Strength in global agriculture and focus on pricing more than
offset significant cost and FX headwinds
First Quarter 2022 Highlights
- Revenue of $1.35 billion, an
increase of 13 percent versus Q1 2021 and up 16 percent
organically1
- Consolidated GAAP net income of $212
million, up 16 percent versus Q1 2021
- Adjusted EBITDA of $355 million,
up 16 percent versus Q1 2021
- Consolidated GAAP earnings of $1.64 per diluted share, up 17 percent versus Q1
2021
- Adjusted earnings per diluted share of $1.88, up 23 percent versus Q1 2021
Full-Year Outlook2
- Maintains revenue outlook of $5.25 to $5.55
billion, reflecting 7 percent growth at the midpoint versus
2021
- Maintains adjusted EBITDA outlook of $1.32 to $1.48
billion, reflecting 6 percent growth at the midpoint versus
2021
- Updates adjusted earnings per diluted share outlook to
$6.70 to $8.00, reflecting 6 percent growth at the
midpoint versus 2021, excluding any impact from potential 2022
share repurchases
- Maintains free cash flow outlook of $515 to $735
million
- Continues to expect to repurchase $500 to $600
million of FMC shares in 2022
PHILADELPHIA, May 2, 2022
/PRNewswire/ -- FMC Corporation (NYSE: FMC) today reported first
quarter 2022 revenue of $1.35
billion, an increase of 13 percent versus first quarter
2021, driven by strong demand and global pricing actions. Excluding
a 3 percent headwind from foreign exchange, year-over-year sales
grew 16 percent organically. On a GAAP basis, the company reported
earnings of $1.64 per diluted share
in the first quarter, an increase of 17 percent versus first
quarter 2021. First quarter adjusted earnings were $1.88 per diluted share, an increase of 23
percent versus first quarter 2021.
First Quarter Adjusted EPS versus Q1
2021
|
+35 cents
|
Adjusted
EBITDA
|
+32 cents
|
Share count
|
+5 cents
|
Interest
expense
|
+2 cents
|
Taxes
|
-1 cent
|
Minority
interest
|
-3 cents
|
"FMC delivered a strong first quarter driven by robust
demand, proactive pricing actions across all regions as well as our
responsive supply chain," said Mark
Douglas, FMC president and chief executive officer. "Raw
material, packaging and logistics availability as well as rising
input and labor costs continued to be substantial headwinds,
exacerbated by renewed COVID disruptions in China and the war in Ukraine. However, strength in global
agriculture and our focus on pricing actions helped FMC more than
offset these challenges."
FMC revenue growth was driven by an 8 percent contribution from
volume and an 8 percent contribution from price, offset partially
by a 3 percent headwind from foreign currencies, especially in
EMEA. The strong volume growth was in part due to supply
uncertainty in the industry, which resulted in customers placing
orders in advance to secure material.
North America had a record
quarter with broad-based sales growth of 30 percent versus first
quarter 2021. Volume and price gains were robust across several
crops including tree fruits, nuts, vines, corn and soy.
Canada grew a record-breaking 60
percent year-over-year driven by low channel inventories for
insecticides and robust demand for selective herbicides.
Latin America sales grew 31
percent year-over-year in the quarter, driven by robust volume
growth in soybean, corn and sugarcane as well as price increases
and a 6 percent currency tailwind. The region's results were also
driven by selective herbicide and insecticide growth along with
strong pricing actions in Brazil.
Additionally, Argentina and the
Andean countries saw double-digit growth in the quarter.
In Asia, revenue increased 2
percent year-over-year in the quarter. Growth was driven by price
increases and strength in Australia and ASEAN countries offset by
reduction in rice acres in India
and unfavorable FX of 3 percent for the region in the quarter.
Sales in EMEA grew 11 percent organically versus prior year
period and was flat including FX impact from the weakening of the
Turkish lira, the euro and other European currencies. Sales growth
was primarily driven by strong pricing actions across the region as
well as demand for products such as Rynaxypyr™ active
ingredient for corn and top fruit and herbicides for
sunflowers.
Globally, Plant Health continued its growth momentum with
biological product line sales growing 15 percent in the quarter
compared to previous year.
