||
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||
|
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO FMC STOCKHOLDERS (GAAP) | |||||||
|
TO ADJUSTED AFTER-TAX EARNINGS FROM CONTINUING OPERATIONS, | |||||||
|
ATTRIBUTABLE TO FMC STOCKHOLDERS (NON-GAAP) | |||||||
|
(Unaudited, in millions, except per share amounts) | |||||||
|
Three Months Ended | |||||||
|
March 31 | |||||||
|
2017 |
2016 | ||||||
|
Net income (loss) attributable to FMC stockholders (GAAP) |
$ |
(124.2) |
$ |
48.3 |
|||
|
Corporate special charges (income): |
|||||||
|
Restructuring and other charges (income) (a) |
8.3 |
9.5 |
|||||
|
Non-operating pension and postretirement charges (income) (b) |
(4.6) |
1.1 |
|||||
|
Acquisition-related charges (c) |
9.2 |
7.4 |
|||||
|
Income tax expense (benefit) on Corporate special charges (income) (d) |
(4.4) |
(5.2) |
|||||
|
Discontinued operations attributable to FMC stockholders, net of income taxes (e) |
168.7 |
(22.7) |
|||||
|
Tax adjustment (f) |
5.4 |
9.6 |
|||||
|
Adjusted after-tax earnings from continuing operations attributable to FMC stockholders (Non-GAAP) (1) |
$ |
58.4 |
$ |
48.0 |
|||
|
Diluted earnings per common share (GAAP) |
$ |
(0.92) |
$ |
0.36 |
|||
|
Corporate special charges (income) per diluted share, before tax: |
|||||||
|
Restructuring and other charges (income) |
$ |
0.06 |
0.07 |
||||
|
Non-operating pension and postretirement charges |
$ |
(0.04) |
0.01 |
||||
|
Acquisition-related charges |
$ |
0.07 |
0.06 |
||||
|
Income tax expense (benefit) on Corporate special charges (income), per diluted share |
$ |
(0.03) |
(0.04) |
||||
|
Discontinued operations per diluted share |
$ |
1.25 |
(0.17) |
||||
|
Tax adjustments per diluted share |
0.04 |
0.07 |
|||||
|
Diluted adjusted after-tax earnings from continuing operations per share, attributable to FMC stockholders (Non-GAAP) |
$ |
0.43 |
$ |
0.36 |
|||
|
Average number of shares outstanding used in diluted adjusted after-tax earnings from continuing operations per share computations |
135.1 |
134.3 |
|||||
|
____________________ |
||||||||||
|
(1) |
The Company believes that the Non-GAAP financial measure "Adjusted after-tax earnings from continuing operations attributable to FMC stockholders", and its presentation on a per share basis, provides useful information about the Company's operating results to investors and securities analysts. Adjusted earnings excludes the effects of corporate special charges, tax-related adjustments and the results of our discontinued operations. The Company also believes that excluding the effects of these items from operating results allows management and investors to compare more easily the financial performance of its underlying businesses from period to period. | |||||||||
|
(a) |
Three Months Ended March 31, 2017: |
|||||||||
|
Restructuring and other charges (income) represents $4.5 million of exit costs related to the termination of our interest in a variable interest entity that was previously consolidated and part of our FMC Agricultural Solutions segment. Additionally, restructuring and other charges (income) includes charges of continuing environmental sites treated as a Corporate charge of $2.3 million and other Corporate charges of $1.5 million. | ||||||||||
|
Three Months Ended March 31, 2016: |
||||||||||
|
Restructuring and other charges (income) includes charges of $3.0 million representing adjustments to severance and asset write-offs primarily associated with the integration of Cheminova with FMC Agricultural Solutions. Amounts also include $4.2 million as a result of the Argentina government's action to devalue its currency. Additionally, restructuring and other charges includes charges of continuing environmental sites treated as a corporate charge of $6.6 million. Remaining restructuring and other charges (income) includes net miscellaneous income of $(4.3) million. | ||||||||||
|
(b) |
Our non-operating pension and postretirement costs are defined as those costs related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These costs are primarily related to changes in pension plan assets and liabilities which are tied to financial market performance and we consider these costs to be outside our operational performance. We exclude these non-operating pension and postretirement costs from our segments as we believe that removing them provides a better understanding of the underlying profitability of our businesses, provides increased transparency and clarity in the performance of our retirement plans and enhances period-over-period comparability. We continue to include the service cost and amortization of prior service cost in our Adjusted Earnings results noted above. We believe these elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees. | |||||||||
|
(c) |
Charges related to the legal and professional fees associated with the planned or completed acquisitions. Amounts represent the following: | |||||||||
|
Three Months Ended March 31 |
||||||||||
|
(in Millions) |
2017 |
2016 |
||||||||
|
Acquisition-related charges |
||||||||||
|
Legal and professional fees (1) |
$ |
9.2 |
$ |
7.4 |
||||||
|
Total Acquisition-related charges (2) |
$ |
9.2 |
$ |
7.4 |
||||||
|
____________________ | ||||||||||
|
(1) Represents transaction costs, costs for transitional employees, other acquired employees related costs | ||||||||||
|
(2) Acquisition-related charges for the three months ended March 31, 2017 relate to the recently | ||||||||||
|
(d) |
The income tax expense (benefit) on Corporate special charges (income) is determined using the applicable rates in the taxing jurisdictions in which the corporate special charge or income occurred and includes both current and deferred income tax expense (benefit) based on the nature of the non-GAAP performance measure. | |||||||||
|
(e) |
Three Months Ended March 31, 2017 and 2016 | |||||||||
|
Discontinued operations include the results of FMC Health and Nutrition as well as provisions, net of recoveries, for environmental liabilities and legal reserves and expenses related to previously discontinued operations. Assets held for sale under U.S. GAAP are required to be reported at the lower of carrying value or fair value, less costs to sell. We expect a significant gain on the FMC Health and Nutrition assets to be sold to DuPont and therefore these assets held for sale are reported at carrying value. However, the fair value of the Omega-3 business, which was previously part of the broader FMC Health and Nutrition reporting unit, is significantly less than its carrying value, which includes accumulated foreign currency translation adjustments that would be reclassified to earnings upon completion of sale. As a result, we recorded an impairment charge of approximately $185 million ($165 million, net of tax). | ||||||||||
|
(f) |
We exclude the GAAP tax provision, including discrete items, from the Non-GAAP measure of income, and instead include a Non-GAAP tax provision based upon the projected annual Non-GAAP effective tax rate. The GAAP tax provision includes certain discrete tax items including, but are not limited to: income tax expenses or benefits that are not related to ongoing business operations in the current year; tax adjustments associated with fluctuations in foreign currency remeasurement of certain foreign operations; certain changes in estimates of tax matters related to prior fiscal years; certain changes in the realizability of deferred tax assets and related interim accounting impacts; and changes in tax law. Management believes excluding these discrete tax items assists investors and securities analysts in understanding the tax provision and the effective tax rate related to ongoing operations thereby providing investors with useful supplemental information about FMC's operational performance. | |||||||||
|
Three Months Ended | ||||||||
|
March 31 | ||||||||
|
(in Millions) |
2017 |
2016 | ||||||
|
Non-GAAP tax adjustments: |
||||||||
|
Revisions to our tax liabilities due to finalization of prior year tax returns |
$ |
— |
$ |
1.5 |
||||
|
Revisions to valuation allowances of historical deferred tax assets |
3.4 |
— |
||||||
|
Foreign currency remeasurement and other discrete items |
2.0 |
8.1 |
||||||
|
Non-GAAP tax adjustments |
$ |
5.4 |
$ |
9.6 |
||||
|
RECONCILIATION OF INCOME (LOSS) FROM OPERATIONS (GAAP) TO ADJUSTED EARNINGS FROM CONTINUING OPERATIONS, BEFORE INTEREST AND INCOME TAXES (NON-GAAP) | |||||||
|
(Unaudited, in millions) | |||||||
|
Three Months Ended | |||||||
|
March 31 | |||||||
|
2017 |
2016 | ||||||
|
Net income (loss) (GAAP) |
$ |
(123.8) |
$ |
48.7 |
|||
|
Restructuring and other charges (income) |
8.3 |
9.5 |
|||||
|
Non-operating pension and postretirement charges |
(4.6) |
1.1 |
|||||
|
Acquisition-related charges |
9.2 |
7.4 |
|||||
|
Discontinued operations, net of income taxes |
168.8 |
(22.7) |
|||||
|
Interest expense, net |
15.7 |
15.8 |
|||||
|
Provision (benefit) for income taxes |
9.4 |
20.4 |
|||||
|
Adjusted earnings from continuing operations, before interest, income taxes and noncontrolling interests (Non-GAAP) (1) |
$ |
83.0 |
$ |
80.2 |
|||
|
___________________ | |
|
(1) |
Referred to as Adjusted Operating Profit. |
|
RECONCILIATION OF CASH PROVIDED (REQUIRED) BY OPERATING ACTIVITIES (GAAP) TO ADJUSTED CASH FROM OPERATIONS (NON-GAAP) | |||||||
|
(Unaudited, in millions) | |||||||
|
Three Months Ended | |||||||
|
March 31 | |||||||
|
2017 |
2016 | ||||||
|
Cash provided (required) by operating activities (GAAP) |
$ |
(70.0) |
$ |
62.3 |
|||
|
Transaction and integration costs related to acquisitions |
— |
7.4 |
|||||
|
Adjusted cash from operations (Non-GAAP) (1) |
$ |
(70.0) |
$ |
69.7 |
|||
|
___________________ | |
|
(1) |
The Company believes that the Non-GAAP financial measure "Adjusted cash from operations" provides useful information about the Company's cash flows to investors and securities analysts. Adjusted cash from operations excludes the effects of acquisition-related cash flows. The Company also believes that excluding the effects of these items from cash provided (required) by operating activities allows management and investors to compare more easily the cash flows from period to period. |
|
FMC CORPORATION | |||||||
|
INDUSTRY SEGMENT DATA | |||||||
|
(Unaudited, in millions) | |||||||
|
Three Months Ended | |||||||
|
March 31 | |||||||
|
2017 |
2016 | ||||||
|
Revenue |
|||||||
|
FMC Agricultural Solutions |
$ |
530.4 |
$ |
546.1 |
|||
|
FMC Lithium |
65.6 |
60.3 |
|||||
|
Total |
$ |
596.0 |
$ |
606.4 |
|||
|
Income from continuing operations before income taxes |
|||||||
|
FMC Agricultural Solutions |
83.0 |
82.0 |
|||||
|
FMC Lithium |
21.6 |
14.9 |
|||||
|
Segment operating profit (a) |
104.6 |
96.9 |
|||||
|
Corporate and other |
(21.6) |
(16.7) |
|||||
|
Adjusted earnings from continuing operations, before interest, income taxes and noncontrolling interests (Non-GAAP) |
$ |
83.0 |
$ |
80.2 |
|||
|
Interest expense, net |
(15.7) |
(15.8) |
|||||
|
Corporate special (charges) income: |
|||||||
|
Restructuring and other (charges) income (b) |
(8.3) |
(9.5) |
|||||
|
Non-operating pension and postretirement (charges) income (c) |
4.6 |
(1.1) |
|||||
|
Acquisition-related charges (d) |
(9.2) |
(7.4) |
|||||
|
(Provision) benefit for income taxes |
(9.4) |
(20.4) |
|||||
|
Discontinued operations, net of income taxes (e) |
(168.8) |
22.7 |
|||||
|
Net income attributable to noncontrolling interests |
(0.4) |
(0.4) |
|||||
|
Net income (loss) attributable to FMC stockholders |
$ |
(124.2) |
$ |
48.3 |
|||
|
____________________ | |
|
(a) |
Referred to as Segment Earnings. |
|
(b) |
Below provides the details of restructuring and other (charges) income by segment. |
|
Three Months Ended March 31 | |||||||
|
2017 |
2016 | ||||||
|
FMC Agricultural Solutions |
$ |
(4.5) |
$ |
(6.7) |
|||
|
FMC Lithium |
— |
(0.6) |
|||||
|
Corporate |
(3.8) |
(2.2) |
|||||
|
Restructuring and other (charges) income |
$ |
(8.3) |
$ |
(9.5) |
|||
|
(c) |
See Note (b) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP)" for further details on the components that make up this line item. |
|
(d) |
See Note (c) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP)" for further details on the components that make up this line item. |
|
(e) |
See Note (e) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP)" for further details on the components that make up this line item. |
|
FMC CORPORATION | |||||||
|
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
|
(Unaudited, in millions) | |||||||
|
March 31, 2017 |
December 31, 2016 | ||||||
|
Cash and cash equivalents |
$ |
96.1 |
$ |
64.2 |
|||
|
Trade receivables, net of allowance of $24.8 in 2017 and $17.6 in 2016 |
1,630.6 |
1,692.5 |
|||||
|
Inventories |
526.4 |
478.9 |
|||||
|
Prepaid and other current assets |
248.0 |
232.1 |
|||||
|
Current assets of discontinued operations held for sale |
1,053.1 |
381.5 |
|||||
|
Total current assets |
3,554.2 |
2,849.2 |
|||||
|
Property, plant and equipment, net |
535.1 |
538.1 |
|||||
|
Goodwill |
500.8 |
498.7 |
|||||
|
Deferred income taxes |
235.4 |
242.1 |
|||||
|
Other long-term assets |
1,210.8 |
1,182.0 |
|||||
|
Noncurrent assets of discontinued operations held for sale |
— |
829.2 |
|||||
|
Total assets |
$ |
6,036.3 |
$ |
6,139.3 |
|||
|
Short-term debt and current portion of long-term debt |
$ |
217.3 |
$ |
94.2 |
|||
|
Accounts payable, trade and other |
390.9 |
317.4 |
|||||
|
Accrued customer rebates |
321.5 |
246.7 |
|||||
|
Guarantees of vendor financing |
85.8 |
104.5 |
|||||
|
Accrued pensions and other postretirement benefits, current |
7.1 |
7.1 |
|||||
|
Other current liabilities |
347.1 |
609.3 |
|||||
|
Current liabilities of discontinued operations held for sale |
119.1 |
59.0 |
|||||
|
Total current liabilities |
$ |
1,488.8 |
$ |
1,438.2 |
|||
|
Long-term debt, less current portion |
1,790.4 |
1,798.8 |
|||||
|
Long-term liabilities |
865.7 |
861.2 |
|||||
|
Long-term liabilities of discontinued operations held for sale |
— |
48.1 |
|||||
|
Equity |
1,891.4 |
1,993.0 |
|||||
|
Total liabilities and equity |
$ |
6,036.3 |
$ |
6,139.3 |
|||
|
FMC CORPORATION | |||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
|
(Unaudited, in millions) | |||||||
|
Three Months Ended March 31 | |||||||
|
2017 |
2016 | ||||||
|
Cash provided (required) by operating activities of continuing operations |
$ |
(70.0) |
$ |
62.3 |
|||
|
Cash provided (required) by operating activities of discontinued operations |
35.1 |
37.7 |
|||||
|
Cash provided (required) by investing activities of continuing operations |
(24.9) |
(37.7) |
|||||
|
Cash provided (required) by investing activities of discontinued operations |
(6.2) |
(6.5) |
|||||
|
Cash provided (required) by financing activities of continuing operations: |
|||||||
|
Increase (decrease) in short-term debt |
120.1 |
2.4 |
|||||
|
Financing Fees |
(8.5) |
(0.7) |
|||||
|
Repayments of long-term debt |
(0.7) |
(50.3) |
|||||
|
Issuances of common stock, net |
9.6 |
0.6 |
|||||
|
Excess tax benefits from share-based compensation |
— |
0.3 |
|||||
|
Transactions with noncontrolling interests |
(0.5) |
— |
|||||
|
Dividends paid |
(22.1) |
(22.1) |
|||||
|
Other repurchases of common stock |
(1.4) |
(1.2) |
|||||
|
Cash provided (required) by financing activities |
96.5 |
(71.0) |
|||||
|
Effect of exchange rate changes on cash |
1.4 |
0.9 |
|||||
|
Increase (decrease) in cash and cash equivalents |
31.9 |
(14.3) |
|||||
|
Cash and cash equivalents, beginning of year |
64.2 |
78.6 |
|||||
|
Cash and cash equivalents, end of period |
$ |
96.1 |
$ |
64.3 |
|||
SOURCE FMC Corporation
Article Date
5/2/20174/26/2017 - FMC Corporation's Pierre Brondeau and Paul Graves to Speak at Goldman Sachs Basic Materials Conference 2017
FMC Corporation's Pierre Brondeau and Paul Graves to Speak at Goldman Sachs Basic Materials Conference 2017
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, April 26, 2017 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today announced that Pierre Brondeau, president, chief executive officer and chairman of the board, and Paul Graves, executive vice president, chief financial officer, will speak at the Goldman Sachs Basic Materials Conference in New York City, on Tuesday, May 16, 2017, at 11:45a.m. ET. A live webcast will be available on the FMC Investor Relations website.
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About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. Revenue totaled approximately $3.3 billion in 2016. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. On March 31, 2017, FMC announced the signing of a definitive agreement to acquire a significant portion of DuPont's Crop Protection business and to sell FMC Health and Nutrition to DuPont. Closing is expected to occur in the fourth quarter of 2017. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2016 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
SOURCE FMC Corporation
Article Date
4/26/20174/26/2017 - FMC Corporation's Mark Douglas to Speak at BMO Capital Markets 12th Annual Farm to Market Conference
FMC Corporation's Mark Douglas to Speak at BMO Capital Markets 12th Annual Farm to Market Conference
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, April 26, 2017 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today announced that Mark Douglas, president, FMC Agricultural Solutions, will speak at the BMO Capital Markets 12th Annual Farm to Market Conference in New York City, on Wednesday, May 17, 2017, at 1:30 p.m. ET. Mr. Douglas will be joined by Pierre Brondeau, FMC president, chief executive officer and chairman of the board. A live webcast will be available on the FMC Investor Relations website.
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About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. Revenue totaled approximately $3.3 billion in 2016. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. On March 31, 2017, FMC announced the signing of a definitive agreement to acquire a significant portion of DuPont's Crop Protection business and to sell FMC Health and Nutrition to DuPont. Closing is expected to occur in the fourth quarter of 2017. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2016 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
SOURCE FMC Corporation
Article Date
4/26/20174/26/2017 - FMC Corporation's Pierre Brondeau to Speak at the 2017 Wells Fargo Industrials Conference
FMC Corporation's Pierre Brondeau to Speak at the 2017 Wells Fargo Industrials Conference
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, April 26, 2017 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today announced that Pierre Brondeau, president, chief executive officer and chairman of the board will speak at the 2017 Wells Fargo Industrials Conference in New York City, on Tuesday, May 9, 2017, at 12:00 p.m. ET. Mr. Brondeau will be joined by Paul Graves, executive vice president, chief financial officer. A live webcast will be available on the FMC Investor Relations website.
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About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. Revenue totaled approximately $3.3 billion in 2016. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. On March 31, 2017, FMC announced the signing of a definitive agreement to acquire a significant portion of DuPont's Crop Protection business and to sell FMC Health and Nutrition to DuPont. Closing is expected to occur in the fourth quarter of 2017. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2016 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
SOURCE FMC Corporation
Article Date
4/26/2017FMC Corporation's Board Declares Quarterly Dividend
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, April 25, 2017 /PRNewswire/ -- FMC Corporation (NYSE: FMC) announced today that its Board of Directors declared a regular quarterly dividend of 16.5 cents per share, payable on July 20, 2017, to shareholders of record at the close of business on June 30, 2017.
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About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. Revenue totaled approximately $3.3 billion in 2016. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. On March 31, 2017, FMC announced the signing of a definitive agreement to acquire a significant portion of DuPont's Crop Protection business and to sell FMC Health and Nutrition to DuPont. Closing is expected to occur in the fourth quarter of 2017. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2016 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
SOURCE FMC Corporation
Article Date
4/25/20174/6/2017 - FMC Corporation Announces Dates for First Quarter 2017 Earnings Release and Webcast Conference Call
FMC Corporation Announces Dates for First Quarter 2017 Earnings Release and Webcast Conference Call
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, April 6, 2017 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today announced it will release its first quarter 2017 earnings on Tuesday, May 2, 2017, after the stock market close via PR Newswire and the company's website at: http://www.fmc.com.
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The company will host a webcast conference call on Wednesday, May 3, 2017, at 9:00 a.m. ET that is open to the public via Internet broadcast and telephone.
Internet broadcast: http://www.fmc.com
Passcode: FMC
Dial-in telephone numbers:
U.S. / Canada: (800) 288-8960
International: (612) 288-0337
Conference ID # 414532
A replay of the call will be available via the internet and telephone from 11:00 a.m. ET on Wednesday, May 3, 2017 until Saturday, June 3, 2017.
Internet replay: http://www.fmc.com
U.S. / Canada telephone number: (800) 475-6701
International telephone number: (320) 365-3844
Enter Conference ID # 414532
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. Revenue totaled approximately $3.3 billion in 2016. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2016 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
SOURCE FMC Corporation
Article Date
4/6/2017FMC Corporation Announces Acquisition of Significant Portion of DuPont's Crop Protection Business; Simultaneous Sale of Health and Nutrition to DuPont
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
- FMC will acquire the portion of DuPont's Crop Protection business required to be divested by a European Commission ruling related to DuPont's merger with The Dow Chemical Company.
- DuPont will acquire FMC Health and Nutrition.
- FMC will make a cash payment to DuPont of $1.2 billion.
- These transactions will be immediately accretive to FMC's adjusted earnings per share, upon closing.(1)
PHILADELPHIA, March 31, 2017 /PRNewswire/ -- FMC Corporation (NYSE: FMC) and DuPont (NYSE: DD) today announced the signing of a definitive agreement for FMC to acquire the portion of DuPont's Crop Protection business it must divest to comply with the European Commission ruling related to its merger with The Dow Chemical Company. Additionally, DuPont will acquire FMC Health and Nutrition and receive $1.2 billion in cash. FMC will acquire DuPont's global chewing pest insecticide portfolio, its global cereal broadleaf herbicides, and a substantial portion of DuPont's global crop protection R&D capabilities. In 2017, FMC expects this acquired business will generate approximately $1.5 billion in revenue and $475 million of EBITDA.2
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After closing of the acquisition, FMC Agricultural Solutions will become the fifth largest crop protection chemical company in the world by revenue, with estimated annual revenue of approximately $3.8 billion.
"This is a significant step forward for FMC, and for our Agricultural Solutions business in particular," said Pierre Brondeau, FMC president, CEO and chairman. "The combination of market-leading products from DuPont's crop protection portfolio and its world-class R&D capabilities will transform our Agricultural Solutions business into a tier-one ag technology company.
"The crop protection industry is undergoing significant change, as evidenced by the consolidation currently underway. To continue to meet the demands of our customers, FMC needs to provide more options to growers looking for innovative solutions that protect crops and increase yields. By combining these high-value products and R&D capabilities with our own product portfolio, pipeline and formulation expertise, FMC will be able to serve our customers better and accelerate the pace at which we bring new solutions to the market," said Brondeau. "The concurrent sale of our Health and Nutrition business will allow us to maintain our strong balance sheet and ensure we can continue to invest in growing both our Agricultural Solutions and Lithium segments."
The Crop Protection Business Being Acquired
The acquired portion of DuPont's crop protection business includes an industry-leading selective insecticide portfolio consisting of Rynaxypyr®, Cyazypyr® and Indoxacarb. The first two of these products have full patent protection over their respective active ingredients, and FMC expects these products will generate over $1 billion in 2017 revenue. These selective insecticides are highly complementary to FMC's existing broad spectrum insecticide portfolio.
The acquired portfolio also includes DuPont's global cereal broadleaf herbicides, consisting of nine active ingredients and multiple formulated products. This herbicide portfolio comes with strong, recognized brands and DuPont's proprietary PrecisionPac® technology. These products bring significant diversification to FMC's crop exposure in herbicides, as well as increasing the balance of pre-emergent and post-emergent applications in FMC's portfolio.
The geographic spread of the revenue in this portfolio will result in a significant increase in FMC's presence in Asia and Europe. Following the acquisition, FMC's crop protection revenue will be almost equally spread across all four major regions – North America, Latin America, Europe and Asia.
The underlying intellectual property related to the acquired products, including patents, registrations and data packages, will be transferred to FMC. FMC will acquire a global manufacturing network to fully support these products, including four active ingredient manufacturing facilities and 10 regional formulation plants.
The acquisition will bring DuPont's world-class discovery and development organization, including its Delaware crop protection research headquarters, 14 regional development labs and related regulatory capabilities. This organization includes a pipeline of 15 synthetic active ingredients currently in development, covering insecticides, herbicides and fungicides, and an extensive library of 1.8 million synthetic compounds. The majority of DuPont's crop protection research workforce will transfer to FMC as part of this transaction.
FMC Health and Nutrition Divestiture
FMC Health and Nutrition will become part of DuPont's Nutrition & Health segment.
"FMC Health and Nutrition is a highly profitable business with leading positions across the vast majority of its portfolio, deep applications knowledge and an extensive global network of laboratories and manufacturing facilities. It is a very complementary fit with DuPont's current portfolio. We are confident it will thrive under DuPont's leadership and will contribute to their successful Nutrition & Health business," said Brondeau.
Additional Information
The transaction is subject to the closing of the Dow and DuPont merger, as well as customary closing conditions and regulatory approvals. Closing is expected to occur in the fourth quarter of 2017. FMC expects this transaction to be immediately accretive to adjusted earnings per share, and will give updated guidance for 2017 at its earnings call scheduled for May 2, 2017.
Dyal Co. LLC and Citi acted as financial advisors and Wachtell, Lipton, Rosen & Katz acted as legal counsel to FMC. Citi provided financing advice and committed debt facilities.
Conference Call
The company will host a webcast conference call on Friday, March 31, 2017, at 8:00 a.m. ET that is open to the public via internet broadcast and telephone.
Internet broadcast: http://www.fmc.com
Passcode: FMC
Dial-in telephone numbers:
U.S. / Canada: (800) 230-1059
International: (612) 332-0226
Conference ID # 421549
A replay of the call will be available via the internet and telephone from 10:00 a.m. ET on Friday, March 31, 2017 until Sunday, April 30, 2017.
Internet replay: http://www.fmc.com
U.S. / Canada: (800) 475-6701
International: (320) 365-3844
Conference ID # 421549
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. Revenue totaled approximately $3.3 billion in 2016. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
About DuPont
DuPont (NYSE: DD) has been bringing world-class science and engineering to the global marketplace in the form of innovative products, materials, and services since 1802. The company believes that by collaborating with customers, governments, NGOs, and thought leaders we can help find solutions to such global challenges as providing enough healthy food for people everywhere, decreasing dependence on fossil fuels, and protecting life and the environment. For additional information about DuPont and its commitment to inclusive innovation, please visit www.dupont.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2016 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
This press release contains certain "non-GAAP financial terms" which are defined on our website www.fmc.com. In addition, we have also provided on our website at www.fmc.com reconciliations of non-GAAP terms to the most directly comparable GAAP term.
SOURCE FMC Corporation
Article Date
3/31/20173/31/2017 - DuPont Announces Agreement with FMC
DuPont Announces Agreement with FMC
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
WILMINGTON, Del., March 31, 2017 /PRNewswire/ -- DuPont (NYSE: DD) today announced that it has entered into a definitive agreement with FMC Corporation (NYSE: FMC) to divest a portion of DuPont's Crop Protection business, including certain research and development capabilities, and to acquire substantially all of FMC's Health & Nutrition business. The transaction includes consideration to DuPont of $1.6 billion to reflect the difference in the value of the assets, including cash of $1.2 billion and working capital of $425 million. The divestiture will satisfy DuPont's commitments to the European Commission in connection with its conditional regulatory clearance of the merger with Dow.
"We believe this agreement is an excellent outcome that serves the best interests of all stakeholders, including our shareholders, customers and employees," said Edward D. Breen, chairman and chief executive officer of DuPont. "Our intended independent Agriculture company will continue to benefit from the combined, complementary strengths of DuPont and Dow, which will include greatly expanded offerings and a robust pipeline across seed germplasm, biotech traits, and crop protection to provide greater choice and innovation to growers around the world. At the same time, we are significantly enhancing our Nutrition & Health capabilities, a key area of growth and opportunity for the intended independent Specialty Products company.
"This agreement with FMC is a win-win. It is pro-competitive; it advances the regulatory approval process; and it maintains the strategic logic and value creation potential of our merger with Dow and the three independent companies we intend to create," concluded Breen.
The merger transaction is still expected to generate cost synergies of approximately $3 billion and growth synergies of $1 billion.
Divestiture of Select DuPont Crop Protection Assets
Under the terms of the agreement, FMC will acquire DuPont's Cereal Broadleaf Herbicides and Chewing Insecticides portfolios – including Rynaxypyr®, Cyazypyr® and Indoxacarb. In addition, FMC will acquire the DuPont Crop Protection research and development pipeline and organization, excluding seed treatment, nematicides, and late-stage R&D programs, which DuPont will continue to develop and bring to market, and excluding personnel needed to support marketed products and R&D programs that will remain with DuPont. The assets being divested generated revenues in 2016 of about $1.4 billion.
Following the divestiture, the Agriculture division of the merged company will retain strong crop protection assets, including an excellent portfolio in corn and soy broadleaf and grass control, a robust cereal weed control portfolio, DuPont's strong position in disease control, and Dow AgroSciences' industry leading insecticide portfolio. With its continued strength in R&D, the combined Agriculture division will be well positioned to accelerate growth, leveraging strong pipelines in both seeds and chemistry to serve growers around the world with a robust portfolio of innovative solutions, greater choice, and competitive price for value.
Acquisition of FMC Health & Nutrition Business
As part of the transaction agreement, DuPont will acquire FMC's Health & Nutrition business, which generated more than $700 million in revenues in 2016 from two main segments: texturants as food ingredients and pharmaceutical excipients. The business is highly complementary to DuPont's existing Nutrition & Health (N&H) business with opportunity for growth synergies. By integrating FMC's complementary Health & Nutrition business, DuPont will strengthen its N&H capabilities with broader offerings and an expanded footprint.
DuPont's N&H business is a leader in the food ingredients industry, using renewably sourced raw materials to create a wide range of ingredients that food manufacturers use to provide safer, healthier, more affordable and nutritious food and beverages for consumers. This transaction strengthens DuPont's access to key ingredients for its systems and food texturants portfolio, enables the business to expand into the fast-growing pharma excipients space, and provides access to new and complementary routes to market. As a result, DuPont N&H will be in a stronger position to drive growth, invest in R&D, and provide more products and solutions to customers worldwide.
