PHILADELPHIA, May 2, 2017 /PRNewswire/ --
First Quarter 2017 Highlights
- 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
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.
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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.
- 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.
|
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
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 months
ended March 31, 2017 relate to the recently
announced
definitive agreement to acquire a significant portion of DuPont's
crop protection business.
Acquisition-related
charges for the three months ended March 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 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
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/fmc-corporation-announces-first-quarter-2017-results-300450003.html
SOURCE FMC Corporation