FMC Revenue
|
Q1 2022
|
Total Revenue Change (GAAP)
|
13%
|
Less FX Impact
|
(3%)
|
Organic1 Revenue Change
(Non-GAAP)
|
16%
|
|
|
|
|
FMC first quarter adjusted EBITDA was $355 million, an increase of 16 percent from the
prior-year period. This increase was driven primarily by pricing
gains across all regions and volume gains led by Latin America and North America. The favorable price and volume
gains more than offset significant cost inflation, as well as
currency headwinds.
Full Year 2022 and Second Quarter Outlook2
Despite the volatile supply environment, the company continues
to forecast solid growth in revenue and EBITDA and maintains its
guidance ranges as a result. FMC's full-year 2022 revenue is
forecasted to be in the range of $5.25
billion to $5.55 billion,
representing an increase of 7 percent at the midpoint versus 2021
driven by volume and price growth in all regions partially offset
by foreign currency impact, particularly in EMEA. Full-year
adjusted EBITDA is expected to be in the range of $1.32 billion to $1.48
billion, representing 6 percent year-over-year growth at the
midpoint. Sustained cost inflation, supply disruptions and FX
continue to be substantial challenges, with further potential for
headwinds from the company's decision to cease operations and
business in Russia. 2022 adjusted
earnings per share are now expected to be in the range of
$6.70 to $8.00 per diluted share, representing an increase
of 6 percent year-over-year at the midpoint. Interest expense is
now expected to be $125 million to
$145 million due to rising interest
rates. Adjusted earnings per share exclude any impact from
potential 2022 share repurchases and assumes weighted average
diluted shares outstanding (WADSO) of approximately 127 million.
Full-year free cash flow is expected to be $515 million to $735
million.
FMC saw customer demand advanced into the first quarter due to
concerns about supply availability in the industry. Considering the
very strong first quarter, second quarter revenue is expected to be
in the range of $1.31 billion to
$1.39 billion, which is up 9 percent
at the midpoint compared to second quarter 2021. Adjusted EBITDA is
forecasted to be in the range of $330
million to $370 million,
representing a 1 percent increase at the midpoint. Significant cost
inflation and FX are expected to be headwinds in the second
quarter. FMC expects adjusted earnings per diluted share to be in
the range of $1.70 to $2.00 in the second quarter, which represents a 2
percent increase at the midpoint versus second quarter 2021.
Midpoint of Q2 guidance combined with Q1 actual results implies 11
percent increase in first half sales, 8 percent increase in first
half EBITDA and 11 percent increase in first half EPS compared to
the same period last year.
"Considering our Q1 outperformance combined with Q2 guidance,
FMC remains on track to deliver robust first half revenue and
EBITDA growth, despite persistent costs and FX headwinds. We expect
costs will keep increasing in the second quarter but will be offset
by solid volume growth and pricing actions. FMC continues to meet
our customer's demand despite supply chain and logistics
disruptions around the globe, impacts of the war in Ukraine and the challenges of renewed COVID
shutdowns in China," said
Douglas.
|
Full Year 2022 Outlook
2
|
Q2 2022 Outlook
2
|
First Half Outlook2
|
Revenue
|
$5.25 to $5.55 billion
|
$1.31 to $1.39 billion
|
$2.66 to $2.74 billion
|
Growth at midpoint vs. 2021
|
7%
|
9%
|
11%
|
Adjusted EBITDA
|
$1.32 to $1.48 billion
|
$330 to $370 million
|
$685 to $725 million
|
Growth at midpoint vs. 2021
|
6%
|
1%
|
8%
|
Adjusted EPS^
|
$6.70 to $8.00
|
$1.70 to $2.00
|
$3.58 to $3.88
|
Growth at midpoint vs. 2021
|
6%
|
2%
|
11%
|
^ EPS estimates assume 127 million diluted shares for full
year and 127 million diluted shares for Q2. Outlook for EPS and
WADSO does not include the impact of any share repurchases that may
take place in 2022
Company Decision to Cease Operations and Business in
Russia
FMC has discontinued its operations and business in
Russia. Early in the war, FMC took substantial measures to
reduce its operations and business in Russia. The company suspended new capital
investments, marketing, and advertising; discontinued R&D
activities; stopped imports of all products; and suspended
development of new products and business. However, increasing
reports of potential war crimes, human rights abuses and other
atrocities cannot be ignored. Our values as a company and the
realities of unprecedented sanctions no longer allow FMC to operate
and grow our business in Russia.