The transaction with FMC is expected to close in the fourth quarter of 2017, subject to the closing of the DuPont and Dow merger, in addition to other customary closing conditions, including regulatory approvals.
To accommodate the requirements of the FMC transaction, DuPont and Dow have amended the merger agreement to extend the "Outside Date" to August 31, 2017, and the companies anticipate closing of the merger to occur between August 1, 2017 and September 1, 2017, subject to satisfaction of customary closing conditions, including receipt of regulatory approvals. The companies still expect the intended spin-offs to occur within 18 months after closing. In addition, Dow and DuPont are announcing that they now expect the first spin-off of the intended separation process will be the spin-off of the post-merger Material Science company.
Evercore and Goldman, Sachs & Co. are serving as DuPont's financial advisors for the transaction, with Skadden, Arps, Slate, Meagher & Flom LLP acting as its legal advisor.
DuPont will hold a conference call and webcast on Friday, Mar. 31, 2017, at 9:00 AM ET to discuss this news release. The webcast and additional presentation materials can be accessed by visiting the company's investor website (Events & Presentations) at www.investors.dupont.com. A replay of the conference call webcast will be available for 90 days by calling 1 (630) 652-3042, Passcode 6596503#. For additional information see the investor center at http://www.dupont.com.
About DuPont
DuPont (NYSE: DD) has been bringing world-class science and engineering to the global marketplace in the form of innovative products, materials, and services since 1802. The company believes that by collaborating with customers, governments, NGOs, and thought leaders, we can help find solutions to such global challenges as providing enough healthy food for people everywhere, decreasing dependence on fossil fuels, and protecting life and the environment. For additional information about DuPont and its commitment to inclusive innovation, please visit www.dupont.com.
Forward-Looking Statements:
This communication contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "will," "would," "target," similar expressions, and variations or negatives of these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the consummation of the proposed merger of equals transaction with The Dow Chemical Company (the "DowDuPont Merger") and the proposed transaction with FMC and the anticipated benefits thereof. These and other forward-looking statements, including the failure to consummate the DowDuPont Merger or the proposed transaction or to make or take any filing or other action required to consummate such transactions in a timely manner or at all, are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to, (i) the completion of the DowDuPont Merger and the proposed transaction on anticipated terms and timing, including obtaining regulatory approvals, anticipated tax treatment, unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies for the management, expansion and growth of the new combined company's or the Health and Nutrition business's operations and other conditions to the completion of the DowDuPont Merger and the proposed transaction, (ii) the possibility that the DowDuPont Merger and the proposed transaction may not close, including because the various approvals, authorizations and declarations of non-objections from certain regulatory and governmental authorities with respect to either the DowDuPont Merger or the proposed transaction may not be obtained, on a timely basis or otherwise, including that these regulatory or governmental authorities may not approve of FMC as an acceptable purchaser of the Ag business in connection with the proposed transaction or may impose conditions on the granting of the various approvals, authorizations and declarations of non-objections, including requiring the respective Dow, DuPont and FMC businesses, including the Health and Nutrition business (in the case of DuPont) and the Ag business (in the case of FMC), to divest certain assets if necessary to obtain certain regulatory approvals or otherwise limiting the ability of the combined company to integrate parts of the Dow and DuPont businesses and/or the DuPont and Health and Nutrition businesses, (iii) the ability of DuPont to integrate the Health and Nutrition business successfully and to achieve anticipated synergies, (iv) potential litigation or regulatory actions relating to the DowDuPont Merger or the proposed transaction that could be instituted against DuPont or its directors, (v) the risk that disruptions from the DowDuPont Merger or the proposed transaction will harm DuPont's business, including current plans and operations, (vi) the ability of DuPont to retain and hire key personnel, (vii) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the DowDuPont Merger or the proposed transaction, (viii) uncertainty as to the long-term value of DowDuPont common stock, (ix) continued availability of capital and financing and rating agency actions, (x) legislative, regulatory and economic developments, (xi) potential business uncertainty, including changes to existing business relationships, during the pendency of the DowDuPont Merger or the proposed transaction that could affect DuPont's financial performance, (xii) certain restrictions during the pendency of the DowDuPont Merger or the proposed transaction that may impact DuPont's ability to pursue certain business opportunities or strategic transactions and (xiii) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism or outbreak of war or hostilities, as well as management's response to any of the aforementioned factors. These risks, as well as other risks associated with the DowDuPont Merger or the proposed transaction, are or will be more fully discussed in (1) DuPont's most recently filed Form 10-K, 10-Q and 8-K reports, (2) DuPont's subsequently filed Form 10-K and 10-Q reports and (3) the joint proxy statement/prospectus included in the Registration Statement filed with the SEC in connection with the DowDuPont Merger. While the list of factors presented here is, and the list of factors presented in the relevant Form 10-K, 10-Q and 8-K reports and the Registration Statement are, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on DuPont's consolidated financial condition, results of operations, credit rating or liquidity. DuPont assumes no obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.
SOURCE DuPont
Article Date
3/31/20173/2/2017 - FMC Employee Receives Women in Manufacturing STEP Ahead Award from the Manufacturing Institute
FMC Employee Receives Women in Manufacturing STEP Ahead Award from the Manufacturing Institute
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, March 2, 2017 /PRNewswire/ -- The Manufacturing Institute has named Barbara Fochtman, director of global operations for FMC Lithium, a 2017 Science, Technology, Engineering and Production (STEP) Ahead Honoree. The STEP Ahead Awards honor women who have demonstrated excellence and leadership in their careers and represent all levels of the manufacturing industry.
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"I am honored to be chosen as a STEP Ahead Honoree, and want to thank FMC for nominating me and my colleagues," said Barbara. "It's important that we continue to inspire and develop the next generation of female leaders in the industry, and the STEP Ahead Awards provide a great forum for peer dialogue and mentorship."
The STEP Ahead Awards are part of the larger STEP Ahead initiative launched to promote the role of women in manufacturing through recognition and research. Each year, only 130 women receive the prestigious award out of thousands of nominations. Nominees are selected based on their contributions and technical achievements, as well as how they make a difference through advocacy, mentorship, engagement, promotion and leadership. FMC employees Luanne McGovern, director of corporate engineering, and Jennifer Hirsch, production services manager for Agricultural Solutions Wyoming, also received STEP Ahead nominations.
This is the first time FMC submitted nominations to the STEP Ahead Awards since its inception in 2012. "We are thrilled that one of our employees was chosen as a STEP Ahead Honoree," said Nadia Ciaravino, FMC's diversity officer. "The STEP Ahead Awards and similar programs are a great way for FMC to highlight employee achievements and demonstrate what leadership in the company and the community looks like."
On April 20, The Manufacturing Institute will recognize recipients of the STEP Ahead Award at a reception in Washington, D.C. The program will highlight each honoree's story, including their leadership and accomplishments in manufacturing.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. Revenue totaled approximately $3.3 billion in 2016. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
About The Manufacturing Institute
The Manufacturing Institute (the Institute) is the 501(c)(3) affiliate of the National Association of Manufacturers. As a non-partisan organization, the Institute is committed to delivering leading-edge information and services to the nation's manufacturers. The Institute is the authority on the attraction, qualification and development of world-class manufacturing talent. For more information, please visit www.themanufacturinginstitute.org.
SOURCE FMC Corporation
Article Date
3/2/2017FMC Corporation's Board Declares Quarterly Dividend
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, Feb. 28, 2017 /PRNewswire/ -- FMC Corporation (NYSE: FMC) announced today that its Board of Directors declared a regular quarterly dividend of 16.5 cents per share, payable on April 20, 2017, to shareholders of record at the close of business on March 31, 2017.
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About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. Revenue totaled approximately $3.3 billion in 2016. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2016 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
SOURCE FMC Corporation
Article Date
2/28/20172/23/2017 - FMC Launches Art Initiative in Collaboration with the Pennsylvania Academy of the Fine Arts
FMC Launches Art Initiative in Collaboration with the Pennsylvania Academy of the Fine Arts
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, Feb. 23, 2017 /PRNewswire/ -- On February 2, FMC Corporation (NYSE: FMC) and the Pennsylvania Academy of the Fine Arts (PAFA) launched the FMC | PAFA Art Initiative, a unique community partnership that is designed to promote culture and the arts through a series of programs and events. The first exhibition, entitled Way of Light, features student artwork prominently displayed on several floors of FMC's new headquarters at FMC Tower.
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"Bringing art into the building is not only beautiful and decorative, but it creates a stimulating workplace for all of our employees," said Mark Douglas, president of Agricultural Solutions. "Art has a transformative power that can enable creativity to flourish and therefore provide an invaluable quality for people regardless of occupation or discipline."
According to David R. Brigham, PAFA president and CEO, the partnership is PAFA's first ever of this scale. The FMC | PAFA Art Initiative is an opportunity "to encourage the promotion, expansion and application of opportunities for the art community," said Brigham. "I'm thrilled to see this vision come to life for our artists." Liza Samuel, PAFA student and art curator of the Way of Light exhibition, echoed David's comments when introducing the event: "This partnership allows me and other PAFA students to showcase our work in a different environment. I look forward to working with you all, and I hope that our work will have a lasting, positive impact."
Throughout the year, the initiative will include opportunities to meet the artists, student scholarships, best-of-show selection events with employees, artwork purchase options, and similar programs and events.
About the Pennsylvania Academy of Fine Arts
Founded in 1805, the Pennsylvania Academy of the Fine Arts (PAFA) is America's first school and museum of fine arts. A recipient of the 2005 National Medal of Arts, PAFA is a recognized leader in fine arts education with a world-class permanent collection of American art.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. Revenue totaled approximately $3.3 billion in 2016. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
SOURCE FMC Corporation
Article Date
2/23/2017FMC Receives an A- from the CDP Climate Change Program as First Time Participant
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, Feb. 9, 2017 /PRNewswire/ -- FMC Corporation (NYSE: FMC) received an A- from the CDP (formerly the Carbon Disclosure Project) climate change program, an initiative dedicated to using measurement and disclosure to effectively manage carbon and climate change risk. The A- ranking places FMC in CDP's 'Leadership' tier, recognizing the company as a leader in best practices for climate change action after its first time reporting.
"Reporting to the CDP climate change program was an opportunity for us to share how FMC is addressing the challenges associated with climate change. An A- is a significant achievement," said Linda Froelich, director of Corporate Sustainability. "We are honored to be recognized by CDP as a leader in addressing climate change as we continue to make progress towards our sustainability goals."
Among the 8,200 reporting suppliers in 2016, the average ranking was a C on an A through D- scale. The A- ranking, which is awarded to companies that have a "fully integrated climate change strategy driving significant reductions in emissions due to climate change initiatives," recognizes FMC's commitment to becoming a more sustainable enterprise through concentrated programs in the areas of environmental impact, safety, research and development and community engagement.
"Our approach depends on sustainable investments that ensure our company runs more efficiently and more resiliently by 2025," Froelich said. "In doing so, we will proactively address market, climate and regulatory-based changes and risks."
Additional information about FMC and its sustainability initiatives is available at www.fmcsustainability.com.
About CDP
CDP, formerly Carbon Disclosure Project, is an international, not-for-profit organization providing the global system for companies, cities, states and regions to measure, disclose, manage and share vital information on their environmental performance. CDP, voted number one climate research provider by investors, works with 827 institutional investors with assets of US$100 trillion and 89 purchasing organizations with a combined annual spend of over US$2.7 trillion, to motivate companies to disclose their impacts on the environment and natural resources and take action to reduce them. Some 5,800 companies, representing close to 60% global market capitalization, disclosed environmental information through CDP in 2016. CDP now holds the most comprehensive collection globally of primary corporate environmental data and puts these insights at the heart of strategic business, investment and policy decisions. Please follow us @CDP to find out more.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. Revenue totaled approximately $3.3 billion in 2016. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
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SOURCE FMC Corporation
Article Date
2/9/2017FMC Corporation Announces Fourth Quarter and Full Year 2016 Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, Feb. 6, 2017 /PRNewswire/ --
Fourth Quarter 2016 Highlights
FMC Corporation (NYSE:FMC) today reported fourth quarter and full year 2016 results. For the year, FMC reported revenue of $3.28 billion, up slightly compared to 2015. The company reported earnings of $209 million, or $1.56 per diluted share. Excluding various restructuring charges, adjusted earnings were $2.82 per diluted share, an increase of 14 percent compared to the prior year.
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For the fourth quarter, FMC reported revenue of $866 million, a 4 percent decrease over the same period in 2015. The company reported earnings of $16 million, or $0.12 per diluted share, in the fourth quarter of 2016, as compared to a loss of $1.53 per diluted share in the fourth quarter of 2015. Excluding various restructuring charges, adjusted earnings were $0.88 per diluted share for the fourth quarter of 2016, an increase of 14 percent compared to the prior year quarter.
Pierre Brondeau, FMC president, CEO and chairman said: "FMC delivered another solid quarter, to cap a year of strong quarterly performances. In Ag Solutions, we focused on maintaining price and terms rather than volume, and we rationalized low-margin products to improve the foundations of that business. Despite headwinds from Omega 3, Health and Nutrition delivered another year of strong margins and cash flow. Lithium tripled earnings by executing on its growth strategy and taking advantage of favorable market conditions. The actions we have taken throughout 2016 position FMC to deliver significant earnings growth in 2017."
FMC Agricultural Solutions
FMC Agricultural Solutions reported fourth quarter revenue of $618 million and segment earnings of $127 million. Fourth quarter segment revenue declined 6 percent year-over-year, principally due to lower sales in Latin America and Europe. Segment earnings, however, increased 25 percent compared to the fourth quarter of 2015, driven by our ability to maintain pricing, principally in Latin America, despite the strengthening of the U.S. dollar.
Segment revenue for 2016 was $2.27 billion, a 1 percent increase compared to the prior year, while full-year segment earnings were $400 million, a 10 percent increase compared to the prior year. Segment earnings margin improved 140 basis points to 17.6 percent.
For 2017, full-year segment revenue is expected to be approximately $2.2 billion to $2.4 billion and full-year segment earnings are expected to be in the range of $410 million to $450 million, an increase of 8 percent at the mid-point compared to the prior year. First quarter segment earnings are expected to be in the range of $60 million to $70 million, a decrease of approximately 20 percent at the mid-point compared to the prior year quarter. Earnings growth in 2017 is expected to be driven by lower operating costs and higher volumes, offset partially by unfavorable foreign exchange.
FMC Health and Nutrition
FMC Health and Nutrition reported fourth quarter segment revenue of $177 million and segment earnings of $54 million. Revenue increased 3 percent and segment earnings increased 17 percent compared to the fourth quarter 2015. The earnings increase was largely due to lower manufacturing costs, as expected. Segment revenue for 2016 was $744 million, 5 percent lower than 2015, while full-year segment earnings were $191 million, 2 percent lower than 2015.
Segment revenue for the full year of 2017 is anticipated to be approximately $750 million to $790 million, while full-year segment earnings are expected to be between $190 million and $200 million, an increase of 2 percent at the mid-point compared to the prior year. First quarter segment earnings are expected to be in the range of $45 million to $50 million, roughly flat at the mid-point compared to the prior year quarter. Earnings growth in 2017 is expected to be driven by higher sales and improved mix.
FMC Lithium
FMC Lithium reported fourth quarter segment revenue of $71 million, an increase of 1 percent from the prior-year quarter. Segment earnings increased to $21 million in the quarter versus $11 million in the prior-year quarter. Higher prices contributed the bulk of the increase in segment earnings. Segment revenue for 2016 was $264 million, 11 percent higher than 2015, while full-year segment earnings were $70 million, which was more than triple the segment earnings from 2015.
Segment revenue for the full year of 2017 is anticipated to be approximately $315 million to $355 million, while full-year segment earnings are expected to be between $90 million and $110 million, an increase of over 40 percent at the mid-point compared to the prior year. First quarter segment earnings are expected to be in the range of $18 million to $22 million, an increase of approximately 35 percent at the mid-point compared to the prior year quarter. Earnings growth in 2017 is expected to be driven primarily by volume from our hydroxide expansion and higher prices for our hydroxide products.
2017 Outlook
FMC expects adjusted earnings per share to be in the range of $3.20 to $3.60 for the full year 2017, an increase of 20 percent (at the mid-point) versus 2016 adjusted earnings per share of $2.82.1
Webcast and Supplemental Information
The company will post supplemental information on the web at www.FMC.com, including its 2017 Outlook Statement, definitions of non-GAAP terms and reconciliations of non-GAAP figures to the nearest available GAAP term.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. Revenue totaled approximately $3.3 billion in 2016. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2015 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
This press release contains certain "non-GAAP financial terms" which are defined on our website www.fmc.com. In addition, we have also provided on our website at www.fmc.com reconciliations of non-GAAP terms to the most directly comparable GAAP term.
1. Although we provide forecasts for adjusted earnings per share and adjusted cash from operations (both of which are non-GAAP financial measures), we are not able to forecast the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for us to forecast. Such elements include, but are not limited to restructuring, acquisition charges, and discontinued operations and related cash activity. As a result, no GAAP outlook is provided.
|
FMC CORPORATION | |||||||||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
|
(Unaudited, in millions, except per share amounts) | |||||||||||||||
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
December 31, |
December 31, | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
Revenue |
$ |
865.6 |
$ |
899.3 |
$ |
3,282.4 |
$ |
3,276.5 |
|||||||
|
Costs of sales and services |
528.0 |
600.7 |
2,082.6 |
2,201.1 |
|||||||||||
|
Gross margin |
337.6 |
298.6 |
1,199.8 |
1,075.4 |
|||||||||||
|
Selling, general and administrative expenses |
156.1 |
147.0 |
529.5 |
737.9 |
|||||||||||
|
Research and development expenses |
38.2 |
40.9 |
141.5 |
143.7 |
|||||||||||
|
Restructuring and other charges (income) |
68.2 |
165.8 |
107.3 |
244.0 |
|||||||||||
|
Total costs and expenses |
790.5 |
954.4 |
2,860.9 |
3,326.7 |
|||||||||||
|
Income (loss) from operations |
75.1 |
(55.1) |
421.5 |
(50.2) |
|||||||||||
|
Equity in (earnings) loss of affiliates |
(0.1) |
0.2 |
(0.5) |
0.2 |
|||||||||||
|
Interest expense, net |
21.6 |
21.2 |
82.7 |
80.1 |
|||||||||||
|
Income (loss) from continuing operations before income taxes |
53.6 |
(76.5) |
339.3 |
(130.5) |
|||||||||||
|
Provision (benefit) for income taxes |
18.4 |
103.8 |
93.9 |
47.4 |
|||||||||||
|
Income (loss) from continuing operations |
35.2 |
(180.3) |
245.4 |
(177.9) |
|||||||||||
|
Discontinued operations, net of income taxes |
(18.8) |
(22.4) |
(33.7) |
676.4 |
|||||||||||
|
Net income (loss) |
$ |
16.4 |
$ |
(202.7) |
$ |
211.7 |
$ |
498.5 |
|||||||
|
Less: Net income attributable to noncontrolling interests |
0.5 |
1.4 |
2.6 |
9.5 |
|||||||||||
|
Net income (loss) attributable to FMC stockholders |
$ |
15.9 |
$ |
(204.1) |
$ |
209.1 |
$ |
489.0 |
|||||||
|
Amounts attributable to FMC stockholders: |
|||||||||||||||
|
Income (loss) from continuing operations, net of tax |
$ |
34.7 |
$ |
(181.7) |
$ |
242.8 |
$ |
(187.4) |
|||||||
|
Discontinued operations, net of tax |
(18.8) |
(22.4) |
(33.7) |
676.4 |
|||||||||||
|
Net income (loss) |
$ |
15.9 |
$ |
(204.1) |
$ |
209.1 |
$ |
489.0 |
|||||||
|
Basic earnings (loss) per common share attributable to FMC stockholders: |
|||||||||||||||
|
Continuing operations |
$ |
0.26 |
$ |
(1.36) |
$ |
1.81 |
$ |
(1.40) |
|||||||
|
Discontinued operations |
(0.14) |
(0.17) |
(0.25) |
5.06 |
|||||||||||
|
Basic earnings per common share |
$ |
0.12 |
$ |
(1.53) |
$ |
1.56 |
$ |
3.66 |
|||||||
|
Average number of shares outstanding used in basic earnings per share computations |
133.9 |
133.7 |
133.9 |
133.7 |
|||||||||||
|
Diluted earnings (loss) per common share attributable to FMC stockholders: |
|||||||||||||||
|
Continuing operations |
$ |
0.26 |
$ |
(1.36) |
$ |
1.81 |
$ |
(1.40) |
|||||||
|
Discontinued operations |
(0.14) |
(0.17) |
(0.25) |
5.06 |
|||||||||||
|
Diluted earnings per common share |
$ |
0.12 |
$ |
(1.53) |
$ |
1.56 |
$ |
3.66 |
|||||||
|
Average number of shares outstanding used in diluted earnings per share computations |
134.8 |
133.7 |
134.5 |
133.7 |
|||||||||||
|
Other Data: |
|||||||||||||||
|
Capital additions |
$ |
38.0 |
$ |
42.5 |
$ |
128.1 |
$ |
118.6 |
|||||||
|
Depreciation and amortization expense |
$ |
35.6 |
$ |
23.5 |
$ |
137.1 |
$ |
115.7 |
|||||||
|
FMC CORPORATION | |||||||||||||||
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||||||||||
|
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO FMC STOCKHOLDERS (GAAP) | |||||||||||||||
|
TO ADJUSTED AFTER-TAX EARNINGS FROM CONTINUING OPERATIONS, | |||||||||||||||
|
ATTRIBUTABLE TO FMC STOCKHOLDERS (NON-GAAP) | |||||||||||||||
|
(Unaudited, in millions, except per share amounts) | |||||||||||||||
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
December 31, |
December 31, | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
Net income (loss) attributable to FMC stockholders (GAAP) |
$ |
15.9 |
$ |
(204.1) |
$ |
209.1 |
$ |
489.0 |
|||||||
|
Corporate special charges (income): |
|||||||||||||||
|
Restructuring and other charges (income) (a) |
68.2 |
165.8 |
107.3 |
244.0 |
|||||||||||
|
Non-operating pension and postretirement charges (b) |
22.8 |
15.4 |
25.1 |
35.3 |
|||||||||||
|
Acquisition-related charges (c) |
6.6 |
16.3 |
23.4 |
290.3 |
|||||||||||
|
Income tax expense (benefit) on Corporate special charges (income) (d) |
(32.1) |
(31.0) |
(48.5) |
(144.9) |
|||||||||||
|
Discontinued operations, net of income taxes (e) |
18.8 |
22.4 |
33.7 |
(676.4) |
|||||||||||
|
Non-GAAP tax adjustments (f) |
18.6 |
119.0 |
29.7 |
95.3 |
|||||||||||
|
Adjusted after-tax earnings from continuing operations attributable to FMC stockholders (Non-GAAP) (1) |
$ |
118.8 |
$ |
103.8 |
$ |
379.8 |
$ |
332.6 |
|||||||
|
Diluted earnings per common share (GAAP) |
$ |
0.12 |
$ |
(1.53) |
$ |
1.56 |
$ |
3.66 |
|||||||
|
Corporate special charges (income) per diluted share, before tax: |
|||||||||||||||
|
Restructuring and other charges (income) |
0.51 |
1.24 |
0.80 |
1.82 |
|||||||||||
|
Non-operating pension and postretirement charges |
0.17 |
0.11 |
0.19 |
0.26 |
|||||||||||
|
Acquisition-related charges |
0.05 |
0.12 |
0.17 |
2.16 |
|||||||||||
|
Income tax expense (benefit) on Corporate special charges (income), per diluted share |
(0.24) |
(0.23) |
(0.36) |
(1.08) |
|||||||||||
|
Discontinued operations per diluted share |
0.14 |
0.17 |
0.25 |
(5.06) |
|||||||||||
|
Non-GAAP tax adjustments per diluted share |
0.13 |
0.89 |
0.21 |
0.71 |
|||||||||||
|
Diluted adjusted after-tax earnings from continuing operations per share, attributable to FMC stockholders (Non-GAAP) |
$ |
0.88 |
$ |
0.77 |
$ |
2.82 |
$ |
2.47 |
|||||||
|
Average number of shares outstanding used in diluted adjusted after-tax earnings from continuing operations per share computations (2) |
134.8 |
134.3 |
134.5 |
134.4 |
|||||||||||
____________________
|
(1) |
The Company believes that the Non-GAAP financial measure "Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders", and its presentation on a per share basis, provides useful information about the Company's operating results to investors and securities analysts. Adjusted earnings excludes the effects of Corporate special charges, tax-related adjustments and the results of our discontinued operations. The Company also believes that excluding the effects of these items from operating results allows management and investors to compare more easily the financial performance of its underlying businesses from period to period. |
|
(2) |
The average number of shares outstanding used in the three and twelve months ended December 31, 2015 diluted adjusted after-tax earnings from continuing operations per share computation (Non-GAAP) includes 0.5 million and 0.7 million diluted shares, respectively. The number of shares differs from the average number of shares outstanding used in diluted earnings per share computations (GAAP) as we had a net loss from continuing operations attributable to FMC stockholders. |
|
(a) |
Three Months Ended December 31, 2016: |
|
Restructuring and other charges (income) includes charges of $27.6 million representing final adjustments to severance, asset write-offs, and other costs associated with the integration of Cheminova within Agricultural Solutions. In the fourth quarter, we also entered into an agreement to obtain certain technology and intellectual property rights related to compounds still under development for our Agricultural Solutions businesses. The $13.2 million paid to acquire these rights was expensed as in-process research and development costs. Restructuring and other charges (income) also includes $19.4 million of charges for continuing environmental sites treated as a Corporate charge. Amounts also include miscellaneous restructuring charges totaling $7.1 million and other charges of $0.9 million. | |
|
Three Months Ended December 31, 2015: | |
|
Restructuring and other charges (income) includes a charge of $70.5 million as a result of the mothballing of our Seal Sands Omega-3 production facility within Health and Nutrition, as well as $61.8 million of charges representing severance and asset write-offs associated with the integration of Cheminova within Agricultural Solutions. Amount also includes $10.7 million as a result of the Argentina government's action to devalue its currency effective December 17, 2015. This loss relates to the impacts of the remeasurement of the local balance sheet at the date of the devaluation and impacted both our Agricultural Solutions and Lithium segments. Finally, the amount includes charges from continuing environmental sites treated as a Corporate charge of $13.4 million, a charge of $5.5 million associated with an agreement to obtain certain technology and intellectual property rights related to new compounds still under development within Agricultural Solutions and net miscellaneous charges of $3.9 million. | |
|
Twelve Months Ended December 31, 2016: | |
|
Restructuring and other charges (income) includes charges of $42.3 million representing final adjustments to severance, asset write-offs, and other costs associated with the integration of Cheminova within Agricultural Solutions. Integration-related costs associated with the integration of Cheminova were completed at the end of 2016. Amount also includes other miscellaneous restructuring costs of $11.1 million. Additionally, restructuring and other charges (income) includes $36.8 million of charges for continuing environmental sites treated as Corporate charges, $13.2 million associated with a license agreement to obtain certain technology and intellectual property rights for new compounds still under development, and $4.2 million as a result of the Argentina government's action to devalue its currency. These charges were offset by other miscellaneous income of $0.3 million. | |
|
Twelve Months Ended December 31, 2015: | |
|
Restructuring and other charges (income) includes a charge of $70.5 million as a result of mothballing of our Seal Sands Omega-3 production facility within Health and Nutrition as well as $117.3 million representing severance and asset disposal charges associated with the integration of Cheminova with Agricultural Solutions. Charges also include $23.6 million due to a reorganization with our FMC Health and Nutrition segment, of which, $12.3 million was due to the sale of our pectin manufacturing business. Total charges also include the $10.7 million due to the Argentina currency devaluation, $21.7 million from continuing environmental sites treated as a Corporate charge, and $20.5 million associated with two separate license agreements entered into for the purpose of obtaining certain technology and intellectual property rights relating to new compounds still under development within Agricultural Solutions. Partially offsetting these charges was other income associated with the sale of our remaining ownership interest in a Belgian-based pesticide distribution company for $26.6 million. Remaining restructuring and other charges (income) includes net miscellaneous charges of $6.3 million. | |
|
(b) |
Our non-operating pension and postretirement costs are defined as those costs related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These costs are primarily related to changes in pension plan assets and liabilities which are tied to financial market performance and we consider these costs to be outside our operational performance. We exclude these non-operating pension and postretirement costs from our segments as we believe that removing them provides a better understanding of the underlying profitability of our businesses, provides increased transparency and clarity in the performance of our retirement plans and enhances period-over-period comparability. We continue to include the service cost and amortization of prior service cost in our Adjusted Earnings results noted above. We believe these elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees. |
|
(c) |