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 is a global agricultural sciences company
dedicated to helping growers produce food,
feed, fiber and fuel for an expanding world population
while adapting to a changing environment. FMC's innovative
crop protection solutions – including biologicals, crop nutrition,
digital and precision agriculture – enable growers, crop advisers
and turf and pest management professionals to address their
toughest challenges economically while protecting the environment.
With approximately 6,400 employees at more than 100 sites
worldwide, FMC is committed to discovering new herbicide,
insecticide and fungicide active ingredients, product formulations
and pioneering technologies that are consistently better for the
planet. Visit fmc.com to learn more and follow us
on LinkedIn® and Twitter®.
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. FMC, the FMC
logo, and Rynaxypyr are trademarks of FMC Corporation or an
affiliate.
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 included within FMC's
2021 Form 10-K filed with the SEC. 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 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/investors. Such
terms include adjusted EBITDA, adjusted earnings, free cash flow
and organic revenue growth. In addition, we have also provided on
our website reconciliations of non-GAAP terms to the most directly
comparable GAAP term.
- Organic revenue growth (non-GAAP) excludes the impact of
foreign currency changes.
- 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.
FMC
CORPORATION
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(Unaudited, in
millions, except per share amounts)
|
|
|
Three Months Ended March 31,
|
|
2022
|
|
2021
|
Revenue
|
$
1,350.8
|
|
$
1,195.6
|
Costs of sales and
services
|
778.1
|
|
683.2
|
Gross
margin
|
$
572.7
|
|
$
512.4
|
Selling, general and
administrative expenses
|
188.5
|
|
174.5
|
Research and
development expenses
|
71.8
|
|
74.0
|
Restructuring and other
charges (income)
|
9.1
|
|
3.2
|
Total costs and expenses
|
$
1,047.5
|
|
$
934.9
|
Income from continuing operations before
non-operating pension and postretirement
charges (income), interest expense, net and income
taxes
|
$
303.3
|
|
$
260.7
|
Non-operating pension
and postretirement charges (income)
|
4.3
|
|
4.8
|
Interest expense,
net
|
29.9
|
|
32.4
|
Income (loss) from continuing operations before
income taxes
|
$
269.1
|
|
$
223.5
|
Provision (benefit) for
income taxes
|
42.3
|
|
32.2
|
Income (loss) from
continuing operations
|
$
226.8
|
|
$
191.3
|
Discontinued
operations, net of income taxes
|
(15.2)
|
|
(8.1)
|
Net income
(loss)
|
$
211.6
|
|
$
183.2
|
Less: Net income (loss) attributable to noncontrolling
interests
|
4.2
|
|
0.6
|
Net income (loss) attributable to FMC
stockholders
|
$
207.4
|
|
$
182.6
|
Amounts attributable to FMC
stockholders:
|
|
|
|
Income (loss) from continuing operations
|
$
222.6
|
|
$
190.7
|
Discontinued operations, net of
tax
|
(15.2)
|
|
(8.1)
|
Net income
(loss)
|
$
207.4
|
|
$
182.6
|
Basic earnings (loss) per common share attributable
to FMC stockholders:
|
|
|
|
Continuing operations
|
$
1.77
|
|
$
1.47
|
Discontinued operations
|
(0.12)
|
|
(0.06)
|
Basic earnings per common
share
|
$
1.65
|
|
$
1.41
|
Average number of
shares outstanding used in basic earnings per share
computations
|
126.1
|
|
129.5
|
Diluted earnings (loss) per common share attributable
to FMC stockholders:
|
|
|
|
Continuing operations
|
$
1.76
|
|
$
1.46
|
Discontinued operations
|
(0.12)
|
|
(0.06)
|
Diluted earnings per
common share
|
$
1.64
|
|
$
1.40
|
Average number of
shares outstanding used in diluted earnings per share
computations
|
126.8
|
|
130.3
|
|
|
|
|
Other Data:
|
|
|
|
Capital additions and
other investing activities
|
$
54.9
|
|
$
38.9
|
Depreciation and
amortization expense
|
42.4
|
|
42.6
|
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, in
millions, except per share amounts)
|
|
|
Three Months Ended March 31,
|
|
2022
|
|
2021
|
Net income (loss)
attributable to FMC stockholders (GAAP)
|
$
207.4
|
|
$
182.6
|
Corporate special
charges (income):
|
|
|
|
Restructuring and other charges (income)
(a)
|
9.1
|
|
3.2
|
Non-operating pension and postretirement charges (income)
(b)
|
4.3
|
|
4.8
|
Transaction-related charges (c)
|
—
|
|
0.4
|
Income tax expense
(benefit) on Corporate special charges (income)
(d)
|
(0.9)
|
|
(1.6)
|
Discontinued operations
attributable to FMC stockholders, net of income taxes