Charges related to the expensing of the inventory fair value step-up resulting from the application of acquisition accounting, legal and professional fees and gains or losses on hedging purchase price associated with the planned or completed acquisitions. Amounts represent the following: |
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||||
|
December 31, |
December 31, | ||||||||||||||||
|
(in Millions) |
2016 |
2015 |
2016 |
2015 | |||||||||||||
|
Acquisition related charges |
|||||||||||||||||
|
Legal and professional fees (1)(2) |
$ |
6.6 |
$ |
6.6 |
$ |
23.4 |
$ |
60.4 |
|||||||||
|
Inventory fair value amortization (3) |
— |
9.7 |
— |
57.8 |
|||||||||||||
|
Loss/(gain) on hedging purchase price (2) |
— |
— |
— |
172.1 |
|||||||||||||
|
Total Acquisition-related charges (4) |
$ |
6.6 |
$ |
16.3 |
$ |
23.4 |
$ |
290.3 |
|||||||||
____________________
|
(1) |
Represents transaction costs, costs for transitional employees, other acquired employee related costs and integration-related legal and professional third-party fees. |
|
(2) |
These charges are included in "Selling, general and administrative expenses" on the condensed consolidated statements of income (loss). |
|
(3) |
These charges are included in "Costs of sales and services" on the condensed consolidated statements of income (loss). |
|
(4) |
Acquisition-related charges associated with the integration of Cheminova with Agricultural Solutions were completed at the end of 2016. |
|
(d) |
The income tax expense (benefit) on Corporate special charges (income) is determined using the applicable rates in the taxing jurisdictions in which the Corporate special charge or income occurred and includes both current and deferred income tax expense (benefit) based on the nature of the non-GAAP performance measure. |
|
(e) |
Three and Twelve Months Ended December 31, 2016 and 2015: |
|
Discontinued operations includes, in periods up to its sale, our FMC Alkali Chemicals division as well as provisions, net of recoveries, for environmental liabilities and legal reserves and expenses related to previously discontinued operations. The twelve months ended December 31, 2015 includes the divestiture gain of approximately $700 million associated with the sale of FMC Alkali Chemicals division which was completed on April 1, 2015. | |
|
(f) |
We exclude the GAAP tax provision, including discrete items, from the Non-GAAP measure of income, and instead include a Non-GAAP tax provision based upon the annual Non-GAAP effective tax rate. The GAAP tax provision includes certain discrete tax items including, but are not limited to: income tax expenses or benefits that are not related to ongoing business operations in the current year; unusual or infrequently occurring items; tax adjustments associated with fluctuations in foreign currency remeasurement of certain foreign operations; certain changes in estimates of tax matters related to prior fiscal years; certain changes in the realizability of deferred tax assets; and changes in tax law. Management believes excluding these discrete tax items assists investors and securities analysts in understanding the tax provision and the effective tax rate related to ongoing operations thereby providing investors with useful supplemental information about FMC's operational performance. |
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
December 31, |
December 31, | ||||||||||||||
|
(in Millions) |
2016 |
2015 |
2016 |
2015 | |||||||||||
|
Non-GAAP tax adjustments: |
|||||||||||||||
|
Revisions to our tax liabilities due to finalization of prior year tax returns |
$ |
0.7 |
$ |
2.1 |
$ |
3.0 |
$ |
2.2 |
|||||||
|
Revisions to valuation allowances of historical deferred tax assets |
18.5 |
120.7 |
18.9 |
128.3 |
|||||||||||
|
Foreign currency remeasurement and other discrete items |
(0.6) |
(3.8) |
7.8 |
(35.2) |
|||||||||||
|
Non-GAAP tax adjustments |
$ |
18.6 |
$ |
119.0 |
$ |
29.7 |
$ |
95.3 |
|||||||
|
RECONCILIATION OF NET INCOME (LOSS) (GAAP) TO ADJUSTED EARNINGS FROM | |||||||||||||||
|
CONTINUING OPERATIONS, BEFORE INTEREST AND INCOME TAXES (NON-GAAP) | |||||||||||||||
|
(Unaudited, in millions) | |||||||||||||||
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
December 31, |
December 31, | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
Net income (loss) (GAAP) |
$ |
16.4 |
$ |
(202.7) |
$ |
211.7 |
$ |
498.5 |
|||||||
|
Restructuring and other charges (income) |
68.2 |
165.8 |
107.3 |
244.0 |
|||||||||||
|
Non-operating pension and postretirement charges |
22.8 |
15.4 |
25.1 |
35.3 |
|||||||||||
|
Acquisition-related charges |
6.6 |
16.3 |
23.4 |
290.3 |
|||||||||||
|
Discontinued operations, net of income taxes |
18.8 |
22.4 |
33.7 |
(676.4) |
|||||||||||
|
Interest expense, net |
21.6 |
21.2 |
82.7 |
80.1 |
|||||||||||
|
Provision (benefit) for income taxes |
18.4 |
103.8 |
93.9 |
47.4 |
|||||||||||
|
Adjusted earnings from continuing operations, |
$ |
172.8 |
$ |
142.2 |
$ |
577.8 |
$ |
519.2 |
|||||||
___________________
|
(1) |
Referred to as Adjusted Operating Profit. |
|
RECONCILIATION OF CASH PROVIDED (REQUIRED) BY OPERATING ACTIVITIES (GAAP) TO | ||||||||
|
ADJUSTED CASH FROM OPERATIONS | ||||||||
|
(Unaudited, in millions) | ||||||||
|
Twelve Months Ended | ||||||||
|
December 31, | ||||||||
|
2016 |
2015 | |||||||
|
Cash provided (required) by operating activities (GAAP) |
$ |
537.3 |
$ |
(277.1) |
||||
|
Transaction and integration costs related to acquisition of Cheminova |
23.4 |
60.4 |
||||||
|
Hedge settlement of Cheminova |
— |
264.8 |
||||||
|
U.S. federal income tax payments, net of refunds related to M&A activities |
— |
316.7 |
||||||
|
Adjusted cash from operations (Non-GAAP) (1) |
$ |
560.7 |
$ |
364.8 |
||||
___________________
|
(1) |
The Company believes that the Non-GAAP financial measure "Adjusted cash from operations" provides useful information about the Company's cash flows to investors and securities analysts. Adjusted cash from operations excludes the effects of acquisition-related cash flows. The Company also believes that excluding the effects of these items from cash provided (required) by operating activities allows management and investors to compare more easily the cash flows from period to period. |
|
FMC CORPORATION | |||||||||||||||
|
INDUSTRY SEGMENT DATA | |||||||||||||||
|
(Unaudited, in millions) | |||||||||||||||
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
December 31, |
December 31, | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
Revenue |
|||||||||||||||
|
FMC Agricultural Solutions |
$ |
617.8 |
$ |
657.3 |
$ |
2,274.8 |
$ |
2,252.9 |
|||||||
|
FMC Health and Nutrition |
177.2 |
172.0 |
743.5 |
785.5 |
|||||||||||
|
FMC Lithium |
70.6 |
70.0 |
264.1 |
238.1 |
|||||||||||
|
Total |
$ |
865.6 |
$ |
899.3 |
$ |
3,282.4 |
$ |
3,276.5 |
|||||||
|
Income from continuing operations before income taxes |
|||||||||||||||
|
FMC Agricultural Solutions |
127.1 |
101.3 |
399.9 |
363.9 |
|||||||||||
|
FMC Health and Nutrition |
54.0 |
46.2 |
191.3 |
194.7 |
|||||||||||
|
FMC Lithium |
21.3 |
11.1 |
70.2 |
23.0 |
|||||||||||
|
Segment operating profit (a) |
202.4 |
158.6 |
661.4 |
581.6 |
|||||||||||
|
Corporate and other |
(29.6) |
(16.4) |
(83.6) |
(62.4) |
|||||||||||
|
Adjusted earnings from continuing operations, before interest, income taxes and noncontrolling interests (Non-GAAP) |
$ |
172.8 |
$ |
142.2 |
$ |
577.8 |
$ |
519.2 |
|||||||
|
Interest expense, net |
(21.6) |
(21.2) |
(82.7) |
(80.1) |
|||||||||||
|
Corporate special (charges) income: |
|||||||||||||||
|
Restructuring and other (charges) income (b) |
(68.2) |
(165.8) |
(107.3) |
(244.0) |
|||||||||||
|
Non-operating pension and postretirement charges (c) |
(22.8) |
(15.4) |
(25.1) |
(35.3) |
|||||||||||
|
Acquisition-related charges (d) |
(6.6) |
(16.3) |
(23.4) |
(290.3) |
|||||||||||
|
(Provision) benefit for income taxes |
(18.4) |
(103.8) |
(93.9) |
(47.4) |
|||||||||||
|
Discontinued operations, net of income taxes (e) |
(18.8) |
(22.4) |
(33.7) |
676.4 |
|||||||||||
|
Net income (loss) attributable to noncontrolling interests |
(0.5) |
(1.4) |
(2.6) |
(9.5) |
|||||||||||
|
Net income (loss) attributable to FMC stockholders |
$ |
15.9 |
$ |
(204.1) |
$ |
209.1 |
$ |
489.0 |
|||||||
____________________
|
(a) |
Referred to as Segment Earnings. |
|
(b) |
Below provides the details of restructuring and other (charges) income by segment. |
|
Three Months Ended December 31, |
Twelve Months Ended December 31, | |||||||||||||||
|
2016 |
2015 |
2016 |
2015 | |||||||||||||
|
FMC Agricultural Solutions |
$ |
(40.8) |
$ |
(76.5) |
$ |
(62.0) |
$ |
(123.7) |
||||||||
|
FMC Health and Nutrition |
(6.0) |
(73.2) |
(10.0) |
(93.8) |
||||||||||||
|
FMC Lithium |
— |
(2.2) |
(0.6) |
(2.7) |
||||||||||||
|
Corporate |
(21.4) |
(13.9) |
(34.7) |
(23.8) |
||||||||||||
|
Restructuring and other (charges) income |
$ |
(68.2) |
$ |
(165.8) |
$ |
(107.3) |
$ |
(244.0) |
||||||||
|
(c) |
See Note (b) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP)" for further details on the components that make up this line item. |
|
(d) |
See Note (c) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP)" for further details on the components that make up this line item. |
|
(e) |
See Note (e) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP)" for further details on the components that make up this line item. |
FMC CORPORATION
FMC AGRICULTURAL SOLUTIONS PRO FORMA FINANCIAL RESULTS
(Unaudited, in millions)
In the second quarter of 2015, we began to present pro forma combined results for the FMC Agricultural Solutions segment. We believe that reviewing our operating results by combining actual and pro forma results for the FMC Agricultural Solutions segment for 2015 is more useful in identifying trends in, or reaching conclusions regarding, the overall operating performance of this segment. Our pro forma segment information will include adjustments as if the Cheminova transaction had occurred on January 1, 2015. Our pro forma data will also be adjusted for the effects of acquisition accounting but will not include adjustments for cost related to integration activities, cost savings or synergies that might be achieved by the combined businesses. Pro forma amounts to be presented will not necessarily be indicative of what our results would have been had we operated Cheminova since January 1, 2015, nor our future results. We believe that reviewing our operating results by combining actual and pro forma results for the FMC Agricultural Solutions segment for these periods is more useful in identifying trends in, or reaching conclusions regarding, the overall operating performance of the segment.
|
FMC Agricultural Solutions Pro Forma Financial Results | |||||||
|
Twelve Months Ended December 31, | |||||||
|
(in Millions) |
2016 |
2015 | |||||
|
Revenue |
|||||||
|
Revenue, FMC Agricultural Solutions, as reported (1) |
$ |
2,274.8 |
$ |
2,252.9 |
|||
|
Revenue, Cheminova, pro forma (2) |
— |
362.0 |
|||||
|
Pro Forma Combined, Revenue (3) |
$ |
2,274.8 |
$ |
2,614.9 |
|||
|
Operating Profit |
|||||||
|
Operating Profit, FMC Agricultural Solutions, as reported (1) |
$ |
399.9 |
$ |
363.9 |
|||
|
Operating Profit, Cheminova, pro forma (2) |
— |
19.9 |
|||||
|
Pro Forma Combined, Operating Profit (3) |
$ |
399.9 |
$ |
383.8 |
|||
___________________
|
(1) |
As reported amounts are the results of operations of FMC Agricultural Solutions, including the results of the Cheminova acquisition from April 21, 2015 onward. |
|
(2) |
Cheminova pro forma amounts include the historical results of Cheminova, prior to April 21, 2015. These amounts also include adjustments as if the Cheminova transaction had occurred on January 1, 2015, including the effects of acquisition accounting. The pro forma amounts do not include adjustments for expenses related to integration activities, cost savings or synergies that may have been or may be achieved by the combined segment. |
|
(3) |
The pro forma combined amounts are not necessarily indicative of what the results would have been had we acquired Cheminova on January 1, 2015 or indicative of future results. For the three and twelve months ended December 31, 2016 and for the three months ended December 31, 2015, pro forma results and actual results are the same. |
|
FMC CORPORATION | |||||||
|
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
|
(Unaudited, in millions) | |||||||
|
December 31, 2016 |
December 31, 2015 | ||||||
|
Cash and cash equivalents |
$ |
64.2 |
$ |
78.6 |
|||
|
Trade receivables, net of allowance of $17.8 in 2016 and $13.9 in 2015 |
1,828.0 |
1,851.4 |
|||||
|
Inventories |
703.5 |
800.2 |
|||||
|
Other current assets |
253.5 |
241.7 |
|||||
|
Total current assets |
2,849.2 |
2,971.9 |
|||||
|
Property, plant and equipment, net |
1,002.1 |
1,016.4 |
|||||
|
Goodwill |
777.5 |
776.1 |
|||||
|
Other intangibles, net |
793.4 |
837.0 |
|||||
|
Deferred income taxes |
244.8 |
286.9 |
|||||
|
Other long-term assets |
472.3 |
437.6 |
|||||
|
Total assets |
$ |
6,139.3 |
$ |
6,325.9 |
|||
|
Short-term debt and current portion of long-term debt |
$ |
94.2 |
$ |
112.6 |
|||
|
Accounts payable, trade and other |
355.4 |
403.6 |
|||||
|
Accrued customer rebates |
249.9 |
256.1 |
|||||
|
Guarantees of vendor financing |
104.6 |
67.2 |
|||||
|
Accrued pensions and other postretirement benefits, current |
7.1 |
6.4 |
|||||
|
Other current liabilities |
627.0 |
607.4 |
|||||
|
Total current liabilities |
1,438.2 |
1,453.3 |
|||||
|
Long-term debt, less current portion |
1,798.8 |
2,036.3 |
|||||
|
Long-term liabilities |
909.3 |
928.0 |
|||||
|
Equity |
1,993.0 |
1,908.3 |
|||||
|
Total liabilities and equity |
$ |
6,139.3 |
$ |
6,325.9 |
|||
|
FMC CORPORATION | |||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
|
(Unaudited, in millions) | |||||||
|
Twelve Months Ended December 31, | |||||||
|
2016 |
2015 | ||||||
|
Cash provided (required) by operating activities of continuing operations (1) |
$ |
537.3 |
$ |
(277.1) |
|||
|
Cash provided (required) by operating activities of discontinued operations |
(39.5) |
(80.6) |
|||||
|
Cash provided (required) by investing activities of continuing operations |
(139.2) |
(1,285.5) |
|||||
|
Cash provided (required) by investing activities of discontinued operations |
4.0 |
1,634.3 |
|||||
|
Cash provided (required) by financing activities of continuing operations: |
|||||||
|
Increase (decrease) in short-term debt |
(19.4) |
(547.3) |
|||||
|
Financing fees |
(0.7) |
— |
|||||
|
Repayments of long-term debt |
(242.6) |
(1,036.6) |
|||||
|
Proceeds from borrowings of long-term debt |
2.8 |
1,650.0 |
|||||
|
Acquisition of noncontrolling interest |
(20.0) |
— |
|||||
|
Dividends paid |
(88.6) |
(86.4) |
|||||
|
Repurchases of common stock under publicly announced program |
(11.2) |
— |
|||||
|
Other repurchases of common stock |
(1.8) |
(3.7) |
|||||
|
Excess tax benefits from share-based compensation |
0.4 |
1.4 |
|||||
|
Issuances of common stock, net |
4.1 |
5.9 |
|||||
|
Cash provided (required) by financing activities |
(377.0) |
(16.7) |
|||||
|
Effect of exchange rate changes on cash |
— |
(5.3) |
|||||
|
Increase (decrease) in cash and cash equivalents |
(14.4) |
(30.9) |
|||||
|
Cash and cash equivalents, beginning of year |
78.6 |
109.5 |
|||||
|
Cash and cash equivalents, end of period |
$ |
64.2 |
$ |
78.6 |
|||
___________________
|
(1) |
The twelve months ended December 31, 2015 includes $264.8 million in payments associated with the Cheminova acquisition purchase price hedges and approximately $340.3 million in income tax payments principally driven by the sale of our Alkali Chemicals business. |
SOURCE FMC Corporation
Article Date
2/6/2017FMC Corporation's New Headquarters Awarded LEED Gold Certification
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, Jan. 26, 2017 /PRNewswire/ -- FMC Corporation (NYSE: FMC) announced today that its headquarters, located in FMC Tower at Cira Centre South in Philadelphia, Pennsylvania, has received LEED Gold certification for its commercial interior. The certification, awarded to buildings and spaces that operate in a sustainable manner, demonstrates FMC's continuing commitment to sustainability.
FMC's new global headquarters earned the certification through its energy and water efficiency, superior indoor air quality and use of sustainable materials. The company worked closely with Brandywine Realty Trust, developer and owner of FMC Tower at Cira Centre South, to earn the certification. FMC occupies 250,000 square feet over a span of nine floors. Brandywine Realty Trust is also pursuing LEED certification for the core and shell of the building.
"Designing an office that's inviting, collaborative, functional and efficient was a team effort with designers, architects, sustainability engineers, project leaders and many others who contributed their talents to this project," said Linda Froelich, director of corporate sustainability. "We're proud to work in a space that is energy and water efficient, provides high-quality air, sources 100 percent renewable energy and has been built with sustainably sourced materials," commented Froelich.
LEED, which stands for Leadership in Energy and Environmental Design, is a green building design and certification standard that measures building performance and certifies the sustainable aspects of a building. LEED is the most popular and widely used green building rating system globally. Currently there are more than 82,000 LEED buildings located in 162 countries and territories, while Philadelphia is home to 24 LEED Commercial Interior buildings including the FMC Tower.
Additional information about FMC and its sustainability initiatives is available at www.fmcsustainability.com.
About LEED
As the most widely recognized and widely used green building program across the globe, LEED is transforming buildings, homes and communities in all 50 states and more than 161 countries and territories worldwide. LEED guides the design, construction, operations and maintenance of more than 79,600 projects worldwide, comprising more than 15.3 billion square feet of commercial and institutional construction space, and more than 245,000 additional residential units. For a holistic snapshot of the green building movement, check out our LEED in Motion report series, which equips readers with the numbers and insight they need to build a strong case for sustainability.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. Revenue totaled approximately $3.3 billion in 2015. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
Logo - http://photos.prnewswire.com/prnh/20111101/NE97440LOGO
SOURCE FMC Corporation
Article Date
1/26/2017FMC Corporation Announces Date of 2017 Annual Meeting of Stockholders
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, Jan. 23, 2017 /PRNewswire/ -- FMC Corporation (NYSE: FMC) announced today that its 2017 Annual Meeting of Stockholders will be held on Tuesday, April 25, 2017, at 2 p.m. ET at FMC Tower at Cira Centre South, 2929 Walnut Street, Philadelphia, Pennsylvania 19104.
Logo - http://photos.prnewswire.com/prnh/20111101/NE97440LOGO
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. Revenue totaled approximately $3.3 billion in 2015. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2015 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
SOURCE FMC Corporation
Article Date
1/23/2017FMC Corporation Elects Ronaldo Pereira as Vice President, Agricultural Solutions, and President, FMC Latin America
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, Jan. 19, 2017 /PRNewswire/ -- FMC Corporation (NYSE: FMC) announced today that Ronaldo Pereira has been elected vice president and business director, Latin America for Agricultural Solutions, and president, FMC Latin America, effective immediately. Pereira succeeds Antonio Zem, who retired from FMC after a 38-year distinguished career.
Logo - http://photos.prnewswire.com/prnh/20111101/NE97440LOGO
Pereira is uniquely qualified to lead FMC's Latin America business having served extensively in marketing, business development and commercial leadership roles. He has most recently served as general manager, Brazil, Agricultural Solutions. Pereira joined FMC in 1995 and progressed through a series of market and business development roles in Latin America as well as strategic marketing for FMC's global agricultural business. He also served as Latin America South business director for Agricultural Solutions and was general manager for Rotam Cropsciences in Brazil.
Pereira has a degree in Marketing from Unopar and an Agronomy degree from Universidade Estadual de Londrina.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. Revenue totaled approximately $3.3 billion in 2015. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
SOURCE FMC Corporation
Article Date
1/19/20171/4/2017 - FMC Corporation Announces Dates for Fourth Quarter 2016 Earnings Release and Webcast Conference Call
FMC Corporation Announces Dates for Fourth Quarter 2016 Earnings Release and Webcast Conference Call
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, Jan. 4, 2017 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today announced it will release its fourth quarter 2016 earnings on Monday, February 6, 2017, after the stock market close via PR Newswire and the company's website at: http://www.fmc.com.
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The company will host a webcast conference call on Tuesday, February 7, 2017, at 9:00 a.m. ET that is open to the public via Internet broadcast and telephone.
Internet broadcast: http://www.fmc.com
Passcode: FMC
Dial-in telephone numbers:
U.S. / Canada: (800) 288-8960
International: (612) 288-0337
Conference ID # 414531
A replay of the call will be available via the internet and telephone from 11:00 a.m. ET on Tuesday, February 7, 2017 until Tuesday, March 7, 2017.
Internet replay: http://www.fmc.com
U.S. / Canada telephone number: (800) 475-6701
International telephone number: (320) 365-3844
Enter Conference ID # 414531
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. Revenue totaled approximately $3.3 billion in 2015. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2015 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
SOURCE FMC Corporation
Article Date
1/4/201712/19/2016 - FMC Health and Nutrition Launches Aquateric(TM) N100 Enteric Coating, A New Innovation for Nutraceuticals
FMC Health and Nutrition Launches Aquateric(TM) N100 Enteric Coating, A New Innovation for Nutraceuticals
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, Dec. 19, 2016 /PRNewswire/ -- FMC Corporation's Health and Nutrition business has launched its Aquateric™ N100 enteric coating solution, a new alginate-based product that simplifies processing for manufacturers and brand owners, and improves the sensory experience for consumers.
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"Aquateric N100 enteric coating is the newest addition to our nutraceutical portfolio," said Ravi Annavarapu, global product platform director, FMC Health and Nutrition. "It is a non-GMO enteric coating solution, and the first ever 'clean label' option in the marketplace. This innovative solution not only simplifies the enteric coating manufacturing process, but it also improves efficacy and flexibility in applications ranging from Omega-3 to dietary supplements and botanicals."
Aquateric N100 enteric coating works by protecting the capsule while in the acidic environment of the stomach, keeping it intact until further along in the digestive process where it releases the active ingredient at low acidic conditions. FMC, in partnership with customers, has been successfully beta testing Aquateric N100 enteric coating for the past year.
"FMC Health and Nutrition has a long history of delivering differentiated value to our customers through product innovation within our core alginates, microcrystalline cellulose, and nutraceutical platforms," said Eric Norris, president, FMC Health and Nutrition. "Throughout 2017, we expect to introduce multiple new product innovations in key end markets that address evolving consumer trends."
With decades of experience as a leading supplier of high quality alginates and functional coatings, FMC is uniquely suited to deliver value in this area. Through a proven supply chain, FMC can provide reliable delivery, batch-to-batch consistency and end-product quality for a unique coating solution that meets today's consumer trends.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. FMC acquired Cheminova in April 2015. Revenue totaled approximately $3.3 billion in 2015. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
FMC and Aquateric are trademarks of FMC Corporation or an affiliate
SOURCE FMC Corporation
Article Date
12/19/201612/15/2016 - FMC Corporation's Board Declares Quarterly Dividend
FMC Corporation's Board Declares Quarterly Dividend
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, Dec. 15, 2016 /PRNewswire/ -- FMC Corporation (NYSE: FMC) announced today that its Board of Directors declared a regular quarterly dividend of 16.5 cents per share, payable on January 19, 2017, to shareholders of record at the close of business on December 30, 2016.
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About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. FMC acquired Cheminova in April 2015. Revenue totaled approximately $3.3 billion in 2015. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2015 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
SOURCE FMC Corporation
Article Date
12/15/2016FMC Corporation's Pierre Brondeau to Speak at Citi Basic Materials Conference
Source: PR Newswire
PHILADELPHIA, Nov. 17, 2016 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today announced that Pierre Brondeau, President, Chief Executive Officer and Chairman of the Board, will speak at the Citi Basic Materials Conference in New York City, on Wednesday, November 30, 2016 at 12:30 p.m. ET.
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Mr. Brondeau will be joined by Paul Graves, Executive Vice President, Chief Financial Officer and Brian Angeli, Vice President, Corporate Strategy and Investor Relations. A live webcast will be available on the FMC Investor Relations website.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. FMC acquired Cheminova in April 2015. Revenue totaled approximately $3.3 billion in 2015. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2015 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
SOURCE FMC Corporation
Article Date
11/17/2016FMC Corporation and BASF Announce Agreement to Bring Next Generation of Crop Care to the U.S. In-Furrow Corn Market
Source: PR Newswire
PHILADELPHIA and RESEARCH TRIANGLE PARK, N.C., Nov. 7, 2016 /PRNewswire/ -- FMC Corporation (NYSE:FMC) and BASF announced an agreement that brings novel in-furrow crop protection products to the U.S. corn market. The companies will integrate their market-leading insect and disease protection technologies into new products formulated with the convenient LFR® patented technology from FMC.
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FMC and BASF will deliver unprecedented in-furrow insect and disease protection. These new products include market-leading active ingredients, the same technology found in Headline® fungicide and in FMC proprietary LFR formulations in Capture® LFR® Insecticide. The unique LFR technology is unmatched in its ability to mix readily with liquid fertilizers, provide consistent active ingredient distribution, and stay in suspension for uniform application from the first acre to the last.
"The LFR® technology brings greater convenience, simplicity and dependability to our customers," said Scott Stout, Corn Fungicide Products Manager, BASF. "FMC is a recognized liquid in-furrow leader, and our customers will benefit from our leading disease control and plant health fungicide with the best below-ground insect control and in-furrow insecticide formulation technology available."
"The collaboration combines the core competencies of two market leaders. FMC is an in-furrow formulations technology leader and BASF is a fungicide active ingredient leader," said Rick Ekins, Fungicide and Insecticide Portfolio Manager for FMC. "This alliance allows both companies to help our customers take yields and profits to the next level. In-furrow protection has never been so convenient or powerful."
Companies to launch new products
Each company will offer new products as a result of the agreement. For 2017, FMC will launch Temitry™ LFR® Insecticide/Fungicide. BASF will launch Manticor™ LFR® In-furrow Fungicide/Insecticide. EPA registration has been received.
According to Ekins and Stout, FMC and BASF are developing new solutions that will sustainably feed a growing world population.
"As an industry, we need new tools to push yield potential higher without using more of our natural resources," said Stout. "These kinds of collaborations help get us to that goal."
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. FMC acquired Cheminova in April 2015. Revenue totaled approximately $3.3 billion in 2015. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
About BASF's Crop Protection division
With sales of more than €5.8 billion in 2015, BASF's Crop Protection division provides innovative solutions for agriculture, turf and ornamental plants, pest control and public health. Our broad portfolio of active ingredients, seed treatments, biological controls, formulations and services optimizes efficient production of high quality food and protects against post-harvest loss, damage to buildings and the transmission of disease. By delivering new technologies and know-how, BASF Crop Protection supports the effort of growers and pest management professionals to make a better life for themselves and society. Further information can be found on the web at www.agro.basf.com or on our social media channels.
About BASF
BASF Corporation, headquartered in Florham Park, New Jersey, is the North American affiliate of BASF SE, Ludwigshafen, Germany. BASF has nearly 17,500 employees in North America, and had sales of $17.4 billion in 2015. For more information about BASF's North American operations, visit www.basf.us.
At BASF, we create chemistry for a sustainable future. We combine economic success with environmental protection and social responsibility. The approximately 112,000 employees in the BASF Group work on contributing to the success of our customers in nearly all sectors and almost every country in the world. Our portfolio is organized into five segments: Chemicals, Performance Products, Functional Materials & Solutions, Agricultural Solutions and Oil & Gas. BASF generated sales of more than €70 billion in 2015. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA) and Zurich (AN). Further information at www.basf.com.
Temitry LFR Insecticide/Fungicide, Capture LFR Insecticide and Manticor LFR In-furrow fungicide/insecticide are Restricted Use Pesticides.
Always read and follow label directions. FMC, Capture, LFR and Temitry are trademarks of FMC Corporation or an affiliate. Manticor and Headline are trademarks of BASF.
©2016 BASF Corporation. All rights reserved. ©2016 FMC Corporation. All rights reserved.
SOURCE FMC Corporation
Article Date
11/7/2016FMC Corporation Announces Third Quarter 2016 Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, Nov. 2, 2016 /PRNewswire/ --
Third Quarter 2016 Highlights
FMC Corporation (NYSE: FMC) today reported third quarter 2016 net income per diluted share of $0.59, as compared to a net loss per diluted share of $0.02 in the third quarter of 2015. Excluding various restructuring charges, adjusted earnings were $0.67 per diluted share for the third quarter of 2016, compared to adjusted earnings of $0.42 per diluted share for the prior year quarter.
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Pierre Brondeau, FMC president, CEO and chairman said: "FMC delivered another strong quarter, reporting adjusted earnings per share above the top end of guidance. Ag Solutions had a solid quarter, particularly in Latin America, reporting segment earnings at the top end of prior guidance. Lithium outperformed, increasing earnings by $16 million compared to the prior year quarter. Lithium's performance reflects the success of FMC's strategy to focus on higher value downstream specialty products. Health and Nutrition delivered strong margins, but revenue was below expectations. Overall, I am very pleased with the execution of our strategy. With just one quarter to go in the year, we are tightening our guidance for 2016 adjusted earnings per diluted share and raising the mid-point of the range by 6 cents per diluted share to $2.76 to $2.86."
FMC Agricultural Solutions
FMC Agricultural Solutions reported third quarter revenue of $559 million and segment earnings of $90 million. Third quarter segment revenue declined 3 percent year-over-year, principally due to lower sales volume from market weakness and product rationalization, offset partially by price increases. Segment earnings increased 52 percent compared to results for third quarter 2015, as the impact of better pricing and positive foreign exchange offset the lower sales volumes and higher costs.
For the full year, segment revenue is expected to be in the range of $2.2 billion to $2.4 billion and segment earnings are expected to be in the range of $390 million to $410 million. Fourth quarter segment earnings are expected to be in the range of $117 million to $137 million, up 26 percent at the mid-point of the range.
FMC Health and Nutrition
FMC Health and Nutrition reported third quarter segment revenue of $179 million and segment earnings of $45 million. Revenue declined 9 percent and segment earnings declined 4 percent compared to the third quarter 2015 largely due to lower revenue in Omega 3 and timing of sales in Asia and Europe.
Segment revenue for the full year is expected to be between $740 and $760 million and 2016 segment earnings are expected to be between $190 and $194 million. For the fourth quarter, segment earnings are expected to be between $53 and $57 million, up 19 percent at the mid-point of the range.