|
15.2
|
|
8.1
|
Tax adjustment
(f)
|
3.6
|
|
2.5
|
Adjusted after-tax earnings from continuing
operations attributable to FMC
stockholders (Non-GAAP) (1)
|
$
238.7
|
|
$
200.0
|
|
|
|
|
Diluted earnings per
common share (GAAP)
|
$
1.64
|
|
$
1.40
|
Corporate special
charges (income) per diluted share, before tax:
|
|
|
|
Restructuring and other charges (income)
|
0.07
|
|
0.02
|
Non-operating pension and postretirement charges
(income)
|
0.03
|
|
0.04
|
Income tax expense
(benefit) 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 (e)
|
0.12
|
|
0.06
|
Tax adjustments per
diluted share
|
0.03
|
|
0.02
|
Diluted adjusted after-tax earnings from continuing
operations per share, attributable
to FMC stockholders (Non-GAAP)
|
$
1.88
|
|
$
1.53
|
|
|
|
|
Average number of
shares outstanding used in diluted adjusted after-tax earnings
from
continuing operations per share computations
|
126.8
|
|
130.3
|
____________________
(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 business from period to
period.
|
|
|
(a)
|
Three Months Ended
March 31, 2022:
|
|
|
|
Restructuring and other
charges (income) is primarily comprised of $8.4 million fixed asset
and other charges resulting from the closure of certain
manufacturing sites during the period. Restructuring and other
charges (income) also includes income relating to environmental
sites of $3.3 million, as well as severance, restructuring, and
other charges of $2.8 million from various restructuring programs
and other miscellaneous charges of $1.2 million.
|
|
|
|
Three Months Ended
March 31, 2021:
|
|
|
|
Restructuring and other
charges (income) is comprised of charges associated with certain
in-flight restructuring programs from the integration of the DuPont
Crop Protection Business, including severance, accelerated
depreciation on certain fixed assets, and other costs of $3.3
million. These charges are also comprised of severance and
restructuring charges of $3.0 million from other restructuring
programs. The remaining restructuring and other charges (income)
includes income relating to environmental sites of $4.1 million and
other charges of $1.0 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.
|
|
|
(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
includes provisions, net of recoveries, for environmental
liabilities and legal reserves and expenses related to previously
discontinued operations and retained liabilities.
|
|
|
(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)
|
2022
|
|
2021
|
|
Non-GAAP tax adjustments
|
|
|
|
|
Revisions to valuation allowances of historical deferred tax
assets
|
$
—
|
|
$
0.1
|
|
Foreign currency remeasurement and other discrete
items
|
3.6
|
|
2.4
|
|
Total Non-GAAP tax adjustments
|
$
3.6
|
|
$
2.5
|
|
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 March 31,
|
|
2022
|
|
2021
|
Net income (loss)
(GAAP)
|
$
211.6
|
|
$
183.2
|
Restructuring and other charges (income)
|
9.1
|
|
3.2
|
Non-operating pension and postretirement charges
(income)
|
4.3
|
|
4.8
|
Transaction-related charges
|
—
|
|
0.4
|
Discontinued operations, net of income taxes
|
15.2
|
|
8.1
|
Interest expense, net
|
29.9
|
|
32.4
|
Depreciation and amortization
|
42.4
|
|
42.6
|
Provision (benefit) for income taxes
|
42.3
|
|
32.2
|
Adjusted earnings from continuing operations, before
interest, income taxes,
depreciation and amortization, and noncontrolling interests
(Non-GAAP) (1)
|
$
354.8
|
|
$
306.9
|
___________________
(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 CONTINUING
OPERATIONS (GAAP) TO FREE CASH FLOW (NON-GAAP)
(Unaudited, in
millions)
|
|
|
Three Months Ended March 31,
|
|
2022
|
|
2021
|
Cash provided (required) by operating activities of
continuing operations (GAAP)
|
$
(597.8)
|
|
$
(294.1)
|
Transaction and integration costs
|
0.5
|
|
4.5
|
Adjusted cash from
operations(1)
|
$
(597.3)
|
|
$
(289.6)
|
Capital expenditures
|
(50.3)
|
|
(25.0)
|
Other investing activities
|
(4.6)
|
|
(13.9)
|
Capital additions and other investing
activities
|
$
(54.9)
|
|
$
(38.9)
|
|
|
|
|
Cash provided (required) by operating activities of
discontinued operations
|
(11.0)
|
|
(8.9)
|
Transaction and integration costs
|
(0.5)
|
|
(4.5)
|
Investment in Enterprise Resource Planning system
|
—
|
|
(12.2)
|
Legacy and transformation
|
$
(11.5)
|
|
$
(25.6)
|
|
|
|
|
Free cash flow
(Non-GAAP)(2)
|
$
(663.7)
|
|
$
(354.1)
|
___________________
(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.