FMC Lithium
FMC Lithium reported third quarter segment revenue of $70 million, an increase of 22 percent from the prior-year quarter. Segment earnings increased to $18 million in the quarter versus $2 million in the prior-year quarter. Higher average prices in all major products, lower operating costs and the devaluation of the Argentinean peso all contributed to the increase in segment earnings.
For the full year 2016, segment revenue is expected to be in the range of $265 million to $275 million. 2016 segment earnings are expected to be between $65 and $69 million, $5 million higher than previous guidance at the mid-point. Segment earnings for the fourth quarter are expected to be in the range of $16 million to $20 million, up 62 percent year-over-year at the mid-point of the range.
Webcast and Supplemental Information
The company will post supplemental information on the web at www.FMC.com, including its 2016 Outlook Statement, definitions of non-GAAP terms and reconciliations of non-GAAP figures to the nearest available GAAP term.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. FMC acquired Cheminova in April 2015. Revenue totaled approximately $3.3 billion in 2015. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2015 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
This press release contains certain "non-GAAP financial terms" which are defined on our website www.fmc.com. In addition, we have also provided on our website at www.fmc.com reconciliations of non-GAAP terms to the most directly comparable GAAP term. Amounts in this release focus on Adjusted Earnings for all EBIT and EPS references.
|
FMC CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited, in millions, except per share amounts) | ||||||||||||||
|
Three Months Ended |
Nine Months Ended | |||||||||||||
|
September 30 |
September 30 | |||||||||||||
|
2016 |
2015 |
2016 |
2015 | |||||||||||
|
Revenue |
$ |
807.7 |
$ |
830.7 |
$ |
2,416.8 |
$ |
2,377.2 | ||||||
|
Costs of sales and services |
528.2 |
610.4 |
1,554.6 |
1,600.4 | ||||||||||
|
Gross margin |
279.5 |
220.3 |
862.2 |
776.8 | ||||||||||
|
Selling, general and administrative expenses |
117.8 |
137.0 |
373.4 |
590.9 | ||||||||||
|
Research and development expenses |
32.2 |
37.2 |
103.3 |
102.8 | ||||||||||
|
Restructuring and other charges (income) |
14.4 |
45.6 |
39.1 |
78.2 | ||||||||||
|
Total costs and expenses |
692.6 |
830.2 |
2,070.4 |
2,372.3 | ||||||||||
|
Income (loss) from operations |
115.1 |
0.5 |
346.4 |
4.9 | ||||||||||
|
Equity in (earnings) loss of affiliates |
(0.4) |
— |
(0.4) |
— | ||||||||||
|
Interest expense, net |
20.3 |
20.2 |
61.1 |
58.9 | ||||||||||
|
Income (loss) from continuing operations before income taxes |
95.2 |
(19.7) |
285.7 |
(54.0) | ||||||||||
|
Provision (benefit) for income taxes |
12.6 |
(25.1) |
75.5 |
(56.4) | ||||||||||
|
Income (loss) from continuing operations |
82.6 |
5.4 |
210.2 |
2.4 | ||||||||||
|
Discontinued operations, net of income taxes |
(3.0) |
(5.0) |
(14.9) |
698.8 | ||||||||||
|
Net income (loss) |
$ |
79.6 |
$ |
0.4 |
$ |
195.3 |
$ |
701.2 | ||||||
|
Less: Net income attributable to noncontrolling interests |
(0.1) |
2.8 |
2.1 |
8.1 | ||||||||||
|
Net income (loss) attributable to FMC stockholders |
$ |
79.7 |
$ |
(2.4) |
$ |
193.2 |
$ |
693.1 | ||||||
|
Amounts attributable to FMC stockholders: |
||||||||||||||
|
Income (loss) from continuing operations, net of tax |
$ |
82.7 |
$ |
2.6 |
$ |
208.1 |
$ |
(5.7) | ||||||
|
Discontinued operations, net of tax |
(3.0) |
(5.0) |
(14.9) |
698.8 | ||||||||||
|
Net income (loss) |
$ |
79.7 |
$ |
(2.4) |
$ |
193.2 |
$ |
693.1 | ||||||
|
Basic earnings (loss) per common share attributable to FMC stockholders: |
||||||||||||||
|
Continuing operations |
$ |
0.62 |
$ |
0.02 |
$ |
1.55 |
$ |
(0.04) | ||||||
|
Discontinued operations |
(0.03) |
(0.04) |
(0.11) |
5.22 | ||||||||||
|
Basic earnings per common share |
$ |
0.59 |
$ |
(0.02) |
$ |
1.44 |
$ |
5.18 | ||||||
|
Average number of shares outstanding used in basic earnings per share computations |
134.0 |
133.8 |
133.9 |
133.7 | ||||||||||
|
Diluted earnings (loss) per common share attributable to FMC stockholders: |
||||||||||||||
|
Continuing operations |
$ |
0.61 |
$ |
0.02 |
$ |
1.55 |
$ |
(0.04) | ||||||
|
Discontinued operations |
(0.02) |
(0.04) |
(0.11) |
5.22 | ||||||||||
|
Diluted earnings per common share |
$ |
0.59 |
$ |
(0.02) |
$ |
1.44 |
$ |
5.18 | ||||||
|
Average number of shares outstanding used in diluted earnings per share computations |
134.7 |
134.4 |
134.5 |
133.7 | ||||||||||
|
Other Data: |
||||||||||||||
|
Capital additions |
$ |
32.2 |
$ |
31.6 |
$ |
90.1 |
$ |
76.1 | ||||||
|
Depreciation and amortization expense |
$ |
34.3 |
$ |
38.0 |
$ |
101.5 |
$ |
92.2 | ||||||
|
FMC CORPORATION RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO FMC STOCKHOLDERS (GAAP) TO ADJUSTED AFTER-TAX EARNINGS FROM CONTINUING OPERATIONS, ATTRIBUTABLE TO FMC STOCKHOLDERS (NON-GAAP) (Unaudited, in millions, except per share amounts) | |||||||||||
|
Three Months Ended |
Nine Months Ended | ||||||||||
|
September 30 |
September 30 | ||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||
|
Net income (loss) attributable to FMC stockholders (GAAP) |
$ |
79.7 |
$ |
(2.4) |
$ |
193.2 |
$ |
693.1 | |||
|
Corporate special charges (income): |
|||||||||||
|
Restructuring and other charges (income) (a) |
14.4 |
45.6 |
39.1 |
78.2 | |||||||
|
Non-operating pension and postretirement charges (b) |
0.2 |
5.5 |
2.3 |
19.9 | |||||||
|
Acquisition-related charges (c) |
4.4 |
43.0 |
16.8 |
274.0 | |||||||
|
Income tax expense (benefit) on Corporate special charges (income) (d) |
(4.6) |
(13.7) |
(16.4) |
(113.8) | |||||||
|
Discontinued operations attributable to FMC stockholders, net of income taxes (e) |
3.0 |
5.0 |
14.9 |
(698.8) | |||||||
|
Tax adjustment (f) |
(7.4) |
(26.6) |
11.1 |
(23.7) | |||||||
|
Adjusted after-tax earnings from continuing operations attributable to |
$ |
89.7 |
$ |
56.4 |
$ |
261.0 |
$ |
228.9 | |||
|
Diluted earnings per common share (GAAP) |
$ |
0.59 |
$ |
(0.02) |
$ |
1.44 |
$ |
5.18 | |||
|
Corporate special charges (income) per diluted share, before tax: |
|||||||||||
|
Restructuring and other charges (income) |
0.11 |
0.34 |
0.29 |
0.58 | |||||||
|
Non-operating pension and postretirement charges |
— |
0.04 |
0.02 |
0.15 | |||||||
|
Acquisition-related charges |
0.03 |
0.32 |
0.12 |
2.04 | |||||||
|
Income tax expense (benefit) on Corporate special charges (income), per diluted share |
(0.03) |
(0.10) |
(0.12) |
(0.85) | |||||||
|
Discontinued operations per diluted share |
0.02 |
0.04 |
0.11 |
(5.22) | |||||||
|
Tax adjustments per diluted share |
(0.05) |
(0.20) |
0.08 |
(0.18) | |||||||
|
Diluted adjusted after-tax earnings from continuing operations per share, |
$ |
0.67 |
$ |
0.42 |
$ |
1.94 |
$ |
1.70 | |||
|
Average number of shares outstanding used in diluted adjusted after-tax earnings |
134.7 |
134.4 |
134.5 |
134.4 | |||||||
____________________
(1) The Company believes that the Non-GAAP financial measure "Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders", and its presentation on a per share basis, provides useful information about the Company's operating results to investors and securities analysts. Adjusted earnings excludes the effects of Corporate special charges, tax-related adjustments and the results of our discontinued operations. The Company also believes that excluding the effects of these items from operating results allows management and investors to compare more easily the financial performance of its underlying businesses from period to period.
(2) The average number of shares outstanding used in the nine months ended September 30, 2015 diluted adjusted after-tax earnings from continuing operations per share computation (Non-GAAP) includes 0.7 million diluted shares. This number of shares differs from the average number of shares outstanding used in diluted earnings per share computations (GAAP) as we had a net loss from continuing operations attributable to FMC stockholders.
(a) Three Months Ended September 30, 2016:
Restructuring and other charges (income) includes charges of $5.8 million representing adjustments to severance and asset write-offs primarily associated with the integration of Cheminova with Agricultural Solutions. Additionally, restructuring and other charges (income) includes charges of continuing environmental sites treated as a Corporate charge of $8.1 million. Remaining restructuring and other charges (income) includes net miscellaneous charges (income) of $0.5 million.
Three Months Ended September 30, 2015:
Restructuring and other charges (income) includes a charge of $50.7 million, primarily related to the exit of our generic crop protection business in Brazil and severance, associated with the integration of Cheminova into our existing FMC Agricultural Solutions segment as well as a charge of $16.6 million associated with the reorganization of our FMC Health and Nutrition segment, of which, $11.9 million was due to the sale of our pectin manufacturing business. Remaining restructuring and other charges (income) includes net miscellaneous charges of $2.0 million. Offsetting these charges was other income associated with sale of our remaining ownership interest in a Belgian-based pesticide distribution company for $26.6 million, slightly offset by charges from continuing environmental sites treated as a Corporate charge of $2.9 million.
Nine Months Ended September 30, 2016:
Restructuring and other charges (income) includes charges of $14.7 million representing adjustments to severance and asset write-offs primarily associated with the integration of Cheminova with Agricultural Solutions. Amounts also include $4.2 million associated as a result of the Argentina government's action to devalue its currency. Additionally, restructuring and other charges includes charges of continuing environmental sites treated as a Corporate charge of $17.1 million. Remaining restructuring and other charges (income) includes net miscellaneous charges (income) of $3.1 million.
Nine Months Ended September 30, 2015:
Restructuring and other charges (income) includes a charge of $55.5 million, primarily related to exit of generic crop protection business in Brazil and severance associated with the integration of Cheminova of $12.2 million, and a charge of $20.5 million associated with the reorganization of our FMC Health and Nutrition segment, of which, $11.9 million was due to the sale of our pectin manufacturing business. Remaining restructuring and charges included net miscellaneous charges of $5.5 million. Offsetting these charges was other income associated with sale of our remaining ownership interest in a Belgian-based pesticide distribution company for $26.6 million, slightly offset by charges from continuing environmental sites treated as a Corporate charge of $8.3 million and a charge of $15.0 million associated with a license agreement entered into for the purpose of obtaining certain technology and intellectual property rights relating to new compounds still under development both of which pertain our FMC Agricultural Solutions segment.
(b) Our non-operating pension and postretirement costs are defined as those costs related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These costs are primarily related to changes in pension plan assets and liabilities which are tied to financial market performance and we consider these costs to be outside our operational performance. We exclude these non-operating pension and postretirement costs from our segments as we believe that removing them provides a better understanding of the underlying profitability of our businesses, provides increased transparency and clarity in the performance of our retirement plans and enhances period-over-period comparability. We continue to include the service cost and amortization of prior service cost in our Adjusted Earnings results noted above. We believe these elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees.
(c) Charges related to the expensing of the inventory fair value step-up resulting from the application of purchase accounting, legal and professional fees and gains or losses on hedging purchase price associated with the planned or completed acquisitions. Amounts represent the following:
|
Three Months Ended |
Nine Months Ended | ||||||||||||||
|
(in Millions) |
2016 |
2015 |
2016 |
2015 | |||||||||||
|
Acquisition-related charges |
|||||||||||||||
|
Legal and professional fees (1), (2) |
$ |
4.4 |
$ |
14.2 |
$ |
16.8 |
$ |
53.8 | |||||||
|
Inventory fair value amortization (3) |
— |
28.8 |
— |
48.1 | |||||||||||
|
(Gain)/loss on hedging purchase price (2) |
— |
— |
— |
172.1 | |||||||||||
|
Total Acquisition-related charges (4) |
$ |
4.4 |
$ |
43.0 |
$ |
16.8 |
$ |
274.0 | |||||||
____________________
|
(1) |
Represents transaction costs, costs for transitional employees, other acquired employees related costs and integration-related legal and professional third-party fees. |
|
(2) |
These charges are recorded as a component of "Selling, general and administrative expense" on the condensed consolidated statements of income (loss). |
|
(3) |
These charges are recorded as a component of "Cost of sales and services" on the condensed consolidated statements of income (loss). |
|
(4) |
Acquisition-related charges associated with the integration of Cheminova with Agricultural Solutions are expected to be completed by the end of 2016. |
(d) The income tax expense (benefit) on Corporate special charges (income) is determined using the applicable rates in the taxing jurisdictions in which the Corporate special charge or income occurred and includes both current and deferred income tax expense (benefit) based on the nature of the non-GAAP performance measure.
(e) Three and Nine Months Ended September 30, 2016 and 2015
Discontinued operations includes provisions, net of recoveries, for environmental liabilities, legal reserves and expenses related to previously discontinued operations. Discontinued operations for the nine months ended September 30, 2015, includes the divestiture gain of approximately $700 million associated with the sale of FMC Alkali Chemicals division which was completed on April 1, 2015.
(f) We exclude the GAAP tax provision, including discrete items, from the Non-GAAP measure of income, and instead include a Non-GAAP tax provision based upon the projected annual Non-GAAP effective tax rate. The GAAP tax provision includes certain discrete tax items including, but are not limited to: income tax expenses or benefits that are not related to ongoing business operations in the current year; tax adjustments associated with fluctuations in foreign currency remeasurement of certain foreign operations; certain changes in estimates of tax matters related to prior fiscal years; certain changes in the realizability of deferred tax assets and related interim accounting impacts; and changes in tax law; and the impact of excluding subsidiary losses that cannot be benefited from the GAAP EAETR and earnings to which it is applied. Management believes excluding these discrete tax items assists investors and securities analysts in understanding the tax provision and the effective tax rate related to ongoing operations thereby providing investors with useful supplemental information about FMC's operational performance.
|
Three Months Ended |
Nine Months Ended | ||||||||||||||
|
September 30 |
September 30 | ||||||||||||||
|
(in Millions) |
2016 |
2015 |
2016 |
2015 | |||||||||||
|
Non-GAAP tax adjustments: |
|||||||||||||||
|
Revisions to our tax liabilities due to finalization of prior year tax returns |
$ |
0.7 |
$ |
(0.9) |
$ |
2.3 |
$ |
0.1 | |||||||
|
Revisions to valuation allowances of historical deferred tax assets |
— |
— |
0.4 |
7.6 | |||||||||||
|
Foreign currency remeasurement and other discrete items |
(8.1) |
(25.7) |
8.4 |
(31.4) | |||||||||||
|
Non-GAAP tax adjustments |
$ |
(7.4) |
$ |
(26.6) |
$ |
11.1 |
$ |
(23.7) | |||||||
|
RECONCILIATION OF INCOME (LOSS) FROM OPERATIONS (GAAP) TO ADJUSTED EARNINGS FROM (Unaudited, in millions) | |||||||||||||||
|
Three Months Ended |
Nine Months Ended | ||||||||||||||
|
September 30 |
September 30 | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
Net income (loss) (GAAP) |
$ |
79.6 |
$ |
0.4 |
$ |
195.3 |
$ |
701.2 | |||||||
|
Restructuring and other charges (income) |
14.4 |
45.6 |
39.1 |
78.2 | |||||||||||
|
Non-operating pension and postretirement charges |
0.2 |
5.5 |
2.3 |
19.9 | |||||||||||
|
Acquisition-related charges |
4.4 |
43.0 |
16.8 |
274.0 | |||||||||||
|
Discontinued operations, net of income taxes |
3.0 |
5.0 |
14.9 |
(698.8) | |||||||||||
|
Interest expense, net |
20.3 |
20.2 |
61.1 |
58.9 | |||||||||||
|
Provision (benefit) for income taxes |
12.6 |
(25.1) |
75.5 |
(56.4) | |||||||||||
|
Adjusted earnings from continuing operations, before interest, |
$ |
134.5 |
$ |
94.6 |
$ |
405.0 |
$ |
377.0 | |||||||
___________________
|
(1) |
Referred to as Adjusted Operating Profit. |
|
RECONCILIATION OF CASH PROVIDED (REQUIRED) BY OPERATING (Unaudited, in millions) | ||||||||
|
Nine Months Ended | ||||||||
|
September 30 | ||||||||
|
2016 |
2015 | |||||||
|
Cash provided (required) by operating activities (GAAP) |
$ |
411.0 |
$ |
(246.8) | ||||
|
Transaction and integration costs related to acquisition of Cheminova |
16.8 |
53.8 | ||||||
|
Hedge settlement of Cheminova |
— |
264.8 | ||||||
|
U.S. federal income tax payments related to sale of Alkali |
— |
239.0 | ||||||
|
Adjusted cash from operations (Non-GAAP) (1) |
$ |
427.8 |
$ |
310.8 | ||||
___________________
|
(1) |
The Company believes that the Non-GAAP financial measure "Adjusted cash from operations" provides useful information about the Company's cash flows to investors and securities analysts. Adjusted cash from operations excludes the effects of acquisition-related cash flows. The Company also believes that excluding the effects of these items from cash provided (required) by operating activities allows management and investors to compare more easily the cash flows from period to period. |
FMC CORPORATION
FMC AGRICULTURAL SOLUTIONS PRO FORMA FINANCIAL RESULTS
(Unaudited, in millions)
In the second quarter of 2015, we began to present pro forma combined results for the FMC Agricultural Solutions segment for 2015 and 2014. We believe that reviewing our operating results by combining actual and pro forma results for the FMC Agricultural Solutions segment for 2015 is more useful in identifying trends in, or reaching conclusions regarding, the overall operating performance of this segment. Our pro forma segment information includes adjustments as if the Cheminova transaction had occurred on January 1, 2015. Our pro forma data will also be adjusted for the effects of acquisition accounting but will not include adjustments for cost related to integration activities, cost savings or synergies that might be achieved by the combined businesses. Pro forma amounts to be presented will not necessarily be indicative of what our results would have been had we operated Cheminova since January 1, 2015, nor our future results. We believe that reviewing our operating results by combining actual and pro forma results for the FMC Agricultural Solutions segment for these interim periods is more useful in identifying trends in, or reaching conclusions regarding, the overall operating performance of the segment.
|
FMC Agricultural Solutions Pro Forma Financial Results | |||||||||||||||
|
Three Months Ended |
Nine Months Ended | ||||||||||||||
|
(in Millions) |
2016 |
2015 |
2016 |
2015 | |||||||||||
|
Revenue |
|||||||||||||||
|
Revenue, FMC Agricultural Solutions, as reported (1) |
$ |
558.9 |
$ |
577.6 |
$ |
1,657.0 |
$ |
1,595.6 | |||||||
|
Revenue, Cheminova, pro forma (2) |
— |
— |
— |
362.0 | |||||||||||
|
Pro Forma Combined, Revenue (3) |
$ |
558.9 |
$ |
577.6 |
$ |
1,657.0 |
$ |
1,957.6 | |||||||
|
Operating Profit |
|||||||||||||||
|
Operating Profit, FMC Agricultural Solutions, as reported (1) |
$ |
90.1 |
$ |
59.4 |
$ |
272.8 |
$ |
262.6 | |||||||
|
Operating Profit, Cheminova, pro forma (2) |
— |
— |
— |
19.9 | |||||||||||
|
Pro Forma Combined, Operating Profit (3) |
$ |
90.1 |
$ |
59.4 |
$ |
272.8 |
$ |
282.5 | |||||||
___________________
|
(1) |
As reported amounts are the results of operations of FMC Agricultural Solutions, including the results of the Cheminova acquisition from April 21, 2015 onward. |
|
(2) |
Cheminova pro forma amounts include the historical results of Cheminova, prior to April 21, 2015. These amounts also include adjustments as if the Cheminova transaction had occurred on January 1, 2015, including the effects of acquisition accounting. The pro forma amounts do not include adjustments for expenses related to integration activities, cost savings or synergies that may have been or may be achieved by the combined segment. |
|
(3) |
The pro forma combined amounts are not necessarily indicative of what the results would have been had we acquired Cheminova on January 1, 2015 or indicative of future results. For the three and nine months ended September 30, 2016 and for the three months ended September 30, 2015, pro forma results and actual results are the same. |
|
FMC CORPORATION INDUSTRY SEGMENT DATA (Unaudited, in millions) | ||||||||||||||
|
Three Months Ended |
Nine Months Ended | |||||||||||||
|
September 30 |
September 30 | |||||||||||||
|
2016 |
2015 |
2016 |
2015 | |||||||||||
|
Revenue |
||||||||||||||
|
FMC Agricultural Solutions |
$ |
558.9 |
$ |
577.6 |
$ |
1,657.0 |
$ |
1,595.6 | ||||||
|
FMC Health and Nutrition |
178.9 |
195.9 |
566.3 |
613.5 | ||||||||||
|
FMC Lithium |
69.9 |
57.2 |
193.5 |
168.1 | ||||||||||
|
Total |
$ |
807.7 |
$ |
830.7 |
$ |
2,416.8 |
$ |
2,377.2 | ||||||
|
Income from continuing operations before income taxes |
||||||||||||||
|
FMC Agricultural Solutions |
90.1 |
59.4 |
272.8 |
262.6 | ||||||||||
|
FMC Health and Nutrition |
45.1 |
47.0 |
137.3 |
148.5 | ||||||||||
|
FMC Lithium |
17.5 |
1.8 |
48.9 |
11.9 | ||||||||||
|
Segment operating profit (a) |
152.7 |
108.2 |
459.0 |
423.0 | ||||||||||
|
Corporate and other |
(18.2) |
(13.6) |
(54.0) |
(46.0) | ||||||||||
|
Adjusted earnings from continuing operations, before interest, |
$ |
134.5 |
$ |
94.6 |
$ |
405.0 |
$ |
377.0 | ||||||
|
Interest expense, net |
(20.3) |
(20.2) |
(61.1) |
(58.9) | ||||||||||
|
Corporate special (charges) income: |
||||||||||||||
|
Restructuring and other (charges) income (b) |
(14.4) |
(45.6) |
(39.1) |
(78.2) | ||||||||||
|
Non-operating pension and postretirement charges (c) |
(0.2) |
(5.5) |
(2.3) |
(19.9) | ||||||||||
|
Acquisition-related charges (d) |
(4.4) |
(43.0) |
(16.8) |
(274.0) | ||||||||||
|
(Provision) benefit for income taxes |
(12.6) |
25.1 |
(75.5) |
56.4 | ||||||||||
|
Discontinued operations, net of income taxes (e) |
(3.0) |
(5.0) |
(14.9) |
698.8 | ||||||||||
|
Net income attributable to noncontrolling interests |
0.1 |
(2.8) |
(2.1) |
(8.1) | ||||||||||
|
Net income (loss) attributable to FMC stockholders |
$ |
79.7 |
$ |
(2.4) |
$ |
193.2 |
$ |
693.1 | ||||||
____________________
|
(a) |
Referred to as Segment Earnings. |
|
(b) |
Three months ended September 30, 2016: Amounts related to FMC Agricultural Solutions charges of $8.7 million, FMC Health and Nutrition charges of $0.7 million, FMC Lithium charges of $0 million and Corporate charges of $5.0 million. |
|
Three months ended September 30, 2015: Amounts related to FMC Agricultural Solutions charges of $24.1 million, FMC Health and Nutrition charges of $16.6 million, FMC Lithium charges of $0 million and Corporate charges of $4.9 million. | |
|
Nine months ended September 30, 2016: Amounts related to FMC Agricultural Solutions charges of $21.2 million, FMC Health and Nutrition charges of $4.0 million, FMC Lithium charges of $0.6 million and Corporate charges of $13.3 million. | |
|
Nine months ended September 30, 2015: Amounts related to FMC Agricultural Solutions charges of $47.2 million, FMC Health and Nutrition charges of $20.6 million, FMC Lithium charges of $0.5 million and Corporate charges of $9.9 million. | |
|
(c) |
See Note (b) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP)" for further details on the components that make up this line item. |
|
(d) |
See Note (c) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP)" for further details on the components that make up this line item. |
|
(e) |
See Note (e) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP)" for further details on the components that make up this line item. |
|
FMC CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in millions) | ||||||
|
September 30, |
December 31, | |||||
|
Cash and cash equivalents |
$ |
130.7 |
$ |
78.6 | ||
|
Trade receivables, net of allowance of $11.6 in 2016 and $13.9 in 2015 |
1,603.4 |
1,851.4 | ||||
|
Inventories |
817.4 |
800.2 | ||||
|
Prepaid and other current assets |
252.6 |
241.7 | ||||
|
Total current assets |
2,804.1 |
2,971.9 | ||||
|
Investments |
1.1 |
2.5 | ||||
|
Property, plant and equipment, net |
1,031.0 |
1,016.4 | ||||
|
Goodwill |
798.6 |
776.1 | ||||
|
Other intangibles, net |
849.2 |
837.0 | ||||
|
Other assets including long-term receivables, net |
457.2 |
435.1 | ||||
|
Deferred income taxes |
268.6 |
286.9 | ||||
|
Total assets |
$ |
6,209.8 |
$ |
6,325.9 | ||
|
Short-term debt and current portion of long-term debt |
$ |
63.2 |
$ |
112.6 | ||
|
Accounts payable, trade and other |
371.6 |
403.6 | ||||
|
Advanced payments from customers |
5.0 |
249.9 | ||||
|
Accrued and other liabilities |
331.9 |
337.6 | ||||
|
Accrued customer rebates |
417.4 |
256.1 | ||||
|
Guarantees of vendor financing |
88.0 |
67.2 | ||||
|
Accrued pensions and other postretirement benefits, current |
6.4 |
6.4 | ||||
|
Income taxes |
25.3 |
19.9 | ||||
|
Total current liabilities |
1,308.8 |
1,453.3 | ||||
|
Long-term debt |
1,913.3 |
2,036.3 | ||||
|
Long-term liabilities |
867.0 |
928.0 | ||||
|
Equity |
2,120.7 |
1,908.3 | ||||
|
Total liabilities and equity |
$ |
6,209.8 |
$ |
6,325.9 | ||
|
FMC CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in millions) | ||||||
|
Nine Months Ended | ||||||
|
2016 |
2015 | |||||
|
Cash provided (required) by operating activities of continuing operations (1) |
$ |
411.0 |
$ |
(246.8) | ||
|
Cash provided (required) by operating activities of discontinued operations |
(23.2) |
(63.7) | ||||
|
Cash provided (required) by investing activities of continuing operations |
(101.2) |
(1,281.7) | ||||
|
Cash provided (required) by investing activities of discontinued operations |
4.0 |
1,634.3 | ||||
|
Cash provided (required) by financing activities of continuing operations: |
||||||
|
Increase (decrease) in short-term debt |
(50.4) |
(537.6) | ||||
|
Financing Fees |
(0.7) |
— | ||||
|
Proceeds from borrowings of long-term debt |
2.1 |
1,650.1 | ||||
|
Repayments of long-term debt |
(126.3) |
(1,024.4) | ||||
|
Issuances of common stock, net |
2.4 |
5.8 | ||||
|
Excess tax benefits from share-based compensation |
0.5 |
1.6 | ||||
|
Dividends paid |
(66.4) |
(64.3) | ||||
|
Other repurchases of common stock |
(1.6) |
(3.2) | ||||
|
Cash provided (required) by financing activities |
(240.4) |
28.0 | ||||
|
Effect of exchange rate changes on cash |
1.9 |
(5.9) | ||||
|
Increase (decrease) in cash and cash equivalents |
52.1 |
64.2 | ||||
|
Cash and cash equivalents, beginning of year |
78.6 |
109.5 | ||||
|
Cash and cash equivalents, end of period |
$ |
130.7 |
$ |
173.7 | ||
______________
|
(1) |
The nine months ended September 30, 2015 includes $264.8 million in payments associated with the Cheminova acquisition purchase price hedges and approximately $239.0 million in U.S. federal income tax payments principally driven by the sale of our Alkali Chemicals business. |
SOURCE FMC Corporation
Article Date
11/2/201610/31/2016 - FMC Corporation Signs Long-term Lithium Carbonate Supply Agreement with Nemaska Lithium
FMC Corporation Signs Long-term Lithium Carbonate Supply Agreement with Nemaska Lithium
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, Oct. 31, 2016 /PRNewswire/ -- FMC Corporation (NYSE:FMC) announced a new long-term supply agreement with Nemaska Lithium, Inc. Under the agreement Nemaska will provide FMC with 8,000 metric tons per year of lithium carbonate beginning in mid-2018.
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"This agreement will further diversify our supply sources while fueling our growing production of high quality, specialty lithium products," said Tom Schneberger, vice president and global business director of FMC Lithium. "We look forward to partnering with Nemaska on this important supply arrangement."
Based in Quebec, Canada, Nemaska Lithium, Inc. is constructing new lithium production capabilities of 28,000 metric tons of lithium carbonate equivalent.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. FMC acquired Cheminova in April 2015. Revenue totaled approximately $3.3 billion in 2015. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2015 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
SOURCE FMC Corporation
Article Date
10/31/2016FMC Begins Registration Process for New Fungicide Active Ingredient
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, Oct. 19, 2016 /PRNewswire/ -- FMC Agricultural Solutions has begun the joint U.S. Environmental Protection Agency and Canadian Pest Management Regulatory Agency registration process for bixafen, a new pyrazole carboxamide fungicide that belongs to a new generation of succinate dehydrogenase inhibitors (SDHI). Registration is being sought for corn, soybeans, cereals, canola, peanuts and potatoes in the U.S. and, in some instances, Canada.
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Bixafen is highly effective against a wide range of fungal diseases in row crops. Data has been submitted for review of several target diseases including: Northern corn leaf blight and gray leaf spot in corn; frogeye leaf spot, brown spot and white mold in soybeans; septoria leaf blotch, stripe rust and stem rust in cereals; early blight and white mold in potatoes; white mold in canola; stem rot, leaf spot, leaf rust and Rhizoctonia limb rot in peanuts.
FMC acquired exclusive rights to bixafen from Bayer CropScience to develop and distribute the novel product for row crops in the United States and Canada. FMC has greatly expanded its fungicide offerings in recent years for row crops and specialty crops, including tree, fruit and vine crops.
"Bixafen will further that growth with plans to build a suite of products around this chemistry," said Amy O' Shea, vice president and business director, U.S. and Canada, FMC Agricultural Solutions. "We have simultaneously begun registration for several premixes."
Bixafen is the first of several new, proprietary crop protection active ingredients FMC plans to submit registrations for over the next three years. "FMC is investing in synthetic and biological products to address growers' dynamic crop protection challenges," said O'Shea. "As pest challenges evolve, it's incredibly important to bring new active ingredients to market. Growers need new tools to manage resistance and to control yield-robbing diseases, weeds and pests."
FMC is a leading global provider of crop protection solutions. Through strategic alliances, partnerships and acquisitions, FMC has a robust pipeline of 16 new synthetic and biological active ingredients to be commercialized over the next seven years.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. FMC acquired Cheminova in April 2015. Revenue totaled approximately $3.3 billion in 2015. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
Always read and follow label directions. FMC is a trademark of FMC Corporation or an affiliate. ©2016 FMC Corporation. All rights reserved. 16-FMC-0955 10/16
SOURCE FMC Corporation
Article Date
10/19/201610/12/2016 - FMC Corporation Expands Parental and Dependent Care Benefits to Help Employees Balance Career and Family
FMC Corporation Expands Parental and Dependent Care Benefits to Help Employees Balance Career and Family
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, Oct. 12, 2016 /PRNewswire/ -- Recognizing the importance of helping mothers and fathers more easily balance their FMC careers with the needs of family, FMC Corporation (NYSE: FMC) has introduced two new employee leave policies. FMC's expanded Parental Leave program will provide employees up to six months of job-protected time away from work to welcome a new child to their families. The company also has enhanced its Dependent Care Leave Policy.
Logo - http://photos.prnewswire.com/prnh/20111101/NE97440LOGO
"FMC employees work hard every day to make our company successful. It's important that we offer the right support and benefits to help our people more easily balance the demands of life," said Pierre Brondeau, FMC president, CEO and chairman. "These new and expanded benefits are significant steps in the right direction."
FMC has augmented its Parental Leave program to provide up to 26 weeks of leave for eligible employees. The company has doubled its 100 percent paid time off for mothers of a newborn, from six weeks to 12 weeks of fully paid leave. Fathers and spouses are eligible for six weeks of 100 percent paid time off for the birth or adoption of a baby. In addition, eligible mothers, fathers, and spouses also may take up to 14 weeks of unpaid time off. In total, FMC employees can now take up to six months of job-protected time off to welcome and help care for a new family member.
FMC has also enhanced its Dependent Care Leave policy with additional paid time off to employees caring for loved ones who need help for medical reasons or other life events. The new annual benefit provides employees up to four days of 100 percent paid time off to support immediate family members.
"It's important that FMC's benefits and HR policies reflect what matters most to our employees and their families," said Kyle Matthews, FMC vice president, Human Resources. "The ability to balance work while caring for loved ones or welcoming a new baby to the family has become increasingly important. FMC is proud to be at the forefront of employers that are introducing progressive parental and dependent care benefits that help employees lead successful careers and raise great families."
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. FMC acquired Cheminova in April 2015. Revenue totaled approximately $3.3 billion in 2015. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
SOURCE FMC Corporation
Article Date
10/12/201610/4/2016 - FMC Corporation Announces Dates for Third Quarter 2016 Earnings Release and Webcast Conference Call
FMC Corporation Announces Dates for Third Quarter 2016 Earnings Release and Webcast Conference Call
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, Oct. 4, 2016 /PRNewswire/ -- FMC Corporation (NYSE:FMC) today announced it will release its third quarter 2016 earnings on Wednesday, November 2, 2016, after the stock market close via PR Newswire and the company's website at: http://www.fmc.com.
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The company will host a webcast conference call on Thursday, November 3, 2016, at 9:00 a.m. ET that is open to the public via Internet broadcast and telephone.
Internet broadcast: http://www.fmc.com
Passcode: FMC
Dial-in telephone numbers:
U.S. / Canada: (800) 288-8974
International: (612) 332-0430
Conference ID # 378965
A replay of the call will be available via the internet and telephone from 11:00 a.m. ET on Thursday, November 3, 2016 until Saturday, December 3, 2016.
Internet replay: http://www.fmc.com
U.S. / Canada telephone number: (800) 475-6701
International telephone number: (320) 365-3844
Enter Conference ID # 378965
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. FMC acquired Cheminova in April 2015. Revenue totaled approximately $3.3 billion in 2015. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2015 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
SOURCE FMC Corporation
Article Date
10/4/2016FMC Corporation's Paul Graves to Speak at Credit Suisse Basic Materials Conference; Company Confirms Third Quarter and Full-Year Guidance
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, Sept. 12, 2016 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today announced that Paul Graves, executive vice president and chief financial officer, will speak at the Credit Suisse Basic Materials Conference in New York City on Wednesday, September 14, 2016 at 8:00 a.m. ET. A live webcast will be available on the FMC Investor Relations website.
Logo - http://photos.prnewswire.com/prnh/20111101/NE97440LOGO
The company also announced that it is confirming prior guidance for the third quarter and full year 2016. For the third quarter, FMC expects adjusted earnings to be in the range of $0.53 to $0.63 per share and expects full-year adjusted EPS to be in the range of $2.60 to $2.90(1).
Pierre Brondeau, FMC president, CEO and chairman, said: "We are seeing a more stable and predictable business in Ag Solutions in Latin America, and continue to see strength in our Lithium business. The stabilization of our Ag Solutions business in Latin America is due in large part to the specific actions the company has taken over the past twelve months to reduce cost, reduce channel inventory, rationalize our portfolio and focus on price and terms. As a result, we remain confident that our earnings for the third quarter and full year will be in line with our prior guidance."
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. FMC acquired Cheminova in April 2015. Revenue totaled approximately $3.3 billion in 2015. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2015 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
This press release contains certain "non-GAAP financial terms" which are defined on our website www.fmc.com. In addition, we have also provided on our website at www.fmc.com reconciliations of non-GAAP terms to the most directly comparable GAAP terms. Amounts in this release focus on Adjusted Earnings for all EBIT and EPS references.
(1) Although we do provide forecasts for adjusted earnings per share and adjusted cash from operations (both of which are non-GAAP financial measures), we are not able to forecast the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for us to forecast. Such elements include, but are not limited to restructuring, acquisition charges, and discontinued operations and related cash activity. As a result, no GAAP outlook is provided.
SOURCE FMC Corporation
Article Date
9/12/2016FMC Corporation Announces Butyllithium Price Increase
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, Sept. 12, 2016 /PRNewswire/ -- FMC Corporation (NYSE: FMC) announced today that effective October 1, 2016, or as contracts permit, it will increase prices for its specialty organics products in all global regions. This includes all grades of butyllithium products. All standard and non-standard pricing for specialty organics products will increase by 10 percent.
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"Prices of our butyllithium and other specialty organic products are being adjusted in line with the increases realized across our lithium product portfolio," said Chris Senyk, global marketing director, FMC Lithium. "We remain committed to our butyllithium customers and continue to invest in our global manufacturing network for the reliable supply of high-quality specialty organics."
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. FMC acquired Cheminova in April 2015. Revenue totaled approximately $3.3 billion in 2015. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2015 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
SOURCE FMC Corporation
Article Date
9/12/2016FMC Corporation Announces Second Quarter 2016 Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, Aug. 2, 2016 /PRNewswire/ --
Second Quarter 2016 Highlights
FMC Corporation (NYSE: FMC) today reported second quarter 2016 net income per diluted share of $0.49, as compared to net income per diluted share of $5.52 in the second quarter of 2015. Excluding various restructuring charges, adjusted earnings were $0.69 per diluted share in 2016, compared to the prior-year quarter adjusted earnings of $0.70 per diluted share.
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Pierre Brondeau, FMC president, CEO and chairman said: "FMC delivered another strong quarter, reporting adjusted earnings per share above the mid-point of guidance. Ag Solutions continues to realize the benefits of the Cheminova acquisition, reporting segment earnings in line with expectations despite difficult market conditions. Lithium outperformed, more than tripling segment earnings compared to the prior year quarter. Lithium's performance reflects the success of FMC's strategy of converting lithium carbonate into higher value downstream specialty products. Health and Nutrition delivered strong margins and cash flow, but revenue and segment earnings were below expectations, largely due to weakness in Omega-3. Overall, I am very pleased with the execution of our strategy. Based on our performance to date and improved outlook for the year, we are increasing guidance for 2016 adjusted earnings per diluted share by 5 cents to $2.60 to $2.90."
FMC Agricultural Solutions
FMC Agricultural Solutions reported second quarter revenue of $552 million and segment earnings of $101 million. On a pro forma basis, second quarter segment revenue declined 19 percent principally due to lower sales volume, largely driven by product rationalization, and foreign currency headwinds. Segment earnings declined 14 percent compared to pro forma results for second quarter 2015, as the impact of lower sales volumes, less favorable product mix and a stronger U.S. dollar were partially offset by lower operating costs.
For the full-year, segment revenue is expected to be in the range of $2.2 billion to $2.4 billion and segment earnings are expected to be in the range of $380 million to $420 million. Third quarter segment earnings are expected to be in the range of $80 million to $90 million.
FMC Health and Nutrition
FMC Health and Nutrition reported second quarter segment revenue of $195 million and segment earnings of $45 million. Revenue declined 6 percent and segment earnings declined 11 percent compared to the second quarter 2015 largely due to lower volumes and prices in Omega-3.
Segment revenue for the full year is expected to be between $750 and $800 million and 2016 segment earnings are expected to be between $190 and $196 million. For the third quarter, segment earnings are expected to be between $44 and $48 million.
FMC Lithium
FMC Lithium reported second quarter segment revenue of $63 million, an increase of 15 percent from the prior-year quarter. Segment earnings more than tripled to $16.5 million versus the prior-year quarter. Higher sales volumes, higher average prices in all major products, improved mix and lower operating costs all contributed to the increase in segment earnings.
For the full year 2016, segment revenue is expected to be in the range of $245 million to $265 million. 2016 segment earnings are expected to be between $58 and $66 million, $14 million higher than previous guidance (at the mid-point). Segment earnings for the third quarter are expected to be in the range of $13 million to $17 million.
Webcast and Supplemental Information
The company will post supplemental information on the web at www.FMC.com, including its 2016 Outlook Statement, definitions of non-GAAP terms and reconciliations of non-GAAP figures to the nearest available GAAP term.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. FMC acquired Cheminova in April 2015. Revenue totaled approximately $3.3 billion in 2015. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2015 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
This press release contains certain "non-GAAP financial terms" which are defined on our website www.fmc.com. In addition, we have also provided on our website at www.fmc.com reconciliations of non-GAAP terms to the most directly comparable GAAP term. Amounts in this release focus on Adjusted Earnings for all EBIT and EPS references.
|
FMC CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited, in millions, except per share amounts) | |||||||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
June 30 |
June 30 | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
Revenue |
$ |
810.3 |
$ |
887.1 |
$ |
1,609.1 |
$ |
1,546.5 |
|||||||
|
Costs of sales and services |
509.0 |
581.3 |
1,026.4 |
990.0 |
|||||||||||
|
Gross margin |
301.3 |
305.8 |
582.7 |
556.5 |
|||||||||||
|
Selling, general and administrative expenses |
129.1 |
156.0 |
255.6 |
453.9 |
|||||||||||
|
Research and development expenses |
35.1 |
39.0 |
71.1 |
65.6 |
|||||||||||
|
Restructuring and other charges (income) |
12.3 |
10.3 |
24.7 |
32.6 |
|||||||||||
|
Total costs and expenses |
685.5 |
786.6 |
1,377.8 |
1,542.1 |
|||||||||||
|
Income (loss) from operations |
124.8 |
100.5 |
231.3 |
4.4 |
|||||||||||
|
Equity in (earnings) loss of affiliates |
— |
(0.1) |
— |
— |
|||||||||||
|
Interest expense, net |
20.0 |
24.7 |
40.8 |
38.7 |
|||||||||||
|
Income (loss) from continuing operations before income taxes |
104.8 |
75.9 |
190.5 |
(34.3) |
|||||||||||
|
Provision (benefit) for income taxes |
32.0 |
17.8 |
62.9 |
(31.3) |
|||||||||||
|
Income (loss) from continuing operations |
72.8 |
58.1 |
127.6 |
(3.0) |
|||||||||||
|
Discontinued operations, net of income taxes |
(5.8) |
688.2 |
(11.9) |
703.8 |
|||||||||||
|
Net income (loss) |
$ |
67.0 |
$ |
746.3 |
$ |
115.7 |
$ |
700.8 |
|||||||
|
Less: Net income attributable to noncontrolling interests |
1.8 |
4.0 |
2.2 |
5.3 |
|||||||||||
|
Net income (loss) attributable to FMC stockholders |
$ |
65.2 |
$ |
742.3 |
$ |
113.5 |
$ |
695.5 |
|||||||
|
Amounts attributable to FMC stockholders: |
|||||||||||||||
|
Income (loss) from continuing operations, net of tax |
$ |
71.0 |
$ |
54.1 |
$ |
125.4 |
$ |
(8.3) |
|||||||
|
Discontinued operations, net of tax |
(5.8) |
688.2 |
(11.9) |
703.8 |
|||||||||||
|
Net income (loss) |
$ |
65.2 |
$ |
742.3 |
$ |
113.5 |
$ |
695.5 |
|||||||
|
Basic earnings (loss) per common share attributable to FMC stockholders: |
|||||||||||||||
|
Continuing operations |
$ |
0.53 |
$ |
0.40 |
$ |
0.93 |
$ |
(0.06) |
|||||||
|
Discontinued operations |
(0.04) |
5.14 |
(0.09) |
5.27 |
|||||||||||
|
Basic earnings per common share |
$ |
0.49 |
$ |
5.54 |
$ |
0.84 |
$ |
5.21 |
|||||||
|
Average number of shares outstanding used in basic earnings per share computations |
133.9 |
133.7 |
133.9 |
133.6 |
|||||||||||
|
Diluted earnings (loss) per common share attributable to FMC stockholders: |
|||||||||||||||
|
Continuing operations |
$ |
0.53 |
$ |
0.40 |
$ |
0.93 |
$ |
(0.06) |
|||||||
|
Discontinued operations |
(0.04) |
5.12 |
(0.09) |
5.27 |
|||||||||||
|
Diluted earnings per common share |
$ |
0.49 |
$ |
5.52 |
$ |
0.84 |
$ |
5.21 |
|||||||
|
Average number of shares outstanding used in diluted earnings per share computations |
134.6 |
134.4 |
134.4 |
133.6 |
|||||||||||
|
Other Data: |
|||||||||||||||
|
Capital additions |
$ |
30.1 |
$ |
29.1 |
$ |
57.9 |
$ |
44.5 |
|||||||
|
Depreciation and amortization expense |
$ |
33.6 |
$ |
31.4 |
$ |
67.2 |
$ |
54.2 |
|||||||
|
FMC CORPORATION RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | ||||||||||||||||
|
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO FMC STOCKHOLDERS (GAAP) TO ADJUSTED AFTER-TAX EARNINGS FROM CONTINUING OPERATIONS, ATTRIBUTABLE TO FMC STOCKHOLDERS (NON-GAAP) (Unaudited, in millions, except per share amounts) | ||||||||||||||||
|
Three Months Ended |
Six Months Ended | |||||||||||||||
|
June 30 |
June 30 | |||||||||||||||
|
2016 |
2015 |
2016 |
2015 | |||||||||||||
|
Net income (loss) attributable to FMC stockholders (GAAP) |
$ |
65.2 |
$ |
742.3 |
$ |
113.5 |
$ |
695.5 |
||||||||
|
Corporate special charges (income): |
||||||||||||||||
|
Restructuring and other charges (income) (a) |
12.3 |
10.3 |
24.7 |
32.6 |
||||||||||||
|
Non-operating pension and postretirement charges (b) |
1.1 |
8.2 |
2.1 |
14.4 |
||||||||||||
|
Acquisition-related charges (c) |
5.0 |
40.3 |
12.4 |
231.0 |
||||||||||||
|
Income tax expense (benefit) on Corporate special charges (income) (d) |
(5.5) |
(19.6) |
(11.9) |
(100.1) |
||||||||||||
|
Discontinued operations attributable to FMC stockholders, net of income taxes (e) |
5.8 |
(688.2) |
11.9 |
(703.8) |
||||||||||||
|
Tax adjustment (f) |
8.9 |
1.4 |
18.5 |
2.8 |
||||||||||||
|
Adjusted after-tax earnings from continuing operations attributable to FMC stockholders (Non-GAAP) (1) |
$ |
92.8 |
$ |
94.7 |
$ |
171.2 |
$ |
172.4 |
||||||||
|
Diluted earnings per common share (GAAP) |
$ |
0.49 |
$ |
5.52 |
$ |
0.84 |
$ |
5.21 |
||||||||
|
Corporate special charges (income) per diluted share, before tax: |
||||||||||||||||
|
Restructuring and other charges (income) |
0.09 |
0.08 |
0.18 |
0.24 |
||||||||||||
|
Non-operating pension and postretirement charges |
0.01 |
0.06 |
0.02 |
0.11 |
||||||||||||
|
Acquisition-related charges |
0.04 |
0.30 |
0.09 |
1.73 |
||||||||||||
|
Income tax expense (benefit) on Corporate special charges (income), per diluted share |
(0.04) |
(0.15) |
(0.09) |
(0.75) |
||||||||||||
|
Discontinued operations per diluted share |
0.04 |
(5.12) |
0.09 |
(5.27) |
||||||||||||
|
Tax adjustments per diluted share |
0.06 |
0.01 |
0.14 |
0.01 |
||||||||||||
|
Diluted adjusted after-tax earnings from continuing operations per share, attributable to FMC stockholders (Non-GAAP) |
$ |
0.69 |
$ |
0.70 |
$ |
1.27 |
$ |
1.28 |
||||||||
|
Average number of shares outstanding used in diluted adjusted after-tax earnings from continuing operations per share computations (2) |
134.6 |
134.4 |
134.4 |
134.4 |
||||||||||||
|
(1) |
The Company believes that the Non-GAAP financial measure "Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders", and its presentation on a per share basis, provides useful information about the Company's operating results to investors and securities analysts. Adjusted earnings excludes the effects of Corporate special charges, tax-related adjustments and the results of our discontinued operations. The Company also believes that excluding the effects of these items from operating results allows management and investors to compare more easily the financial performance of its underlying businesses from period to period. |
|
(2) |
The average number of shares outstanding used in the six months ended June 30, 2015 diluted adjusted after-tax earnings from continuing operations per share computation (Non-GAAP) includes 0.8 million diluted shares. This number of shares differs from the average number of shares outstanding used in diluted earnings per share computations (GAAP) as we had a net loss from continuing operations attributable to FMC stockholders. |
|
(a) |
Three Months Ended June 30, 2016: |
|
Restructuring and other charges (income) includes charges of $5.9 million representing adjustments to severance and asset write-offs primarily associated with the integration of Cheminova with Agricultural Solutions. Additionally, restructuring and other charges (income) includes charges of continuing environmental sites treated as a Corporate charge of $2.5 million. Remaining restructuring and other charges (income) includes net miscellaneous charges (income) of $3.9 million. | |
|
Three Months Ended June 30, 2015: | |
|
Restructuring and other charges (income) includes a charge of $4.8 million, primarily related to severance, associated with the integration of Cheminova into our existing FMC Agricultural Solutions segment, a charge of $1.8 million associated with the reorganization of our FMC Health and Nutrition segment and continuing environmental sites treated as a Corporate charge of $3.5 million. Remaining restructuring and other charges (income) includes net miscellaneous charges of $0.2 million. | |
|
Six Months Ended June 30, 2016: | |
|
Restructuring and other charges (income) includes charges of $8.9 million representing adjustments to severance and asset write-offs primarily associated with the integration of Cheminova with Agricultural Solutions. Amounts also include $4.2 million associated as a result of the Argentina government's action to devalue its currency. Additionally, restructuring and other charges includes charges of continuing environmental sites treated as a Corporate charge of $9.1 million. Remaining restructuring and other charges (income) includes net miscellaneous charges (income) of $2.5 million. | |
|
Six Months Ended June 30, 2015: | |
|
Restructuring and other charges (income) includes a charge of $15.0 million associated with a license agreement entered into for the purpose of obtaining certain technology and intellectual property rights relating to new compounds still under development both of which pertain our FMC Agricultural Solutions segment. Additionally, restructuring and other charges includes charges of $4.8 million associated with the integration of Cheminova into our existing FMC Agricultural Solutions segment, a charge of $3.9 million associated with a reorganization of our FMC Health and Nutrition segment and continuing environmental sites treated as a Corporate charge of $5.4 million. Remaining restructuring and other charges (income) includes net miscellaneous charges of $3.5 million. | |
|
(b) |
Our non-operating pension and postretirement costs are defined as those costs related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These costs are primarily related to changes in pension plan assets and liabilities which are tied to financial market performance and we consider these costs to be outside our operational performance. We exclude these non-operating pension and postretirement costs from our segments as we believe that removing them provides a better understanding of the underlying profitability of our businesses, provides increased transparency and clarity in the performance of our retirement plans and enhances period-over-period comparability. We continue to include the service cost and amortization of prior service cost in our Adjusted Earnings results noted above. We believe these elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees. |
|
(c) |
Charges related to the expensing of the inventory fair value step-up resulting from the application of purchase accounting, legal and professional fees and gains or losses on hedging purchase price associated with the planned or completed acquisitions. Amounts represent the following: |
|
Three Months Ended |
Six Months Ended | |||||||||||
|
(in Millions) |
2016 |
2015 |
2016 |
2015 | ||||||||
|
Acquisition-related charges |
||||||||||||
|
Legal and professional fees (1), (2) |
$ |
5.0 |
$ |
29.0 |
$ |
12.4 |
$ |
39.6 |
||||
|
Inventory fair value amortization (3) |
— |
19.3 |
— |
19.3 |
||||||||
|
(Gain)/loss on hedging purchase price (2) |
— |
(8.0) |
— |
172.1 |
||||||||
|
Total Acquisition-related charges (4) |
$ |
5.0 |
$ |
40.3 |
$ |
12.4 |
$ |
231.0 |
||||
|
(1) |
Represents transaction costs, costs for transitional employees, other acquired employees related costs and integration-related legal and professional third-party fees. |
|
(2) |
These charges are recorded as a component of "Selling, general and administrative expense" on the condensed consolidated statements of income (loss). |
|
(3) |
These charges are recorded as a component of "Cost of sales and services" on the condensed consolidated statements of income (loss). |
|
(4) |
Acquisition-related charges associated with the integration of Cheminova with Agricultural Solutions are expected to be completed by the end of 2016. |
|
(d) |
The income tax expense (benefit) on Corporate special charges (income) is determined using the applicable rates in the taxing jurisdictions in which the Corporate special charge or income occurred and includes both current and deferred income tax expense (benefit) based on the nature of the non-GAAP performance measure. |
|
(e) |
Three and Six Months Ended June 30, 2016 and 2015 |
|
Discontinued operations includes provisions, net of recoveries, for environmental liabilities, legal reserves and expenses related to previously discontinued operations. Discontinued operations for the three and six months ended June 30, 2015, includes the divestiture gain of approximately $700 million associated with the sale of FMC Alkali Chemicals division which was completed on April 1, 2015. | |
|
(f) |
We exclude the GAAP tax provision, including discrete items, from the Non-GAAP measure of income, and instead include a Non-GAAP tax provision based upon the projected annual Non-GAAP effective tax rate. The GAAP tax provision includes certain discrete tax items including, but are not limited to: income tax expenses or benefits that are not related to ongoing business operations in the current year; unusual or infrequently occurring items; tax adjustments associated with fluctuations in foreign currency remeasurement of certain foreign operations; certain changes in estimates of tax matters related to prior fiscal years; certain changes in the realizability of deferred tax assets and related interim accounting impacts; and changes in tax law; and the tax effect of excluding subsidiary losses that cannot be benefited from the GAAP ETR and earnings to which it is applied. Management believes excluding these discrete tax items assists investors and securities analysts in understanding the tax provision and the effective tax rate related to ongoing operations thereby providing investors with useful supplemental information about FMC's operational performance. |
|
Three Months |
Six Months | ||||||||||||||
|
June 30 |
June 30 | ||||||||||||||
|
(in Millions) |
2016 |
2015 |
2016 |
2015 | |||||||||||
|
Non-GAAP tax adjustments: |
|||||||||||||||
|
Revisions to our tax liabilities due to finalization of prior year tax returns |
$ |
0.1 |
$ |
— |
$ |
1.6 |
$ |
— |
|||||||
|
Revisions to valuation allowances of historical deferred tax assets |
0.4 |
1.0 |
0.4 |
8.5 |
|||||||||||
|
Foreign currency remeasurement and other discrete items |
8.4 |
0.4 |
16.5 |
(5.7) |
|||||||||||
|
Non-GAAP tax adjustments |
$ |
8.9 |
$ |
1.4 |
$ |
18.5 |
$ |
2.8 |
|||||||
|
RECONCILIATION OF INCOME (LOSS) FROM OPERATIONS (GAAP) TO ADJUSTED EARNINGS FROM CONTINUING OPERATIONS, BEFORE INTEREST AND INCOME TAXES (NON-GAAP) | |||||||||||||||
|
(Unaudited, in millions) | |||||||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
June 30 |
June 30 | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
Income (loss) from operations (GAAP) |
$ |
124.8 |
$ |
100.6 |
$ |
231.3 |
$ |
4.4 |
|||||||
|
Restructuring and other charges (income) |
12.3 |
10.3 |
24.7 |
32.6 |
|||||||||||
|
Non-operating pension and postretirement charges |
1.1 |
8.2 |
2.1 |
14.4 |
|||||||||||
|
Acquisition-related charges |
5.0 |
40.3 |
12.4 |
231.0 |
|||||||||||
|
Adjusted earnings from continuing operations, |
$ |
143.2 |
$ |
159.4 |
$ |
270.5 |
$ |
282.4 |
|||||||
|
(1) |
Referred to as Adjusted Operating Profit. | |||
|
RECONCILIATION OF CASH PROVIDED (REQUIRED) BY OPERATING ACTIVITIES (GAAP) TO ADJUSTED CASH FROM OPERATIONS (Unaudited, in millions) | ||||||||
|
Six Months Ended | ||||||||
|
June 30 | ||||||||
|
2016 |
2015 | |||||||
|
Cash provided (required) by operating activities (GAAP) |
$ |
242.6 |
$ |
(122.5) |
||||
|
Transaction and integration costs related to acquisition of Cheminova |
12.4 |
39.6 |
||||||
|
Hedge settlement of Cheminova |
— |
264.8 |
||||||
|
Adjusted cash from operations (Non-GAAP) (1) |
$ |
255.0 |
$ |
181.9 |
||||
|
(1) |
The Company believes that the Non-GAAP financial measure "Adjusted cash from operations" provides useful information about the Company's cash flows to investors and securities analysts. Adjusted cash from operations excludes the effects of acquisition-related cash flows. The Company also believes that excluding the effects of these items from cash provided (required) by operating activities allows management and investors to compare more easily the cash flows from period to period. | |||
FMC CORPORATION
FMC AGRICULTURAL SOLUTIONS PRO FORMA FINANCIAL RESULTS
(Unaudited, in millions)
In the second quarter of 2015, we began to present pro forma combined results for the FMC Agricultural Solutions segment for 2015 and 2014. We believe that reviewing our operating results by combining actual and pro forma results for the FMC Agricultural Solutions segment for 2015 is more useful in identifying trends in, or reaching conclusions regarding, the overall operating performance of this segment. Our pro forma segment information includes adjustments as if the Cheminova transaction had occurred on January 1, 2015. Our pro forma data will also be adjusted for the effects of acquisition accounting but will not include adjustments for cost related to integration activities, cost savings or synergies that might be achieved by the combined businesses. Pro forma amounts to be presented will not necessarily be indicative of what our results would have been had we operated Cheminova since January 1, 2015, nor our future results. We believe that reviewing our operating results by combining actual and pro forma results for the FMC Agricultural Solutions segment for these interim periods is more useful in identifying trends in, or reaching conclusions regarding, the overall operating performance of the segment.