|
RECONCILIATION OF
REVENUE CHANGE (GAAP) TO
ORGANIC REVENUE
CHANGE (NON-GAAP) (1)
(Unaudited)
|
|
|
Three Months Ended March 31, 2022 vs.
2021
|
Total Revenue Change (GAAP)
|
13%
|
Less: Foreign Currency Impact
|
(3)%
|
Organic Revenue Change
(Non-GAAP)
|
16%
|
___________________
(1)
|
We believe organic
revenue growth (non-GAAP) provides management and investors with
useful supplemental information
regarding our on going 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)
|
|
|
March 31, 2022
|
|
December 31, 2021
|
Cash and cash
equivalents
|
$
365.1
|
|
$
516.8
|
Trade receivables, net
of allowance of $39.6 in 2022 and $37.4 in 2021
|
2,868.6
|
|
2,583.7
|
Inventories
|
1,590.7
|
|
1,405.7
|
Prepaid and other
current assets
|
474.0
|
|
431.4
|
Total current assets
|
$
5,298.4
|
|
$
4,937.6
|
|
|
|
|
Property, plant and
equipment, net
|
804.1
|
|
817.0
|
Goodwill
|
1,463.1
|
|
1,463.3
|
Other intangibles,
net
|
2,491.5
|
|
2,521.9
|
Deferred income
taxes
|
223.4
|
|
218.5
|
Other long-term
assets
|
624.3
|
|
623.0
|
Total assets
|
$
10,904.8
|
|
$
10,581.3
|
|
|
|
|
Short-term debt and
current portion of long-term debt
|
$
1,040.4
|
|
$
440.8
|
Accounts payable, trade
and other
|
1,057.4
|
|
1,135.0
|
Advanced payments from
customers
|
40.0
|
|
630.7
|
Accrued and other
liabilities
|
678.8
|
|
631.2
|
Accrued customer
rebates
|
653.3
|
|
406.7
|
Guarantees of vendor
financing
|
261.1
|
|
206.2
|
Accrued pensions and
other postretirement benefits, current
|
4.3
|
|
4.3
|
Income taxes
|
94.0
|
|
65.4
|
Total current liabilities
|
$
3,829.3
|
|
$
3,520.3
|
|
|
|
|
Long-term debt, less
current portion
|
$
2,732.4
|
|
$
2,731.7
|
Long-term
liabilities
|
1,260.9
|
|
1,277.4
|
Equity
|
3,082.2
|
|
3,051.9
|
Total liabilities and equity
|
$
10,904.8
|
|
$
10,581.3
|
FMC
CORPORATION
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in
millions)
|
|
|
Three Months Ended March 31,
|
|
2022
|
|
2021
|
Cash provided
(required) by operating activities of continuing
operations
|
$
(597.8)
|
|
$
(294.1)
|
|
|
|
|
Cash provided
(required) by operating activities of discontinued
operations
|
(11.0)
|
|
(8.9)
|
|
|
|
|
Cash provided
(required) by investing activities of continuing
operations
|
(55.9)
|
|
(51.1)
|
|
|
|
|
Cash provided
(required) by financing activities of continuing
operations
|
515.5
|
|
204.7
|
|
|
|
|
Effect of exchange rate
changes on cash
|
(2.5)
|
|
(2.8)
|
Increase (decrease) in
cash and cash equivalents
|
$
(151.7)
|
|
$
(152.2)
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
$
516.8
|
|
$
568.9
|
|
|
|
|
Cash and cash equivalents, end of
period
|
$
365.1
|
|
$
416.7
|
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SOURCE FMC Corporation