|
FMC Agricultural Solutions Pro Forma Financial Results | |||||||||||||||
|
Three Months Ended June 30 |
Six Months Ended June 30 | ||||||||||||||
|
(in Millions) |
2016 |
2015 |
2016 |
2015 | |||||||||||
|
Revenue |
|||||||||||||||
|
Revenue, FMC Agricultural Solutions, as reported (1) |
$ |
552.0 |
$ |
625.6 |
$ |
1,098.1 |
$ |
1,018.0 |
|||||||
|
Revenue, Cheminova, pro forma (2) |
— |
57.9 |
— |
362.0 |
|||||||||||
|
Pro Forma Combined, Revenue (3) |
$ |
552.0 |
$ |
683.5 |
$ |
1,098.1 |
$ |
1,380.0 |
|||||||
|
Operating Profit |
|||||||||||||||
|
Operating Profit, FMC Agricultural Solutions, as reported (1) |
$ |
100.7 |
$ |
121.4 |
$ |
182.7 |
$ |
203.2 |
|||||||
|
Operating Profit, Cheminova, pro forma (2) |
— |
(4.1) |
— |
19.9 |
|||||||||||
|
Pro Forma Combined, Operating Profit (3) |
$ |
100.7 |
$ |
117.3 |
$ |
182.7 |
$ |
223.1 |
|||||||
|
(1) |
As reported amounts are the results of operations of FMC Agricultural Solutions, including the results of the Cheminova acquisition from April 21, 2015 onward. | ||
|
(2) |
Cheminova pro forma amounts include the historical results of Cheminova, prior to April 21, 2015. These amounts also include adjustments as if the Cheminova transaction had occurred on January 1, 2015, including the effects of acquisition accounting. The pro forma amounts do not include adjustments for expenses related to integration activities, cost savings or synergies that may have been or may be achieved by the combined segment. | ||
|
(3) |
The pro forma combined amounts are not necessarily indicative of what the results would have been had we acquired Cheminova on January 1, 2015 or indicative of future results. | ||
|
FMC CORPORATION INDUSTRY SEGMENT DATA (Unaudited, in millions) | |||||||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
June 30 |
June 30 | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
Revenue |
|||||||||||||||
|
FMC Agricultural Solutions |
$ |
552.0 |
$ |
625.6 |
$ |
1,098.1 |
$ |
1,018.0 |
|||||||
|
FMC Health and Nutrition |
195.0 |
206.6 |
387.4 |
417.6 |
|||||||||||
|
FMC Lithium |
63.3 |
54.9 |
123.6 |
110.9 |
|||||||||||
|
Total |
$ |
810.3 |
$ |
887.1 |
$ |
1,609.1 |
$ |
1,546.5 |
|||||||
|
Income from continuing operations before income taxes |
|||||||||||||||
|
FMC Agricultural Solutions |
100.7 |
121.4 |
182.7 |
203.2 |
|||||||||||
|
FMC Health and Nutrition |
44.9 |
50.5 |
92.2 |
101.5 |
|||||||||||
|
FMC Lithium |
16.5 |
4.6 |
31.4 |
10.1 |
|||||||||||
|
Segment operating profit (a) |
162.1 |
176.5 |
306.3 |
314.8 |
|||||||||||
|
Corporate and other |
(18.9) |
(17.1) |
(35.8) |
(32.4) |
|||||||||||
|
Adjusted earnings from continuing operations, before interest, income taxes and noncontrolling interests (Non-GAAP) |
$ |
143.2 |
$ |
159.4 |
$ |
270.5 |
$ |
282.4 |
|||||||
|
Interest expense, net |
(20.0) |
(24.7) |
(40.8) |
(38.7) |
|||||||||||
|
Corporate special (charges) income: |
|||||||||||||||
|
Restructuring and other (charges) income (b) |
(12.3) |
(10.3) |
(24.7) |
(32.6) |
|||||||||||
|
Non-operating pension and postretirement charges (c) |
(1.1) |
(8.2) |
(2.1) |
(14.4) |
|||||||||||
|
Acquisition-related charges (d) |
(5.0) |
(40.3) |
(12.4) |
(231.0) |
|||||||||||
|
(Provision) benefit for income taxes |
(32.0) |
(17.8) |
(62.9) |
31.3 |
|||||||||||
|
Discontinued operations, net of income taxes (e) |
(5.8) |
688.2 |
(11.9) |
703.8 |
|||||||||||
|
Net income attributable to noncontrolling interests |
(1.8) |
(4.0) |
(2.2) |
(5.3) |
|||||||||||
|
Net income (loss) attributable to FMC stockholders |
$ |
65.2 |
$ |
742.3 |
$ |
113.5 |
$ |
695.5 |
|||||||
|
(a) |
Referred to as Segment Earnings. | ||
|
(b) |
Three Months Ended June 30, 2016: Amounts related to FMC Agricultural Solutions charges of $5.9 million, FMC Health and Nutrition charges of $3.2 million, FMC Lithium charges of $0 million and Corporate charges of $3.2 million. | ||
|
Three Months Ended June 30, 2015: Amounts related to FMC Agricultural Solutions charges of $4.8 million, FMC Health and Nutrition charges of $1.8 million, FMC Lithium charges of $0.2 million and Corporate charges of $3.5 million. | |||
|
Six Months Ended June 30, 2016: Amounts related to FMC Agricultural Solutions charges of $12.5 million, FMC Health and Nutrition charges of $3.4 million, FMC Lithium charges of $0.6 million and Corporate charges of $8.2 million. | |||
|
Six Months Ended June 30, 2015: Amounts related to FMC Agricultural Solutions charges of $23.1 million, FMC Health and Nutrition charges of $4.0 million, FMC Lithium charges of $0.5 million and Corporate charges of $5.0 million. | |||
|
(c) |
See Note (b) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP)" for further details on the components that make up this line item. | ||
|
(d) |
See Note (c) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP)" for further details on the components that make up this line item. | ||
|
(e) |
See Note (e) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP)" for further details on the components that make up this line item. | ||
|
FMC CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in millions) | |||||||
|
June 30, 2016 |
December 31, 2015 | ||||||
|
Cash and cash equivalents |
$ |
93.6 |
$ |
78.6 |
|||
|
Trade receivables, net of allowance of $17.2 in 2016 and $13.9 in 2015 |
1,627.6 |
1,851.4 |
|||||
|
Inventories |
881.9 |
800.2 |
|||||
|
Prepaid and other current assets |
296.0 |
241.7 |
|||||
|
Total current assets |
2,899.1 |
2,971.9 |
|||||
|
Investments |
2.8 |
2.5 |
|||||
|
Property, plant and equipment, net |
1,025.9 |
1,016.4 |
|||||
|
Goodwill |
795.0 |
776.1 |
|||||
|
Other intangibles, net |
851.7 |
837.0 |
|||||
|
Other assets including long-term receivables, net |
430.4 |
435.1 |
|||||
|
Deferred income taxes |
277.3 |
286.9 |
|||||
|
Total assets |
$ |
6,282.2 |
$ |
6,325.9 |
|||
|
Short-term debt and current portion of long-term debt |
$ |
53.2 |
$ |
112.6 |
|||
|
Accounts payable, trade and other |
440.4 |
403.6 |
|||||
|
Advanced payments from customers |
5.1 |
249.9 |
|||||
|
Accrued and other liabilities |
320.5 |
337.6 |
|||||
|
Accrued customer rebates |
394.5 |
256.1 |
|||||
|
Guarantees of vendor financing |
102.8 |
67.2 |
|||||
|
Accrued pensions and other postretirement benefits, current |
6.4 |
6.4 |
|||||
|
Income taxes |
31.2 |
19.9 |
|||||
|
Total current liabilities |
1,354.1 |
1,453.3 |
|||||
|
Long-term debt |
1,988.9 |
2,036.3 |
|||||
|
Long-term liabilities |
897.3 |
928.0 |
|||||
|
Equity |
2,041.9 |
1,908.3 |
|||||
|
Total liabilities and equity |
$ |
6,282.2 |
$ |
6,325.9 |
|||
|
FMC CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in millions) | |||||||
|
Six Months ended June 30 | |||||||
|
2016 |
2015 | ||||||
|
Cash provided (required) by operating activities of continuing operations (1) |
$ |
242.6 |
$ |
(122.5) |
|||
|
Cash provided (required) by operating activities of discontinued operations |
(18.1) |
(50.1) |
|||||
|
Cash provided (required) by investing activities of continuing operations |
(59.7) |
(1,288.0) |
|||||
|
Cash provided (required) by investing activities of discontinued operations |
— |
1,637.6 |
|||||
|
Cash provided (required) by financing activities of continuing operations: |
|||||||
|
Net borrowings (repayments) under committed credit facilities |
— |
— |
|||||
|
Increase (decrease) in short-term debt |
(59.4) |
(394.6) |
|||||
|
Financing Fees |
(0.7) |
— |
|||||
|
Proceeds from borrowings of long-term debt |
2.8 |
1,650.0 |
|||||
|
Repayments of long-term debt |
(50.8) |
(1,023.7) |
|||||
|
Issuances of common stock, net |
2.1 |
5.6 |
|||||
|
Excess tax benefits from share-based compensation |
0.4 |
2.0 |
|||||
|
Dividends paid |
(44.3) |
(42.2) |
|||||
|
Other repurchases of common stock |
(1.2) |
(3.2) |
|||||
|
Cash provided (required) by financing activities |
(151.1) |
193.9 |
|||||
|
Effect of exchange rate changes on cash |
1.3 |
(2.9) |
|||||
|
Increase (decrease) in cash and cash equivalents |
15.0 |
368.0 |
|||||
|
Cash and cash equivalents, beginning of year |
78.6 |
109.5 |
|||||
|
Cash and cash equivalents, end of period |
$ |
93.6 |
$ |
477.5 |
|||
|
(1) |
The six months ended June 30, 2015 includes $264.8 million in payments associated with the Cheminova acquisition purchase price hedges. | ||
SOURCE FMC Corporation
Article Date
8/2/2016FMC Corporation Accelerates Battery Grade Lithium Hydroxide Expansion Following Execution of Multi-Year Supply Agreement with Major Manufacturer of Electric Vehicles
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, July 25, 2016 /PRNewswire/ -- FMC Corporation (NYSE:FMC) will accelerate the expansion of its global lithium hydroxide production capacity as a result of a new multi-year supply agreement with a major manufacturer of electric vehicles.
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FMC had previously announced plans to triple its global lithium hydroxide production capacity to serve the growing electric vehicle market, with the first 4,000 metric tons per year scheduled to come on line in mid-2017. As a result of today's announcement, an additional 4,000 metric ton expansion will come on line in 2017, raising the company's total global lithium hydroxide capacity to 18,000 metric tons.
"We partner closely with leading manufacturers of lithium ion batteries and electric vehicles to ensure our production meets their current and future demand," said Tom Schneberger, vice president and global business director, FMC Lithium. "Our manufacturing network is highly flexible, which allows us to increase capacity or accelerate expansion plans as customer needs warrant."
Over the next several years, FMC plans to further increase capacity of lithium hydroxide, raising the company's annual output to at least 30,000 metric tons.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. FMC acquired Cheminova in April 2015. Revenue totaled approximately $3.3 billion in 2015. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2015 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
SOURCE FMC Corporation
Article Date
7/25/2016FMC Corporation Elects Amy O'Shea as Vice President
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, July 20, 2016 /PRNewswire/ -- FMC Corporation (NYSE: FMC) announced today that Amy O'Shea has been elected a vice president of FMC by its Board of Directors. O'Shea was recently appointed business director for North America Crop for FMC Agricultural Solutions.
(Logo - http://photos.prnewswire.com/prnh/20111101/NE97440LOGO)
O'Shea is a seasoned commercial leader in the agricultural and health and nutrition sectors. Prior to her recent appointment, O'Shea was global director of marketing, strategy and innovation for FMC Health and Nutrition. She joined FMC in 1996 and has progressed through a series of marketing, regulatory and management positions including Mexico country manager for Agricultural Solutions, business director for FMC Professional Solutions, and commercial director of FMC Environmental Solutions.
O'Shea earned her bachelor's degree in Classical Civilization from Boston University and her MBA from Drexel University.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. FMC acquired Cheminova in April 2015. Revenue totaled approximately $3.3 billion in 2015. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
SOURCE FMC Corporation
Article Date
7/20/2016FMC Corporation's Board Declares Quarterly Dividend
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, July 20, 2016 /PRNewswire/ -- FMC Corporation (NYSE: FMC) announced today that its Board of Directors declared a regular quarterly dividend of 16.5 cents per share, payable on October 20, 2016, to shareholders of record at the close of business on September 30, 2016.
(Logo - http://photos.prnewswire.com/prnh/20111101/NE97440LOGO)
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. FMC acquired Cheminova in April 2015. Revenue totaled approximately $3.3 billion in 2015. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2015 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
SOURCE FMC Corporation
Article Date
7/20/20166/21/2016 - FMC Corporation Recognized with Second 'Initiative of the Year' Award from American Chemistry Council
FMC Corporation Recognized with Second 'Initiative of the Year' Award from American Chemistry Council
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, June 21, 2016 /PRNewswire/ -- FMC Corporation (NYSE: FMC) has been recognized by the American Chemistry Council (ACC) with the 2016 Responsible Care® "Initiative of the Year" Award. This year's award recognizes FMC's implementation of its new "Process Hazard Level (PHL) Screening Tool," which is used to identify, analyze and rank process safety hazards across the company globally.
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"We're honored by ACC's recognition of our new PHL screening tool. This unique way of managing process safety risks aligns with ACC's recent updates to the Responsible Care Process Safety Code of Management Practices and is already having a positive impact at FMC," said Barry Crawford, vice president of Operations. "The PHL tool is scalable, making it easy to share and have an impact on the larger chemical manufacturing community."
FMC is a member of the ACC and a proud participant in the Responsible Care program, the industry's premier voluntary environmental, health, safety and security initiative. Initiative of the Year is selected at the ACC's annual Responsible Care Conference & Expo by attendees who review submissions and speak to company representatives on-site at the conference. FMC also received the 2015 Initiative of the Year Award, in recognition of the company's TH!NK. SAFE.® global safety awareness and education program.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. FMC acquired Cheminova in April 2015. Revenue totaled approximately $3.3 billion in 2015. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
SOURCE FMC Corporation
Article Date
6/21/2016FMC's 2015 Sustainability Report Highlights "Our Formula For Progress"
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, June 7, 2016 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today released a detailed summary of its sustainability performance in 2015 and announced new five- and 10-year goals in research and development, safety, community engagement, environmental impact and a range of metrics tied to its workforce, products and processes. The global specialty company's 2015 Sustainability Report, "Our Formula for Progress," is its fifth yearly update and is produced in accordance with GRI (Global Reporting Initiative) G4 guidelines.
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"Sustainability is a key element of our strategic business planning," said Pierre Brondeau, FMC president, CEO and chairman. "It is also the cornerstone of our R&D technology platforms to ensure our new products create customer and shareholder value while advancing a more sustainable world."
In order to measure FMC's progress, Brondeau announced the company's first set of environmental impact goals, set for 2025. These goals are based on 2013 baseline data and include:
Additionally, by 2020 the company intends to improve safety performance by reducing its Total Recordable Incident Rate from .51 to .30, raise the Community Engagement Index from 87 to 100 and increase the proportion of total R&D spend on sustainable product innovation from 67 percent to 80 percent.
Brondeau said the company's sustainability initiatives are framed by five major global challenges: food and health expectations, environmental consequences, climate change, scarce resources and land competition. "Employees in our Agricultural Solutions, Health and Nutrition, and Lithium businesses are sensitive to these issues and recognize our collective societal role in addressing them," he said. "We have pledged to advance our business practices in ways that address these challenges and regularly report on our progress."
Brondeau also noted that FMC took a major step in 2015 by becoming a signatory to the United Nations Global Compact. The Compact seeks to raise standards globally in the areas of human rights, labor rights, environmental protection and anti-corruption.
Additional information about FMC's sustainability initiatives, including an online copy of the 2015 Sustainability Report, is available at www.fmcsustainability.com.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. FMC acquired Cheminova in April 2015. Revenue totaled approximately $3.3 billion in 2015. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2015 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
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SOURCE FMC Corporation
Article Date
6/7/2016FMC Corporation Announces Election of Margareth Øvrum to Board of Directors
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, June 1, 2016 /PRNewswire/ -- FMC Corporation (NYSE: FMC) announced the election of Margareth Øvrum to the company's Board of Directors, effective July 1, 2016. Her election increases the board's size to 11 members.
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Øvrum is executive vice president of Technology, Projects & Drilling for Statoil Group, an international energy company based in Stavanger, Norway. She is responsible for technology research, procurement, projects and drilling. During her 34 years at Statoil, Øvrum has held numerous senior leadership positions, including executive vice president of Technology and New Energy, executive vice president of Health and Safety, senior vice president of Operations – Veslefrikk, vice president of Operations Support – Norwegian Continental Shelf, and platform manager – Gullfaks field.
"We are pleased to welcome Margareth to the FMC Board of Directors," said Pierre Brondeau, FMC president, CEO, and chairman. "She brings to our board a strong operations background with deep experience in process technology, safety, sustainability and environmental management. Margareth has a wide international view with exceptional knowledge of European markets. Our board looks forward to Margareth's contributions."
Øvrum is a member of the Board of Directors of Atlas Copco AB and Alfa Laval AB. She has a master of science degree specializing in Technical Physics from the Norwegian University of Science and Technology.
"I look forward to joining FMC's board at such an exciting time," said Øvrum. "Pierre and the management team have transformed the company into one that is highly focused on agriculture, health and nutrition, and lithium technologies. I look forward to helping FMC execute its growth strategy and build long-term shareholder value."
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. FMC acquired Cheminova in April 2015. Revenue totaled approximately $3.3 billion in 2015. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2015 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
SOURCE FMC Corporation
Article Date
6/1/20165/23/2016 - FMC Corporation Plans to Triple Lithium Hydroxide Capacity to Serve the Growing Electric Vehicles Market
FMC Corporation Plans to Triple Lithium Hydroxide Capacity to Serve the Growing Electric Vehicles Market
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, May 23, 2016 /PRNewswire/ -- FMC Corporation (NYSE: FMC) announced today it plans to increase its production capacity of lithium hydroxide by a total of 20,000 metric tons per year, effectively tripling its production.
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In response to the rapid growth of electric vehicle sales, and strong demand for FMC's battery grade lithium hydroxide, FMC will execute a three-phased capacity expansion over the next several years. Phase one is expected to be commissioned and on line in mid 2017, while phase two planning is underway. Upon completion of the phase three expansion, FMC's lithium hydroxide capacity will be at least 30,000 metric tons. FMC expects all three phases to be complete by 2019, but has the ability to adjust timing to meet market demand.
"Our phased expansion approach allows FMC to execute annual and multi-year sales contracts for each increment prior to commissioning," said Tom Schneberger, vice president and global business director, FMC Lithium. "Our customers rely on FMC's unmatched quality and reliability. It is important that we maintain this high level of service and expand our production capacity as electric vehicle adoption rapidly increases demand for FMC's battery grade lithium hydroxide."
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. FMC acquired Cheminova in April 2015. Revenue totaled approximately $3.3 billion in 2015. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2015 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
SOURCE FMC Corporation
Article Date
5/23/20165/20/2016 - FMC Corporation Announces Dates for Second Quarter 2016 Earnings Release and Webcast Conference Call
FMC Corporation Announces Dates for Second Quarter 2016 Earnings Release and Webcast Conference Call
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, May 20, 2016 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today announced it will release its second quarter 2016 earnings on Tuesday, August 2, 2016, after the stock market close via PR Newswire and the company's website at: http://www.fmc.com.
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The company will host a webcast conference call on Wednesday, August 3, 2016, at 9:00 a.m. ET that is open to the public via Internet broadcast and telephone.
Internet broadcast: http://www.fmc.com
Passcode: FMC
Dial-in telephone numbers:
U.S. / Canada: (800) 288-8974
International: (612) 332-0430
Conference ID # 378964
A replay of the call will be available via the internet and telephone from 11:00 a.m. ET on Wednesday, August 3, 2016 until Saturday, September 3, 2016.
Internet replay: http://www.fmc.com
U.S. / Canada telephone number: (800) 475-6701
International telephone number: (320) 365-3844
Enter Conference ID # 378964
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. FMC acquired Cheminova in April 2015. Revenue totaled approximately $3.3 billion in 2015. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2015 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
SOURCE FMC Corporation
Article Date
5/20/2016FMC Corporation Announces First Quarter 2016 Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, May 2, 2016 /PRNewswire/ --
First Quarter 2016 Highlights
FMC Corporation (NYSE: FMC) today reported first quarter revenue of $799 million, a 21 percent increase over the same period in 2015. The company reported net income of $48.3 million, or $0.36 per diluted share, in the first quarter of 2016, as compared to a net loss of $46.8 million, or a loss of $0.35 per diluted share, in the first quarter of 2015. Excluding various restructuring charges, adjusted earnings were $0.58 per diluted share, flat compared to the prior-year quarter.
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Pierre Brondeau, FMC president, CEO and chairman said: "We are pleased to have achieved adjusted EPS towards the higher end of our first quarter guidance range and to increase our full-year adjusted EPS guidance by five cents. With Ag Solutions and Health and Nutrition delivering earnings in line with guidance, it was the outperformance by Lithium that drove this strong result and the guidance increase. We came into 2016 expecting challenging agricultural market conditions, particularly in the Americas, and so far these expectations are proving to be accurate. However, the actions we continue to take in managing the business leave us confident in our full-year outlook for Agricultural Solutions."
FMC Agricultural Solutions
First quarter segment revenue for FMC Agricultural Solutions was $546 million, an increase of 39 percent versus reported revenue for the prior-year quarter. Segment earnings were $82 million, which was flat versus prior-year reported results. On a pro forma basis, first quarter segment revenue and earnings each declined 22 percent compared to the same period in 2015, as lower sales volume in North America and Brazil, plus foreign currency swings, more than offset higher prices and the benefits of revenue synergies and new product introductions. Lower third-party product volumes contributed 4 percent to the revenue headwind in the quarter. At the segment earnings level, price increases in Brazil more than offset the year-over-year impact of the weaker real, but the strength of the U.S. dollar resulted in headwinds in Europe, Asia, and other parts of Latin America. Agricultural Solutions segment operating margins were flat year-over-year, on a pro forma basis. For 2016, full-year segment revenue is expected to be in the range of $2.3 billion to $2.5 billion and full-year segment earnings are expected to be in the range of $380 million to $420 million, with second quarter segment earnings in the range of $90 million to $110 million.
FMC Health and Nutrition
FMC Health and Nutrition first quarter segment revenue was $192 million, 9 percent lower versus the prior-year quarter, driven primarily by lower sales in Omega-3 and a 2 percent headwind from foreign currency. Segment earnings of $47 million were down 7 percent compared to the prior-year quarter, principally due to lower revenue, but lower operating costs helped drive an increase in segment operating margins. Segment revenue for the full year of 2016 is expected to be in the range of $775 million to $825 million, while full-year segment earnings are expected to be between $198 million and $208 million. Second quarter segment earnings are expected to be in the range of $49 million to $53 million.
FMC Lithium
FMC Lithium reported first quarter segment revenue of $60 million, an increase of 8 percent from the prior-year quarter, and first quarter segment earnings of $14.9 million, an increase of $9.4 million compared to the first quarter of 2015. Price increases across the portfolio combined with cost reductions contributed the majority of the earnings increase, as the benefits of recent cost savings projects and lower raw material costs were realized. Demand trends across specialty end markets remained strong, driving price increases in both the spot market and new contracts in the first quarter.
Due to the improved forecast for this business, segment earnings are now expected to be between $43 and $53 million for the full year of 2016, more than double 2015 earnings at the mid-point of the range and $10 million higher than previous guidance. Segment revenue for the full year of 2016 is now expected to be in the range of $245 million to $265 million, an increase of $5 million versus prior guidance. Segment earnings in the second quarter are expected to be in the range of $10 million to $14 million.
Corporate and Other
For the quarter, corporate and other expenses were $17 million, and net interest expense was $21 million. Depreciation and amortization was $33.6 million, and capital additions were $27.8 million. On March 31, 2016, gross consolidated debt was $2.1 billion, and debt, net of cash, was $2.0 billion. The Adjusted Tax Rate was 26 percent in the quarter.
2016 Outlook
We are increasing adjusted earnings per share by five cents versus previous guidance to a range of $2.55 to $2.85 for the full year of 2016, an increase of 9 percent (at the mid-point) versus 2015 adjusted earnings per share of $2.47.
Webcast and Supplemental Information
The company will post supplemental information on the web at www.FMC.com, including its 2016 Outlook Statement, definitions of non-GAAP terms and reconciliations of non-GAAP figures to the nearest available GAAP term.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. FMC acquired Cheminova in April 2015. Revenue totaled approximately $3.3 billion in 2015. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2015 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
|
FMC CORPORATION | |||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||
|
(Unaudited, in millions, except per share amounts) | |||||||
|
Three Months Ended | |||||||
|
March 31 | |||||||
|
2016 |
2015 | ||||||
|
Revenue |
$ |
798.8 |
$ |
659.4 |
|||
|
Costs of sales and services |
517.4 |
408.7 |
|||||
|
Gross margin |
281.4 |
250.7 |
|||||
|
Selling, general and administrative expenses |
126.5 |
297.9 |
|||||
|
Research and development expenses |
36.0 |
26.6 |
|||||
|
Restructuring and other charges (income) |
12.4 |
22.3 |
|||||
|
Total costs and expenses |
692.3 |
755.5 |
|||||
|
Income (loss) from operations |
106.5 |
(96.1) |
|||||
|
Equity in (earnings) loss of affiliates |
— |
0.1 |
|||||
|
Interest expense, net |
20.8 |
14.0 |
|||||
|
Income (loss) from continuing operations before income taxes |
85.7 |
(110.2) |
|||||
|
Provision (benefit) for income taxes |
30.9 |
(49.1) |
|||||
|
Income (loss) from continuing operations |
54.8 |
(61.1) |
|||||
|
Discontinued operations, net of income taxes |
(6.1) |
15.6 |
|||||
|
Net income (loss) |
$ |
48.7 |
$ |
(45.5) |
|||
|
Less: Net income attributable to noncontrolling interests |
0.4 |
1.3 |
|||||
|
Net income (loss) attributable to FMC stockholders |
$ |
48.3 |
$ |
(46.8) |
|||
|
Amounts attributable to FMC stockholders: |
|||||||
|
Income (loss) from continuing operations, net of tax |
$ |
54.4 |
$ |
(62.4) |
|||
|
Discontinued operations, net of tax |
(6.1) |
15.6 |
|||||
|
Net income (loss) |
$ |
48.3 |
$ |
(46.8) |
|||
|
Basic earnings (loss) per common share attributable to FMC stockholders: |
|||||||
|
Continuing operations |
$ |
0.41 |
$ |
(0.47) |
|||
|
Discontinued operations |
(0.05) |
0.12 |
|||||
|
Basic earnings per common share |
$ |
0.36 |
$ |
(0.35) |
|||
|
Average number of shares outstanding used in basic earnings per share computations |
133.8 |
133.6 |
|||||
|
Diluted earnings (loss) per common share attributable to FMC stockholders: |
|||||||
|
Continuing operations |
$ |
0.41 |
$ |
(0.47) |
|||
|
Discontinued operations |
(0.05) |
0.12 |
|||||
|
Diluted earnings per common share |
$ |
0.36 |
$ |
(0.35) |
|||
|
Average number of shares outstanding used in diluted earnings per share computations |
134.3 |
133.6 |
|||||
|
Other Data: |
|||||||
|
Capital additions |
$ |
27.8 |
$ |
15.4 |
|||
|
Depreciation and amortization expense |
$ |
33.6 |
$ |
22.8 |
|||
|
FMC CORPORATION | |||||||
|
SCHEDULE OF ADJUSTED EARNINGS FROM CONTINUING OPERATIONS (NON-GAAP)(2) | |||||||
|
(Unaudited, in millions, except per share amounts) | |||||||
|
Three Months Ended | |||||||
|
March 31 | |||||||
|
2016 |
2015 | ||||||
|
Revenue |
$ |
798.8 |
$ |
659.4 |
|||
|
Costs of sales and services |
517.4 |
408.7 |
|||||
|
Gross margin |
281.4 |
250.7 |
|||||
|
Selling, general and administrative expenses |
118.1 |
101.0 |
|||||
|
Research and development expenses |
36.0 |
26.6 |
|||||
|
Equity in (earnings) loss of affiliates |
— |
0.1 |
|||||
|
Total costs and expenses |
671.5 |
536.4 |
|||||
|
Adjusted earnings from continuing operations, before interest, income taxes and noncontrolling interests (Non-GAAP) (1) |
$ |
127.3 |
$ |
123.0 |
|||
|
Interest expense, net |
20.8 |
14.0 |
|||||
|
Adjusted earnings from continuing operations, before income taxes and noncontrolling interests |
$ |
106.5 |
$ |
109.0 |
|||
|
Provision for income taxes |
27.7 |
30.0 |
|||||
|
Net income attributable to noncontrolling interests |
0.4 |
1.3 |
|||||
|
Adjusted after-tax earnings from continuing operations, attributable to FMC stockholders (Non-GAAP) (2) |
$ |
78.4 |
$ |
77.7 |
|||
|
Diluted adjusted after-tax earnings from continuing operations per share, attributable to FMC stockholders |
$ |
0.58 |
$ |
0.58 |
|||
|
Average number of shares outstanding used in diluted adjusted after-tax earnings from continuing operations per share computations (3) |
134.3 |
134.4 |
|||||
___________________
|
(1) |
Referred to as Adjusted Operating Profit. |
|
(2) |
The Company believes that the Non-GAAP financial measure "Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders", and its presentation on a per share basis, provides useful information about the Company's operating results to investors and securities analysts. Adjusted earnings excludes the effects of Corporate special charges, tax-related adjustments and the results of our discontinued operations. The Company also believes that excluding the effects of these items from operating results allows management and investors to compare more easily the financial performance of its underlying businesses from period to period. Additionally, the above schedule is presented in a format which reflects the manner in which we manage our business and is not in accordance with GAAP. |
|
(3) |
For the three months ended March 31, 2015, the average number of shares outstanding used in diluted adjusted after-tax earnings from continuing operations per share computation (Non-GAAP) includes 0.8 million diluted shares. This number of shares differs from the average number of shares outstanding used in diluted earnings per share computations (GAAP) as we had a net loss attributable to FMC stockholders. |
Please see the reconciliation of Non-GAAP financial measures to GAAP financial results.
|
FMC CORPORATION | |||||||
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||
|
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO FMC STOCKHOLDERS (GAAP) | |||||||
|
TO ADJUSTED AFTER-TAX EARNINGS FROM CONTINUING OPERATIONS, | |||||||
|
ATTRIBUTABLE TO FMC STOCKHOLDERS (NON-GAAP) | |||||||
|
(Unaudited, in millions, except per share amounts) | |||||||
|
Three Months Ended | |||||||
|
March 31 | |||||||
|
2016 |
2015 | ||||||
|
Net income (loss) attributable to FMC stockholders (GAAP) |
$ |
48.3 |
$ |
(46.8) |
|||
|
Corporate special charges (income): |
|||||||
|
Restructuring and other charges (income) (a) |
12.4 |
22.3 |
|||||
|
Non-operating pension and postretirement charges (b) |
1.0 |
6.2 |
|||||
|
Acquisition related charges (c) |
7.4 |
190.7 |
|||||
|
Income tax expense (benefit) on Corporate special charges (income) |
(6.4) |
(80.5) |
|||||
|
Discontinued operations attributable to FMC stockholders, net of income taxes (d) |
6.1 |
(15.6) |
|||||
|
Tax adjustments (e) |
9.6 |
1.4 |
|||||
|
Adjusted after-tax earnings from continuing operations attributable to FMC stockholders (Non-GAAP) |
$ |
78.4 |
$ |
77.7 |
|||
|
Diluted earnings per common share (GAAP) |
$ |
0.36 |
$ |
(0.35) |
|||
|
Corporate special charges (income) per diluted share, before tax: |
|||||||
|
Restructuring and other charges (income) |
0.09 |
0.17 |
|||||
|
Non-operating pension and postretirement charges |
0.01 |
0.05 |
|||||
|
Acquisition related charges |
0.06 |
1.42 |
|||||
|
Income tax expense (benefit) on Corporate special charges (income), per diluted share |
(0.06) |
(0.60) |
|||||
|
Discontinued operations per diluted share |
0.05 |
(0.12) |
|||||
|
Tax adjustments per diluted share |
0.07 |
0.01 |
|||||
|
Diluted adjusted after-tax earnings from continuing operations per share, attributable to FMC stockholders (Non-GAAP) |
$ |
0.58 |
$ |
0.58 |
|||
|
Average number of shares outstanding used in diluted adjusted after-tax earnings from continuing operations per share computations |
134.3 |
134.4 |
|||||
____________________
|
(a) |
Three Months Ended March 31, 2016: |
|
Restructuring and other charges (income) includes charges of $3.2 million representing adjustments to severance and asset write-offs primarily associated with the integration of Cheminova with Agricultural Solutions. Amounts also include $4.2 million as a result of the Argentina government's action to devalue its currency Additionally, restructuring and other charges includes charges of continuing environmental sites treated as a Corporate charge of $6.6 million. Remaining restructuring and other charges (income) includes net miscellaneous charges (income) of ($1.6) million. | |
|
Three Months Ended March 31, 2015: | |
|
Restructuring and other charges (income) includes a charge of $15.0 million associated with a license agreement entered into for the purpose of obtaining certain technology and intellectual property rights relating to new compounds still under development both of which pertain our FMC Agricultural Solutions segment. Additionally, restructuring and other charges includes charges of $2.1 million associated with a reorganization of our Health and Nutrition segment and continuing environmental sites treated as a Corporate charge of $1.9 million. Remaining restructuring and other charges (income) includes net miscellaneous charges of $3.3 million. | |
|
(b) |
Our non-operating pension and postretirement costs are defined as those costs related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These costs are primarily related to changes in pension plan assets and liabilities which are tied to financial market performance and we consider these costs to be outside our operational performance. We exclude these non-operating pension and postretirement costs from our segments as we believe that removing them provides a better understanding of the underlying profitability of our businesses, provides increased transparency and clarity in the performance of our retirement plans and enhances period-over-period comparability. We continue to include the service cost and amortization of prior service cost in our Adjusted Earnings results noted above. We believe these elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees. |
|
(c) |
Charges related to the expensing of the inventory fair value step-up resulting from the application of purchase accounting, legal and professional fees and gains or losses on hedging purchase price associated with the planned or completed acquisitions. Amounts represent the following: |
|
Three Months Ended | |||||||
|
March 31 | |||||||
|
(in Millions) |
2016 |
2015 | |||||
|
Acquisition related charges - Cheminova A/S |
|||||||
|
Legal and professional fees (1) |
$ |
7.4 |
$ |
10.6 |
|||
|
Loss/(gain) on hedging purchase price (1) |
— |
180.1 |
|||||
|
Acquisition/divestiture related charges |
$ |
7.4 |
$ |
190.7 |
|||
____________________
|
(1) |
On the condensed consolidated statements of income (loss), these charges are included in "Selling, general and administrative expenses." |
|
(d) |
Three Months Ended March 31, 2016 and 2015 |
|
Discontinued operations includes provisions, net of recoveries, for environmental liabilities, legal reserves and expenses related to previously discontinued operations. Discontinued operations for the three months ended March 31, 2015 also include the results of the FMC Alkali business. | |
|
(e) |
We exclude the GAAP tax provision, including discrete items, from the Non-GAAP measure of income, and instead include a Non-GAAP tax provision based upon the projected annual Non-GAAP effective tax rate. The GAAP tax provision includes certain discrete tax items including, but are not limited to: income tax expenses or benefits that are not related to ongoing business operations in the current year; unusual or infrequently occurring items; tax adjustments associated with fluctuations in foreign currency remeasurement of certain foreign operations; certain changes in estimates of tax matters related to prior fiscal years; certain changes in the realizability of deferred tax assets and related interim accounting impacts; and changes in tax law. Management believes excluding these discrete tax items assists investors and securities analysts in understanding the tax provision and the effective tax rate related to ongoing operations thereby providing investors with useful supplemental information about FMC's operational performance. |
|
Three Months Ended | |||||||
|
March 31 | |||||||
|
(in Millions) |
2016 |
2015 | |||||
|
Non-GAAP tax adjustments: |
|||||||
|
Revisions to our tax liabilities due to finalization of prior year tax returns |
$ |
1.5 |
$ |
— |
|||
|
Revisions to valuation allowances of historical deferred tax assets |
— |
7.5 |
|||||
|
Foreign currency remeasurement and other discrete items |
8.1 |
(6.1) |
|||||
|
Non-GAAP tax adjustments |
$ |
9.6 |
$ |
1.4 |
|||
|
RECONCILIATION OF NET INCOME (LOSS) (GAAP) TO ADJUSTED EARNINGS FROM | |||||||
|
CONTINUING OPERATIONS, BEFORE INTEREST AND INCOME TAXES (NON-GAAP) | |||||||
|
(Unaudited, in millions) | |||||||
|
Three Months Ended | |||||||
|
March 31 | |||||||
|
2016 |
2015 | ||||||
|
Net income (loss) (GAAP) |
$ |
48.7 |
$ |
(45.5) |
|||
|
Restructuring and other charges (income) |
12.4 |
22.3 |
|||||
|
Non-operating pension and postretirement charges |
1.0 |
6.2 |
|||||
|
Acquisition related charges |
7.4 |
190.7 |
|||||
|
Discontinued operations, net of income taxes |
6.1 |
(15.6) |
|||||
|
Interest expense, net |
20.8 |
14.0 |
|||||
|
Provision (benefit) for income taxes |
30.9 |
(49.1) |
|||||
|
Adjusted earnings from continuing operations, before interest, income taxes and noncontrolling interests (Non-GAAP) (1) |
$ |
127.3 |
$ |
123.0 |
|||
___________________
|
(1) |
Referred to as Adjusted Operating Profit. |
FMC CORPORATION
FMC AGRICULTURAL SOLUTIONS PRO FORMA FINANCIAL RESULTS
(Unaudited, in millions)
In the second quarter of 2015, we began to present pro forma combined results for the FMC Agricultural Solutions segment for 2015 and 2014. We believe that reviewing our operating results by combining actual and pro forma results for the FMC Agricultural Solutions segment for 2015 is more useful in identifying trends in, or reaching conclusions regarding, the overall operating performance of this segment. Our pro forma segment information will include adjustments as if the Cheminova transaction had occurred on January 1, 2015. Our pro forma data will also be adjusted for the effects of acquisition accounting but will not include adjustments for cost related to integration activities, cost savings or synergies that might be achieved by the combined businesses. Pro forma amounts to be presented will not necessarily be indicative of what our results would have been had we operated Cheminova since January 1, 2015, nor our future results. We believe that reviewing our operating results by combining actual and pro forma results for the FMC Agricultural Solutions segment for these interim periods is more useful in identifying trends in, or reaching conclusions regarding, the overall operating performance of the segment.
|
FMC Agricultural Solutions Pro Forma Financial Results |
|||||||
|
Three Months Ended March 31 | |||||||
|
(in Millions) |
2016 |
2015 | |||||
|
Revenue |
|||||||
|
Revenue, FMC Agricultural Solutions, as reported (1) |
$ |
546.1 |
$ |
392.4 |
|||
|
Revenue, Cheminova, pro forma (2) |
— |
304.1 |
|||||
|
Pro Forma Combined, Revenue (3) |
$ |
546.1 |
$ |
696.5 |
|||
|
Operating Profit |
|||||||
|
Operating Profit, FMC Agricultural Solutions, as reported (1) |
$ |
82.0 |
$ |
81.8 |
|||
|
Operating Profit, Cheminova, pro forma (2) |
— |
24.0 |
|||||
|
Pro Forma Combined, Operating Profit (3) |
$ |
82.0 |
$ |
105.8 |
|||
___________________
|
(1) |
As reported amounts are the results of operations of FMC Agricultural Solutions, including the results of the Cheminova acquisition from April 21, 2015 onward. |
|
(2) |
Cheminova pro forma amounts include the historical results of Cheminova, prior to April 21, 2015. These amounts also include adjustments as if the Cheminova transaction had occurred on January 1, 2015, including the effects of acquisition accounting. The pro forma amounts do not include adjustments for expenses related to integration activities, cost savings or synergies that may have been or may be achieved by the combined segment. |
|
(3) |
The pro forma combined amounts are not necessarily indicative of what the results would have been had we acquired Cheminova on January 1, 2015 or indicative of future results. |
|
FMC CORPORATION | |||||||
|
INDUSTRY SEGMENT DATA | |||||||
|
(Unaudited, in millions) | |||||||
|
Three Months Ended | |||||||
|
March 31 | |||||||
|
2016 |
2015 | ||||||
|
Revenue |
|||||||
|
FMC Agricultural Solutions |
$ |
546.1 |
$ |
392.4 |
|||
|
FMC Health and Nutrition |
192.4 |
211.0 |
|||||
|
FMC Lithium |
60.3 |
56.0 |
|||||
|
Total |
$ |
798.8 |
$ |
659.4 |
|||
|
Income from continuing operations before income taxes |
|||||||
|
FMC Agricultural Solutions |
82.0 |
81.8 |
|||||
|
FMC Health and Nutrition |
47.3 |
51.0 |
|||||
|
FMC Lithium |
14.9 |
5.5 |
|||||
|
Segment operating profit (a) |
144.2 |
138.3 |
|||||
|
Corporate and other |
(16.9) |
(15.3) |
|||||
|
Adjusted earnings from continuing operations, before interest, income taxes and noncontrolling interests (Non-GAAP) |
$ |
127.3 |
$ |
123.0 |
|||
|
Interest expense, net |
(20.8) |
(14.0) |
|||||
|
Corporate special (charges) income: |
|||||||
|
Restructuring and other (charges) income (b) |
(12.4) |
(22.3) |
|||||
|
Non-operating pension and postretirement charges (c) |
(1.0) |
(6.2) |
|||||
|
Acquisition/divestiture related charges (d) |
(7.4) |
(190.7) |
|||||
|
(Provision) benefit for income taxes |
(30.9) |
49.1 |
|||||
|
Discontinued operations, net of income taxes (e) |
(6.1) |
15.6 |
|||||
|
Net income attributable to noncontrolling interests |
(0.4) |
(1.3) |
|||||
|
Net income (loss) attributable to FMC stockholders |
$ |
48.3 |
$ |
(46.8) |
|||
____________________
|
(a) |
Referred to as Segment Earnings. |
|
(b) |
Three Months Ended March 31, 2016: Amounts related to FMC Agricultural Solutions of $6.6 million, FMC Health and Nutrition charges of $0.2 million, FMC Lithium charges of $0.6 million, and Corporate charges of $5.0 million. |
|
Three Months Ended March 31, 2015: Amounts related to FMC Agricultural Solutions of $18.3 million, FMC Health and Nutrition charges of $2.2 million, FMC Lithium charges of $0.3 million, and Corporate charges of $1.5 million. | |
|
(c) |
See Note (b) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP)" for further details on the components that make up this line item. |
|
(d) |
See Note (d) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP)" for further details on the components that make up this line item. |
|
(e) |
See Note (e) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP)" for further details on the components that make up this line item. |
|
FMC CORPORATION | |||||||
|
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
|
(Unaudited, in millions) | |||||||
|
March 31, 2016 |
December 31, 2015 | ||||||
|
Cash and cash equivalents |
$ |
64.3 |
$ |
78.6 |
|||
|
Trade receivables, net |
1,769.2 |
1,851.4 |
|||||
|
Inventories |
854.9 |
800.2 |
|||||
|
Other current assets |
266.8 |
241.7 |
|||||
|
Total current assets |
2,955.2 |
2,971.9 |
|||||
|
Property, plant and equipment, net |
1,027.8 |
1,016.4 |
|||||
|
Goodwill |
800.7 |
776.1 |
|||||
|
Other intangibles, net |
869.8 |
837.0 |
|||||
|
Deferred income taxes |
282.6 |
286.9 |
|||||
|
Other long-term assets |
454.3 |
437.6 |
|||||
|
Total assets |
$ |
6,390.4 |
$ |
6,325.9 |
|||
|
Short-term debt and current portion of long-term debt |
$ |
114.2 |
$ |
112.6 |
|||
|
Accounts payable, trade and other |
516.4 |
403.6 |
|||||
|
Accrued customer rebates |
336.2 |
256.1 |
|||||
|
Guarantees of vendor financing |
80.8 |
67.2 |
|||||
|
Accrued pensions and other postretirement benefits, current |
6.4 |
6.4 |
|||||
|
Other current liabilities |
397.3 |
607.4 |
|||||
|
Total current liabilities |
1,451.3 |
1,453.3 |
|||||
|
Long-term debt |
1,986.2 |
2,036.3 |
|||||
|
Long-term liabilities |
949.6 |
928.0 |
|||||
|
Equity |
2,003.3 |
1,908.3 |
|||||
|
Total liabilities and equity |
$ |
6,390.4 |
$ |
6,325.9 |
|||
|
FMC CORPORATION | |||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
|
(Unaudited, in millions) | |||||||
|
Three Months ended March 31 | |||||||
|
2016 |
2015 | ||||||
|
Cash provided (required) by operating activities of continuing operations |
$ |
107.2 |
$ |
(304.9) |
|||
|
Cash provided (required) by operating activities of discontinued operations |
(6.9) |
7.7 |
|||||
|
Cash provided (required) by investing activities of continuing operations |
(44.5) |
(54.2) |
|||||
|
Cash provided (required) by investing activities of discontinued operations |
— |
(15.6) |
|||||
|
Cash provided (required) by financing activities of continuing operations: |
|||||||
|
Increase (decrease) in short-term debt |
2.4 |
383.0 |
|||||
|
Financing fees |
(0.7) |
— |
|||||
|
Repayments of long-term debt |
(50.3) |
(0.4) |
|||||
|
Dividends paid |
(22.1) |
(20.1) |
|||||
|
Other repurchases of common stock |
(1.2) |
(2.9) |
|||||
|
Excess tax benefits from share-based compensation |
0.3 |
1.7 |
|||||
|
Issuances of common stock, net |
0.6 |
3.5 |
|||||
|
Cash provided (required) by financing activities |
(71.0) |
364.8 |
|||||
|
Effect of exchange rate changes on cash |
0.9 |
(2.1) |
|||||
|
Increase (decrease) in cash and cash equivalents |
(14.3) |
(4.3) |
|||||
|
Cash and cash equivalents, beginning of year |
78.6 |
109.5 |
|||||
|
Cash and cash equivalents, end of period |
$ |
64.3 |
$ |
105.2 |
|||
SOURCE FMC Corporation
Article Date
5/2/2016FMC Corporation's Board Declares Quarterly Dividend
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, April 26, 2016 /PRNewswire/ -- FMC Corporation (NYSE: FMC) announced today that its Board of Directors declared a regular quarterly dividend of 16.5 cents per share, payable on July 21, 2016, to shareholders of record at the close of business on June 30, 2016.
Logo - http://photos.prnewswire.com/prnh/20111101/NE97440LOGO
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. FMC acquired Cheminova in April 2015. Revenue totaled approximately $3.3 billion in 2015. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2015 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
SOURCE FMC Corporation
Article Date
4/26/2016FMC Corporation's Paul Graves to Speak at Wells Fargo Securities Industrial and Construction Conference
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, April 7, 2016 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today announced that Paul Graves, Executive Vice President and Chief Financial Officer, will speak at the Wells Fargo Securities Industrial and Construction Conference in New York City, on Wednesday, May 11, 2016 at 1:55 p.m. ET. A live webcast will be available on the FMC Investor Relations website.
Logo - http://photos.prnewswire.com/prnh/20111101/NE97440LOGO
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. FMC acquired Cheminova in April 2015. Revenue totaled approximately $3.3 billion in 2015. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2015 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
SOURCE FMC Corporation
Article Date
4/7/20164/6/2016 - FMC Corporation's Paul Graves to Speak at the BMO Capital Markets 2016 Farm to Market Conference
FMC Corporation's Paul Graves to Speak at the BMO Capital Markets 2016 Farm to Market Conference
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, April 6, 2016 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today announced that Paul Graves, Executive Vice President and Chief Financial Officer, will speak at the BMO Capital Markets 2016 Farm to Market Conference in New York City, on Wednesday, May 18, 2016 at 8:10 a.m. ET. A live webcast will be available on the FMC Investor Relations website.
Logo - http://photos.prnewswire.com/prnh/20111101/NE97440LOGO
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. FMC acquired Cheminova in April 2015. Pro forma revenue totaled approximately $3.6 billion in 2015. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2015 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
SOURCE FMC Corporation
Article Date
4/6/20164/5/2016 - FMC Corporation Announces Dates for First Quarter 2016 Earnings Release and Webcast Conference Call
FMC Corporation Announces Dates for First Quarter 2016 Earnings Release and Webcast Conference Call
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, April 5, 2016 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today announced it will release its first quarter 2016 earnings on Monday, May 2, 2016, after the stock market close via PR Newswire and the company's website at: http://www.fmc.com.
Logo - http://photos.prnewswire.com/prnh/20111101/NE97440LOGO
The company will host a webcast conference call on Tuesday, May 3, 2016, at 9:00 a.m. ET that is open to the public via Internet broadcast and telephone.
Internet broadcast: http://www.fmc.com
Passcode: FMC
Dial-in telephone numbers:
U.S. / Canada: (800) 288-8974
International: (612) 332-0430
Conference ID # 378963
A replay of the call will be available via the internet and telephone from 11:00 a.m. ET on Tuesday, May 3, 2016 until June 3, 2016.
Internet replay: http://www.fmc.com
U.S. / Canada telephone number: (800) 475-6701
International telephone number: (320) 365-3844
Enter Conference ID # 378963
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. FMC acquired Cheminova in April 2015. Revenue totaled approximately $3.3 billion in 2015. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2015 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
SOURCE FMC Corporation
Article Date
4/5/20162/29/2016 - FMC Corporation Names Andrew Sandifer Treasurer, Thomas C. Deas, Jr. to Retire in April 2016
FMC Corporation Names Andrew Sandifer Treasurer, Thomas C. Deas, Jr. to Retire in April 2016
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, Feb. 29, 2016 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today announced that Andrew Sandifer, vice president of Corporate Transformation and deputy treasurer, has been named vice president and treasurer. He will succeed Thomas C. Deas, Jr., vice president and treasurer, on March 1, 2016.
"Andrew brings strong financial capabilities, business acumen and executive leadership skills to the Treasury role. He will oversee a well established and talented organization responsible for financing, treasury operations, pension and benefits finances, and insurance and risk management," said Paul Graves, executive vice president and CFO. Sandifer will report to Graves.
Deas, who has served as vice president and treasurer since 2001, will retire from the company in April 2016.
"Tom is one of the most respected corporate treasurers in North America," said Graves. "He has chaired several national and international corporate treasurers' associations, including acting as chairman of the National Association of Corporate Treasurers in the U.S. between 2011 and 2013, and the International Group of Treasury Associations from 2012 through 2014, leading 30,000 treasurers in over 30 countries. He has been a vocal and active advocate for sound financial laws and regulations that impact FMC and other companies. During his tenure, Tom played an important role in ensuring FMC maintained its financial strength through various business cycles and was critical in the successful completion of multiple major transactions."
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. FMC acquired Cheminova in April 2015. Pro forma revenue totaled approximately $3.6 billion in 2015. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2015 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
Photo - http://photos.prnewswire.com/prnh/20160226/338006
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SOURCE FMC Corporation
Article Date
2/29/2016FMC Corporation's Board Declares Quarterly Dividend
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, Feb. 26, 2016 /PRNewswire/ -- FMC Corporation (NYSE: FMC) announced today that its Board of Directors declared a regular quarterly dividend of 16.5 cents per share, payable on April 21, 2016, to shareholders of record at the close of business on March 31, 2016.
Logo - http://photos.prnewswire.com/prnh/20111101/NE97440LOGO
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. FMC acquired Cheminova in April 2015. Pro forma revenue totaled approximately $3.6 billion in 2015. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2015 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
SOURCE FMC Corporation
Article Date
2/26/2016FMC Corporation Announces Fourth Quarter and Full Year 2015 Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, Feb. 10, 2016 /PRNewswire/ --
Fourth quarter 2015 Highlights
Full year 2015 Highlights
FMC Corporation (NYSE: FMC) today reported fourth quarter and full year 2015 results. For the year, FMC reported revenue of $3.28 billion, up slightly compared to 2014. The company reported earnings of $489 million, or $3.66 per diluted share. Excluding various restructuring charges and certain gains and charges related to the exit of certain businesses, adjusted earnings from continuing operations were $2.47 per diluted share, a decline of 22 percent compared to the prior year.
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For the fourth quarter, FMC reported revenue of $899 million, a 1 percent increase over the same period in 2014. The company reported a net loss of $204 million, or a loss of $1.53 per diluted share, in the fourth quarter of 2015, as compared to net income of $77 million, or $0.57 per diluted share, in the fourth quarter of 2014. Excluding various restructuring charges and certain gains and charges related to the exit of certain businesses, adjusted earnings were $0.77 per diluted share, as compared to the prior-year quarter adjusted earnings of $0.85 per diluted share.
Pierre Brondeau, FMC president, CEO and chairman said: "Market conditions throughout 2015 were some of the most difficult the company has faced. In particular, the devaluation of foreign currencies relative to the U.S. dollar, combined with weak agricultural markets created significant challenges for FMC Agricultural Solutions. Foreign exchange movements alone reduced FMC Agricultural Solutions' pro forma operating earnings by 55 percent compared to 2014. Despite challenging conditions in the global crop protection market, we continued to see strong demand for FMC's proprietary products across all regions during the fourth quarter. However, high channel inventory levels in the Americas and foreign currency fluctuations continue to negatively impact this business. The integration of Cheminova continues to go well. In 2015, we realized $100 million in cost reductions, including $40 million from the Cheminova integration, and we are on track to deliver an additional $60 million to $70 million of savings in 2016."
Segment Results
Fourth quarter results were significantly impacted by foreign exchange movements, particularly the depreciation of the Brazilian real against the U.S. dollar, compared to the same period in 2014. Local currency price increases in Brazil recovered over 70 percent of the currency impact in the quarter. FMC Health and Nutrition posted a 5 percent increase in operating earnings, as manufacturing excellence initiatives and other cost reductions more than compensated for lower revenues. FMC Lithium's performance exceeded expectations and the business saw encouraging demand and pricing trends across the portfolio.
FMC Agricultural Solutions
Fourth quarter revenue for FMC Agricultural Solutions was $657 million, an increase of 5 percent versus reported revenue for the prior-year quarter. Segment earnings were $101 million, a decline of 22 percent versus prior-year reported results. On a pro forma basis, as described in the Press Release Schedules on page 7, fourth quarter segment revenue declined 23 percent compared to the same period in 2014, and segment earnings were 8 percent lower compared to the fourth quarter of 2014, as price increases and ongoing cost reduction programs only partially offset the negative impact of foreign currency movements and reduced third-party sales. Segment revenue for 2015 was $2.25 billion, 4 percent higher than 2014, while full-year segment earnings were $364 million, 27 percent lower than 2014. On a pro forma basis, segment revenue for 2015 was $2.6 billion, 23 percent lower compared to 2014, and segment earnings were $384 million, 28 percent lower compared to 2014.
For 2016, full-year segment revenue is expected to be approximately $2.3 billion to $2.5 billion and full-year segment earnings are expected to be in the range of $380 million to $420 million, with first quarter segment earnings in the range of $70 million to $90 million.
FMC Health and Nutrition
FMC Health and Nutrition fourth quarter revenue was $172 million, 10 percent lower versus the prior-year quarter, driven by lower carrageenan and alginate sales, along with the impact of the weaker euro. Segment earnings of $46 million were up 4.5 percent compared to the prior-year quarter, as favorable raw material pricing and lower operating costs more than offset unfavorable foreign currency impacts and lower sales volumes. Segment revenue for 2015 was $785 million, 5 percent lower than 2014, while full-year segment earnings were $195 million, 4 percent higher than 2014.
Segment revenue for the full year of 2016 is anticipated to be approximately $775 million to $825 million, while full-year segment earnings are expected to be between $198 million and $208 million. First quarter segment earnings are expected to be in the range of $46 million to $51 million. Earnings growth in 2016 is expected to be driven primarily by the benefits of operational improvements, along with continued growth in demand for excipients and nutritional products across emerging markets.
FMC Lithium
FMC Lithium reported fourth quarter segment revenue of $70 million, an increase of 1 percent from the prior-year quarter, and fourth quarter segment earnings of approximately $11 million, an increase of $3.3 million compared to the fourth quarter of 2014. Segment earnings benefited from cost savings projects and lower raw material costs, along with price increases in our carbonate and hydroxide products. These positives more than offset Argentina inflation and currency impacts. Segment revenue for 2015 was $238 million, 7 percent lower than 2014, while full-year segment earnings were $23 million, $4.2 million lower than 2014.
Demand for lithium remains strong and pricing trends continue to be favorable. Segment earnings are expected to be between $8 million and $12 million for the first quarter and between $33 and $43 million for the full year of 2016, an increase of 65 percent over 2015 at the mid-point of the range.
Corporate and Other
For the quarter, corporate and other expenses were $16 million, and net interest expense was $21 million. Depreciation and amortization was $23.5 million, and capital additions were $42.5 million. On December 31, 2015, gross consolidated debt was $2.15 billion, and debt, net of cash, was $2.1 billion. The Adjusted Tax Rate was 13 percent in the quarter and 22 percent for the full year.
2016 Outlook
Based on an Adjusted Tax Rate of 24 to 26 percent, adjusted earnings per share are expected to be in the range of $2.50 to $2.80 for the full year 2016, an increase of 7 percent (at the mid-point) versus 2015 adjusted earnings per share of $2.47.
Webcast and Supplemental Information
The company will post supplemental information on the web at www.FMC.com, including its 2016 Outlook Statement, definitions of non-GAAP terms and reconciliations of non-GAAP figures to the nearest available GAAP term.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. FMC acquired Cheminova in April 2015. Pro forma revenue totaled approximately $3.6 billion in 2015. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2014 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
|
FMC CORPORATION | |||||||||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
|
(Unaudited, in millions, except per share amounts) | |||||||||||||||
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
December 31 |
December 31 | ||||||||||||||
|
2015 |
2014 |
2015 |
2014 | ||||||||||||
|
Revenue |
$ |
899.3 |
$ |
887.8 |
$ |
3,276.5 |
$ |
3,258.7 |
|||||||
|
Costs of sales and services |
600.7 |
569.5 |
2,201.1 |
2,047.8 |
|||||||||||
|
Gross margin |
298.6 |
318.3 |
1,075.4 |
1,210.9 |
|||||||||||
|
Selling, general and administrative expenses |
147.0 |
214.9 |
737.9 |
589.8 |
|||||||||||
|
Research and development expenses |
40.9 |
37.8 |
143.7 |
126.3 |
|||||||||||
|
Restructuring and other charges (income) |
165.8 |
11.5 |
244.0 |
56.4 |
|||||||||||
|
Business separation costs |
— |
— |
— |
23.6 |
|||||||||||
|
Total costs and expenses |
954.4 |
833.7 |
3,326.7 |
2,843.9 |
|||||||||||
|
Income (loss) from operations |
(55.1) |
54.1 |
(50.2) |
414.8 |
|||||||||||
|
Equity in (earnings) loss of affiliates |
0.2 |
— |
0.2 |
(0.2) |
|||||||||||
|
Interest expense, net |
21.2 |
13.6 |
80.1 |
51.2 |
|||||||||||
|
Income (loss) from continuing operations before income taxes |
(76.5) |
40.5 |
(130.5) |
363.8 |
|||||||||||
|
Provision (benefit) for income taxes |
103.8 |
(18.4) |
47.4 |
56.2 |
|||||||||||
|
Income (loss) from continuing operations |
(180.3) |
58.9 |
(177.9) |
307.6 |
|||||||||||
|
Discontinued operations, net of income taxes |
(22.4) |
19.4 |
676.4 |
14.5 |
|||||||||||
|
Net income (loss) |
$ |
(202.7) |
$ |
78.3 |
$ |
498.5 |
$ |
322.1 |
|||||||
|
Less: Net income attributable to noncontrolling interests |
1.4 |
1.8 |
9.5 |
14.6 |
|||||||||||
|
Net income (loss) attributable to FMC stockholders |
$ |
(204.1) |
$ |
76.5 |
$ |
489.0 |
$ |
307.5 |
|||||||
|
Amounts attributable to FMC stockholders: |
|||||||||||||||
|
Income (loss) from continuing operations, net of tax |
$ |
(181.7) |
$ |
57.1 |
$ |
(187.4) |
$ |
298.2 |
|||||||
|
Discontinued operations, net of tax |
(22.4) |
19.4 |
676.4 |
9.3 |
|||||||||||
|
Net income (loss) |
$ |
(204.1) |
$ |
76.5 |
$ |
489.0 |
$ |
307.5 |
|||||||
|
Basic earnings (loss) per common share attributable to FMC stockholders: |
|||||||||||||||
|
Continuing operations |
$ |
(1.36) |
$ |
0.43 |
$ |
(1.40) |
$ |
2.23 |
|||||||
|
Discontinued operations |
(0.17) |
0.14 |
5.06 |
0.07 |
|||||||||||
|
Basic earnings per common share |
$ |
(1.53) |
$ |
0.57 |
$ |
3.66 |
$ |
2.30 |
|||||||
|
Average number of shares outstanding used in basic earnings per share computations |
133.7 |
133.5 |
133.7 |
133.3 |
|||||||||||
|
Diluted earnings (loss) per common share attributable to FMC stockholders: |
|||||||||||||||
|
Continuing operations |
$ |
(1.36) |
$ |
0.43 |
$ |
(1.40) |
$ |
2.22 |
|||||||
|
Discontinued operations |
(0.17) |
0.14 |
5.06 |
0.07 |
|||||||||||
|
Diluted earnings per common share |
$ |
(1.53) |
$ |
0.57 |
$ |
3.66 |
$ |
2.29 |
|||||||
|
Average number of shares outstanding used in diluted earnings per share computations |
133.7 |
134.3 |
133.7 |
134.3 |
|||||||||||
|
Other Data: |
|||||||||||||||
|
Capital additions |
$ |
42.5 |
$ |
53.7 |
$ |
118.6 |
$ |
174.8 |
|||||||
|
Depreciation and amortization expense |
$ |
23.5 |
$ |
22.6 |
$ |
115.7 |
$ |
93.5 |
|||||||
|
FMC CORPORATION | |||||||||||||||
|
SCHEDULE OF ADJUSTED EARNINGS FROM CONTINUING OPERATIONS (NON-GAAP)(2) | |||||||||||||||
|
(Unaudited, in millions, except per share amounts) | |||||||||||||||
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
December 31 |
December 31 | ||||||||||||||
|
2015 |
2014 |
2015 |
2014 | ||||||||||||
|
Revenue |
$ |
899.3 |
$ |
887.8 |
$ |
3,276.5 |
$ |
3,258.7 |
|||||||
|
Costs of sales and services |
591.0 |
569.5 |
2,143.3 |
2,043.6 |
|||||||||||
|
Gross margin |
308.3 |
318.3 |
1,133.2 |
1,215.1 |
|||||||||||
|
Selling, general and administrative expenses |
125.0 |
117.5 |
470.1 |
447.5 |
|||||||||||
|
Research and development expenses |
40.9 |
37.8 |
143.7 |
126.3 |
|||||||||||
|
Equity in (earnings) loss of affiliates |
0.2 |
— |
0.2 |
(0.2) |
|||||||||||
|
Total costs and expenses |
757.1 |
724.8 |
2,757.3 |
2,617.2 |
|||||||||||
|
Adjusted earnings from continuing operations, before interest, income |
$ |
142.2 |
$ |
163.0 |
$ |
519.2 |
$ |
641.5 |
|||||||
|
Interest expense, net |
21.2 |
13.6 |
80.1 |
51.2 |
|||||||||||
|
Adjusted earnings from continuing operations, before income taxes and noncontrolling interests |
$ |
121.0 |
$ |
149.4 |
$ |
439.1 |
$ |
590.3 |
|||||||
|
Provision for income taxes |
15.8 |
33.3 |
97.0 |
154.1 |
|||||||||||
|
Net income attributable to noncontrolling interests |
1.4 |
1.8 |
9.5 |
9.4 |
|||||||||||
|
Adjusted after-tax earnings from continuing operations, attributable to FMC stockholders (Non-GAAP) (2) |
$ |
103.8 |
$ |
114.3 |
$ |
332.6 |
$ |
426.8 |
|||||||
|
Diluted adjusted after-tax earnings from continuing operations per share, attributable to FMC stockholders |
$ |
0.77 |
$ |
0.85 |
$ |
2.47 |
$ |
3.18 |
|||||||
|
Average number of shares outstanding used in diluted adjusted after-tax earnings from continuing operations per share computations (3) |
134.3 |
134.3 |
134.4 |
134.3 |
|||||||||||
|
___________________ | |
|
(1) |
Referred to as Adjusted Operating Profit. |
|
(2) |
The Company believes that the Non-GAAP financial measure "Adjusted After-Tax Earnings from Continuing Operations, attributable to FMC Stockholders", and its presentation on a per share basis, provides useful information about the Company's operating results to investors. Adjusted Earnings excludes the effects of Corporate special charges, Non-GAAP tax adjustments and the results of our discontinued operations. The Company also believes that excluding the effects of these items from operating results allows management and investors to compare more easily the financial performance of its underlying businesses from period to period. Additionally, the above schedule is presented in a format which reflects the manner in which we manage our business and is not in accordance with GAAP. |
|
(3) |
The average number of shares outstanding used in the twelve months ended December 31, 2015 diluted adjusted after-tax earnings from continuing operations per share computation (Non-GAAP) includes 0.7 million diluted shares. This number of shares differs from the average number of shares outstanding used in diluted earnings per share computations (GAAP) as we had a net loss from continuing operations attributable to FMC stockholders. |
Please see the reconciliation of Non-GAAP financial measures to GAAP financial results.
|
FMC CORPORATION | |||||||||||||||
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||||||||||
|
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO FMC STOCKHOLDERS (GAAP) | |||||||||||||||
|
TO ADJUSTED AFTER-TAX EARNINGS FROM CONTINUING OPERATIONS, | |||||||||||||||
|
ATTRIBUTABLE TO FMC STOCKHOLDERS (NON-GAAP) | |||||||||||||||
|
(Unaudited, in millions, except per share amounts) | |||||||||||||||
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
December 31 |
December 31 | ||||||||||||||
|
2015 |
2014 |
2015 |
2014 | ||||||||||||
|
Net income (loss) attributable to FMC stockholders (GAAP) |
$ |
(204.1) |
$ |
76.5 |
$ |
489.0 |
$ |
307.5 |
|||||||
|
Corporate special charges (income): |
|||||||||||||||
|
Restructuring and other charges (income) (a) |
165.8 |
11.5 |
244.0 |
56.4 |
|||||||||||
|
Non-operating pension and postretirement charges (b) |
15.4 |
2.1 |
35.3 |
10.5 |
|||||||||||
|
Business separation costs (c) |
— |
— |
— |
23.6 |
|||||||||||
|
Acquisition-related charges (d) |
16.3 |
95.3 |
290.3 |
136.0 |
|||||||||||
|
Income tax expense (benefit) on Corporate special charges (income) |
(31.0) |
(43.3) |
(144.9) |
(84.1) |
|||||||||||
|
Discontinued operations attributable to FMC stockholders, net of income taxes (e) |
22.4 |
(19.4) |
(676.4) |
(9.3) |
|||||||||||
|
Non-GAAP tax adjustments (f) |
119.0 |
(8.4) |
95.3 |
(13.8) |
|||||||||||
|
Adjusted after-tax earnings from continuing operations attributable to |
$ |
103.8 |
$ |
114.3 |
$ |
332.6 |
$ |
426.8 |
|||||||
|
Diluted earnings per common share (GAAP) |
$ |
(1.53) |
$ |
0.57 |
$ |
3.66 |
$ |
2.29 |
|||||||
|
Corporate special charges (income) per diluted share, before tax: |
|||||||||||||||
|
Restructuring and other charges (income) |
1.24 |
0.08 |
1.82 |
0.42 |
|||||||||||
|
Non-operating pension and postretirement charges |
0.11 |
0.02 |
0.26 |
0.08 |
|||||||||||
|
Business separation costs |
— |
— |
— |
0.17 |
|||||||||||
|
Acquisition-related charges |
0.12 |
0.71 |
2.16 |
1.01 |
|||||||||||
|
Income tax expense (benefit) on Corporate special charges (income), per diluted share |
(0.23) |
(0.32) |
(1.08) |
(0.62) |
|||||||||||
|
Discontinued operations per diluted share |
0.17 |
(0.15) |
(5.06) |
(0.07) |
|||||||||||
|
Non-GAAP tax adjustments per diluted share |
0.89 |
(0.06) |
0.71 |
(0.10) |
|||||||||||
|
Diluted adjusted after-tax earnings from continuing operations per share, attributable to FMC stockholders (Non-GAAP) |
$ |
0.77 |
$ |
0.85 |
$ |
2.47 |
$ |
3.18 |
|||||||
|
Average number of shares outstanding used in diluted adjusted after-tax earnings from continuing operations per share computations |
134.3 |
134.3 |
134.4 |
134.3 |
|||||||||||
|
____________________ | |
|
(a) |
Three Months Ended December 31, 2015: |
|
Restructuring and other charges (income) include a charge of $70.5 million as a result of the mothballing of our Seal Sands Omega-3 production facility within Health and Nutrition, as well as $61.8 million of charges representing severance and asset write-offs associated with the integration of Cheminova within Agricultural Solutions. Amount also include $10.7 million as a result of the Argentina government's action to devalue its currency effective December 17, 2015. This loss relates to the impacts of the remeasurement of the local balance sheet at the date of the devaluation and impacted both our Agricultural Solutions and Lithium segments. Finally, the amount includes charges from continuing environmental sites treated as a Corporate charge of $13.4 million, a charge of $5.5 million associated with an agreement to obtain certain technology and intellectual property rights related to new compounds still under development within Agricultural Solutions and net miscellaneous charges of $3.9 million. | |
|
Three Months Ended December 31, 2014: | |
|
Restructuring and other charges (income) includes income of $26.6 million associated with a sale of a partial stake in our 20% owned European based distribution company offset by a charge of $5.0 million associated with a license agreement entered into for the purpose of obtaining certain technology and intellectual property rights relating to new compounds still under development both of which pertain our FMC Agricultural Solutions segment. Additionally, this amount includes charges of $8.1 million associated with a reorganization of our Health and Nutrition segment and continuing environmental sites treated as a Corporate charge of $23.7 million. Remaining restructuring and other charges (income) includes net miscellaneous charges of $1.3 million. | |
|
Twelve Months Ended December 31, 2015: | |
|
Restructuring and other charges (income) include a charge of $70.5 million as a result of mothballing of our Seal Sands Omega-3 production facility within Health and Nutrition as well as $117.3 million representing severance and asset disposal charges associated with the integration of Cheminova with Agricultural Solutions. Charges also include $23.6 million due to a reorganization with our FMC Health and Nutrition segment, of which, $12.3 million was due to the sale of our pectin manufacturing business. Total charges also include the $10.7 million due to the Argentina currency devaluation, $21.7 million from continuing environmental sites treated as a Corporate charge, and $20.5 million associated with two separate license agreements entered into for the purpose of obtaining certain technology and intellectual property rights relating to new compounds still under development within Agricultural Solutions. Partially offsetting these charges was other income associated with the sale of our remaining ownership interest in a Belgian-based pesticide distribution company for $26.6 million. Remaining restructuring and other charges (income) includes net miscellaneous charges of $6.3 million. | |
|
Twelve Months Ended December 31, 2014: | |
|
Restructuring and other charges (income) includes income of $26.6 million associated with a sale of a partial stake in our 20% owned European based distribution company offset by a charge of $22.0 million associated with various license agreements entered into for the purpose of obtaining certain technology and intellectual property rights relating to new compounds still under development both of which pertain our FMC Agricultural Solutions segment. Additionally, this amount includes charges of $13.9 million associated with a reorganization of our Health and Nutrition segment and continuing environmental sites treated as a Corporate charge of $43.7 million. Remaining restructuring and other charges (income) includes net miscellaneous charges of $3.5 million. | |
|
(b) |
Our non-operating pension and postretirement costs are defined as those costs related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These costs are primarily related to changes in pension plan assets and liabilities which are tied to financial market performance and we consider these costs to be outside our operational performance. We exclude these non-operating pension and postretirement costs from our segments as we believe that removing them provides a better understanding of the underlying profitability of our businesses, provides increased transparency and clarity in the performance of our retirement plans and enhances period-over-period comparability. We continue to include the service cost and amortization of prior service cost in our Adjusted Earnings results noted above. We believe these elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees. |
|
(c) |
There were no charges for the twelve months ended December 31, 2015. On September 8, 2014, we announced that we will no longer proceed with the planned separation as a result of the planned acquisition of Cheminova A/S and divestiture of our FMC Alkali Chemicals division. Business separation costs for the three and twelve months ended December 31, 2014 represent charges associated with the planned separation activities through September 8, 2014. |
|
(d) |
Charges related to the expensing of the inventory fair value step-up resulting from the application of acquisition accounting, legal and professional fees and gains or losses on hedging purchase price associated with the planned or completed acquisitions. Amounts represent the following: |
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
December 31 |
December 31 | ||||||||||||||
|
(in Millions) |
2015 |
2014 |
2015 |
2014 | |||||||||||
|
Acquisition-related charges - Cheminova A/S |
|||||||||||||||
|
Legal and professional fees (1) |
$ |
6.6 |
$ |
16.9 |
$ |
60.4 |
$ |
32.2 |
|||||||
|
Inventory fair value amortization (2) |
9.7 |
— |
57.8 |
— |
|||||||||||
|
Loss/(gain) on hedging purchase price (1) |
— |
78.4 |
172.1 |
99.6 |
|||||||||||
|
Acquisition-related charges - Epax |
|||||||||||||||
|
Inventory fair value amortization (2) |
— |
— |
— |
4.2 |
|||||||||||
|
Acquisition-related charges |
$ |
16.3 |
$ |
95.3 |
$ |
290.3 |
$ |
136.0 |
|||||||
|
____________________ | |
|
(1) |
On the condensed consolidated statements of income (loss), these charges are included in "Selling, general and administrative expenses." |
|
(2) |
On the condensed consolidated statements of income (loss), these charges are included in "Costs of sales and services." |
|
(e) |
Three and Twelve Months Ended December 31, 2015 |
|
Discontinued operations includes our FMC Alkali Chemicals division as well as provisions, net of recoveries, for environmental liabilities and legal reserves and expenses related to previously discontinued operations. The twelve months ended December 31, 2015 includes the divestiture gain of approximately $700 million associated with the sale of FMC Alkali Chemicals division which was completed on April 1, 2015. | |
|
Three and Twelve Months Ended December 31, 2014 | |
|
Discontinued operations includes our FMC Alkali and FMC Peroxygens business results as well as provisions, net of recoveries, for environmental liabilities and legal reserves and expenses related to previously discontinued operations. The twelve months ended December 31, 2014 includes the final divestiture charge associated with the sale of FMC Peroxygens business which was completed on February 28, 2014. | |
|
(f) |
We exclude the GAAP tax provision, including discrete items, from the Non-GAAP measure of income, and instead include a Non-GAAP tax provision based upon the annual Non-GAAP effective tax rate. The GAAP tax provision includes certain discrete tax items including, but are not limited to: income tax expenses or benefits that are not related to ongoing business operations in the current year; unusual or infrequently occurring items; tax adjustments associated with fluctuations in foreign currency remeasurement of certain foreign operations; certain changes in estimates of tax matters related to prior fiscal years; certain changes in the realizability of deferred tax assets; and changes in tax law. Management believes excluding these discrete tax items assists investors and securities analysts in understanding the tax provision and the effective tax rate related to ongoing operations thereby providing investors with useful supplemental information about FMC's operational performance. |
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
December 31 |
December 31 | ||||||||||||||
|
(in Millions) |
2015 |
2014 |
2015 |
2014 | |||||||||||
|
Non-GAAP tax adjustments: |
|||||||||||||||
|
Revisions to our tax liabilities due to finalization of prior year tax returns |
$ |
2.1 |
$ |
(2.3) |
$ |
2.2 |
$ |
(2.5) |
|||||||
|
Revisions to valuation allowances of historical deferred tax assets |
120.7 |
— |
128.3 |
— |
|||||||||||
|
Foreign currency remeasurement and foreign currency discrete items |
(3.8) |
(6.1) |
(35.2) |
(11.3) |
|||||||||||
|
Non-GAAP tax adjustments |
$ |
119.0 |
$ |
(8.4) |
$ |
95.3 |
$ |
(13.8) |
|||||||
|
RECONCILIATION OF NET INCOME (LOSS) (GAAP) TO ADJUSTED EARNINGS FROM | |||||||||||||||
|
CONTINUING OPERATIONS, BEFORE INTEREST AND INCOME TAXES (NON-GAAP) | |||||||||||||||
|
(Unaudited, in millions) | |||||||||||||||
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
December 31 |
December 31 | ||||||||||||||
|
2015 |
2014 |
2015 |
2014 | ||||||||||||
|
Net income (loss) (GAAP) |
$ |
(202.7) |
$ |
78.3 |
$ |
498.5 |
$ |
322.1 |
|||||||
|
Restructuring and other charges (income) |
165.8 |
11.5 |
244.0 |
56.4 |
|||||||||||
|
Non-operating pension and postretirement charges |
15.4 |
2.1 |
35.3 |
10.5 |
|||||||||||
|
Business separation costs |
— |
— |
— |
23.6 |
|||||||||||
|
Acquisition-related charges |
16.3 |
95.3 |
290.3 |
136.0 |
|||||||||||
|
Discontinued operations, net of income taxes |
22.4 |
(19.4) |
(676.4) |
(14.5) |
|||||||||||
|
Interest expense, net |
21.2 |
13.6 |
80.1 |
51.2 |
|||||||||||
|
Provision (benefit) for income taxes |
103.8 |
(18.4) |
47.4 |
56.2 |
|||||||||||
|
Adjusted earnings from continuing operations, |
$ |
142.2 |
$ |
163.0 |
$ |
519.2 |
$ |
641.5 |
|||||||
|
___________________ | |
|
(1) |
Referred to as Adjusted Operating Profit. |
|
FMC CORPORATION | |||||||||||||||
|
INDUSTRY SEGMENT DATA | |||||||||||||||
|
(Unaudited, in millions) | |||||||||||||||
|
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
December 31 |
December 31 | ||||||||||||||
|
2015 |
2014 |
2015 |
2014 | ||||||||||||
|
Revenue |
|||||||||||||||
|
FMC Agricultural Solutions |
$ |
657.3 |
$ |
626.9 |
$ |
2,252.9 |
$ |
2,173.8 |
|||||||
|
FMC Health and Nutrition |
172.0 |
191.8 |
785.5 |
828.2 |
|||||||||||
|
FMC Lithium |
70.0 |
69.1 |
238.1 |
256.7 |
|||||||||||
|
Total |
$ |
899.3 |
$ |
887.8 |
$ |
3,276.5 |
$ |
3,258.7 |
|||||||
|
Income from continuing operations before income taxes |
|||||||||||||||
|
FMC Agricultural Solutions |
101.3 |
130.3 |
363.9 |
497.8 |
|||||||||||
|
FMC Health and Nutrition |
46.2 |
44.2 |
194.7 |
187.9 |
|||||||||||
|
FMC Lithium |
11.1 |
7.8 |
23.0 |
27.2 |
|||||||||||
|
Segment operating profit (a) |
158.6 |
182.3 |
581.6 |
712.9 |
|||||||||||
|
Corporate and other |
(16.4) |
(19.3) |
(62.4) |
(71.4) |
|||||||||||
|
Adjusted earnings from continuing operations, before interest, income |
$ |
142.2 |
$ |
163.0 |
$ |
519.2 |
$ |
641.5 |
|||||||
|
Interest expense, net |
(21.2) |
(13.6) |
(80.1) |
(51.2) |
|||||||||||
|
Corporate special (charges) income: |
|||||||||||||||
|
Restructuring and other (charges) income (b) |
(165.8) |
(11.5) |
(244.0) |
(56.4) |
|||||||||||
|
Non-operating pension and postretirement charges (c) |
(15.4) |
(2.1) |
(35.3) |
(10.5) |
|||||||||||
|
Business separation charges (d) |
— |
— |
— |
(23.6) |
|||||||||||
|
Acquisition-related charges (e) |
(16.3) |
(95.3) |
(290.3) |
(136.0) |
|||||||||||
|
(Provision) benefit for income taxes |
(103.8) |
18.4 |
(47.4) |
(56.2) |
|||||||||||
|
Discontinued operations, net of income taxes (f) |
(22.4) |
19.4 |
676.4 |
14.5 |
|||||||||||
|
Net income attributable to noncontrolling interests |
(1.4) |
(1.8) |
(9.5) |
(14.6) |
|||||||||||
|
Net income (loss) attributable to FMC stockholders |
$ |
(204.1) |
$ |
76.5 |
$ |
489.0 |
$ |
307.5 |
|||||||
|
____________________ | |
|
(a) |
Referred to as Segment Earnings. |
|
(b) |
Below provides the details of restructuring and other charges (income) by segment. |
|
Three Months Ended December 31 |
Twelve Months Ended December 31 | ||||||||||||||
|
2015 |
2014 |
2015 |
2014 | ||||||||||||
|
FMC Agricultural Solutions |
$ |
(76.5) |
$ |
21.5 |
$ |
(123.7) |
$ |
4.5 |
|||||||
|
FMC Health and Nutrition |
(73.2) |
(8.2) |
(93.8) |
(14.1) |
|||||||||||
|
FMC Lithium |
(2.2) |
— |
(2.7) |
— |
|||||||||||
|
Corporate |
(13.9) |
(24.8) |
(23.8) |
(46.8) |
|||||||||||
|
Restructuring and other (charges) income |
$ |
(165.8) |
$ |
(11.5) |
$ |
(244.0) |
$ |
(56.4) |
|||||||
|
(c) |
See Note (b) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP)" for further details on the components that make up this line item. |
|
(d) |
See Note (c) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP)" for further details on the components that make up this line item. |
|
(e) |
See Note (d) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP)" for further details on the components that make up this line item. |
|
(f) |
See Note (e) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP)" for further details on the components that make up this line item. |
|
FMC CORPORATION | |||||||||||||||
|
FMC AGRICULTURAL SOLUTIONS PRO FORMA FINANCIAL RESULTS | |||||||||||||||
|
(Unaudited, in millions) | |||||||||||||||
|
In the second quarter of 2015, we began to present pro forma combined results for the FMC Agricultural Solutions segment for 2015 and 2014. We believe that reviewing our operating results by combining actual and pro forma results for the FMC Agricultural Solutions segment for 2015 and 2014 is more useful in identifying trends in, or reaching conclusions regarding, the overall operating performance of this segment. Our pro forma segment information will include adjustments as if the Cheminova transaction had occurred on January 1, 2014. Our pro forma data will also be adjusted for the effects of acquisition accounting but will not include adjustments for cost related to integration activities, cost savings or synergies that might be achieved by the combined businesses. Pro forma amounts to be presented will not necessarily be indicative of what our results would have been had we operated Cheminova since January 1, 2014, nor our future results. We believe that reviewing our operating results by combining actual and pro forma results for the FMC Agricultural Solutions segment for these periods is more useful in identifying trends in, or reaching conclusions regarding, the overall operating performance of the segment. | |||||||||||||||
|
FMC Agricultural Solutions Pro Forma Financial Results | |||||||||||||||
|
Three Months Ended December 31 |
Twelve Months Ended December 31 | ||||||||||||||
|
(in Millions) |
2015 |
2014 |
2015 |
2014 | |||||||||||
|
Revenue |
|||||||||||||||
|
Revenue, FMC Agricultural Solutions, as reported (1) |
$ |
657.3 |
$ |
626.9 |
$ |
2,252.9 |
$ |
2,173.8 |
|||||||
|
Revenue, Cheminova, pro forma (2) |
— |
226.6 |
362.0 |
1,225.7 |
|||||||||||
|
Pro Forma Combined, Revenue (3) |
$ |
657.3 |
$ |
853.5 |
$ |
2,614.9 |
$ |
3,399.5 |
|||||||
|
Operating Profit |
|||||||||||||||
|
Operating Profit, FMC Agricultural Solutions, as reported (1) |
$ |
101.3 |
$ |
130.3 |
$ |
363.9 |
$ |
497.8 |
|||||||
|
Operating Profit, Cheminova, pro forma (2) |
— |
(19.9) |
19.9 |
38.2 |
|||||||||||
|
Pro Forma Combined, Operating Profit (3) |
$ |
101.3 |
$ |
110.4 |
$ |
383.8 |
$ |
536.0 |
|||||||
|
___________________ | |
|
(1) |
As reported amounts are the results of operations of FMC Agricultural Solutions, including the results of the Cheminova acquisition from April 21, 2015 onward. |
|
(2) |
Cheminova pro forma amounts include the historical results of Cheminova, prior to April 21, 2015. These amounts also include adjustments as if the Cheminova transaction had occurred on January 1, 2014, including the effects of acquisition accounting. The pro forma amounts do not include adjustments for expenses related to integration activities, cost savings or synergies that may have been or may be achieved by the combined segment. |
|
(3) |
The pro forma combined amounts are not necessarily indicative of what the results would have been had we acquired Cheminova on January 1, 2014 or indicative of future results. |
|
FMC CORPORATION | |||||||
|
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
|
(Unaudited, in millions) | |||||||
|
December 31, 2015 |
December 31, 2014 | ||||||
|
Cash and cash equivalents |
$ |
78.6 |
$ |
109.5 |
|||
|
Trade receivables, net |
1,851.4 |
1,602.5 |
|||||
|
Inventories |
800.2 |
607.6 |
|||||
|
Other current assets |
241.7 |
188.8 |
|||||
|
Deferred income taxes |
— |
222.7 |
|||||
|
Current assets held for sale |
— |
203.3 |
|||||
|
Total current assets |
2,971.9 |
2,934.4 |
|||||
|
Property, plant and equipment, net |
1,016.4 |
930.0 |
|||||
|
Goodwill |
776.1 |
352.5 |
|||||
|
Other intangibles, net |
837.0 |
246.9 |
|||||
|
Deferred income taxes |
286.9 |
200.1 |
|||||
|
Other long-term assets |
437.6 |
260.6 |
|||||
|
Noncurrent assets held for sale |
— |
401.5 |
|||||
|
Total assets |
$ |
6,325.9 |
$ |
5,326.0 |
|||
|
Short-term debt and current portion of long-term debt |
$ |
112.6 |
$ |
525.2 |
|||
|
Accounts payable, trade and other |
403.6 |
378.3 |
|||||
|
Accrued customer rebates |
256.1 |
236.0 |
|||||
|
Guarantees of vendor financing |
67.2 |
50.2 |
|||||
|
Accrued pensions and other postretirement benefits, current |
6.4 |
12.7 |
|||||
|
Other current liabilities |
607.4 |
619.6 |
|||||
|
Current liabilities held for sale |
— |
88.4 |
|||||
|
Total current liabilities |
1,453.3 |
1,910.4 |
|||||
|
Long-term debt |
2,036.3 |
1,138.9 |
|||||
|
Long-term liabilities |
928.0 |
708.0 |
|||||
|
Long-term liabilities held for sale |
— |
4.7 |
|||||
|
Equity |
1,908.3 |
1,564.0 |
|||||
|
Total liabilities and equity |
$ |
6,325.9 |
$ |
5,326.0 |
|||
|
FMC CORPORATION | |||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
|
(Unaudited, in millions) | |||||||
|
Twelve Months Ended December 31 | |||||||
|
2015 |
2014 | ||||||
|
Cash provided (required) by operating activities of continuing operations (1) |
$ |
(277.1) |
$ |
284.9 |
|||
|
Cash provided (required) by operating activities of discontinued operations |
(80.6) |
88.8 |
|||||
|
Cash provided (required) by investing activities of continuing operations |
(1,285.5) |
(190.2) |
|||||
|
Cash provided (required) by investing activities of discontinued operations |
1,634.3 |
154.9 |
|||||
|
Cash provided (required) by financing activities of continuing operations: |
|||||||
|
Increase (decrease) in short-term debt |
(547.3) |
(139.6) |
|||||
|
Financing fees |
— |
(10.5) |
|||||
|
Repayments of long-term debt |
(1,036.6) |
(34.6) |
|||||
|
Proceeds from borrowings of long-term debt |
1,650.0 |
3.0 |
|||||
|
Net distributions to and acquisitions of noncontrolling interests |
— |
(98.7) |
|||||
|
Dividends paid |
(86.4) |
(78.1) |
|||||
|
Other repurchases of common stock |
(3.7) |
(4.7) |
|||||
|
Excess tax benefits from share-based compensation |
1.4 |
4.7 |
|||||
|
Issuances of common stock, net |
5.9 |
8.6 |
|||||
|
Cash provided (required) by financing activities |
(16.7) |
(349.9) |
|||||
|
Effect of exchange rate changes on cash |
(5.3) |
(2.2) |
|||||
|
Increase (decrease) in cash and cash equivalents |
(30.9) |
(13.7) |
|||||
|
Cash and cash equivalents, beginning of year |
109.5 |
123.2 |
|||||
|
Cash and cash equivalents, end of period |
$ |
78.6 |
$ |
109.5 |
|||
|
______________ | |
|
(1) |
The twelve months ended December 31, 2015 includes $264.8 million in payments associated with the Cheminova acquisition purchase price hedges and approximately $340.3 million in income tax payments principally driven by the sale of our Alkali Chemicals business. |
SOURCE FMC Corporation
Article Date
2/10/2016FMC Corporation Announces Date of 2016 Annual Meeting of Stockholders
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, Jan. 21, 2016 /PRNewswire/ -- FMC Corporation (NYSE:FMC) announced today that its 2016 Annual Meeting of Stockholders will be held on Tuesday, April 26, 2016, at 2 p.m. ET at the Top of the Tower, 1717 Arch Street, 50th Floor, Philadelphia, PA, 19103.
Logo - http://photos.prnewswire.com/prnh/20111101/NE97440LOGO
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. FMC acquired Cheminova in April of 2015. Pro forma revenue totaled approximately $4.5 billion in 2014. FMC employs approximately 6,600 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition, and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2014 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
SOURCE FMC Corporation
Article Date
1/21/20161/6/2016 - FMC Corporation Announces Dates for Fourth Quarter 2015 Earnings Release and Webcast Conference Call
FMC Corporation Announces Dates for Fourth Quarter 2015 Earnings Release and Webcast Conference Call
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PHILADELPHIA, Jan. 6, 2016 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today announced it will release its fourth quarter 2015 earnings on Wednesday, February 10, 2016, after the stock market close via PR Newswire and the company's website at: http://www.fmc.com.
Logo - http://photos.prnewswire.com/prnh/20111101/NE97440LOGO
The company will host a webcast conference call on Thursday, February 11, 2016, at 9:00 a.m. ET that is open to the public via Internet broadcast and telephone.
Internet broadcast: http://www.fmc.com
Passcode: FMC
Dial-in telephone numbers:
U.S. / Canada: (800) 288-8974
International: (612) 332-0430
Conference ID # 378961
A replay of the call will be available via the internet and telephone from 11:00 a.m. ET on Thursday, February 11, 2016, until Friday, March 11, 2016.
Internet replay: http://www.fmc.com
U.S. / Canada telephone number: (800) 475-6701
International telephone number: (320) 365-3844
Enter Conference ID # 378961
About FMC
FMC Corporation is a specialty company serving agricultural, industrial and consumer markets globally for more than a century with innovative solutions, applications and quality products. FMC acquired Cheminova in April of 2015. Pro forma revenue totaled approximately $4.5 billion in 2014. FMC employs approximately 6,600 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition, and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2014 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
SOURCE FMC Corporation
Article Date
1/6/2016Projects & Assets
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