PHILADELPHIA, Nov. 6, 2017 /PRNewswire/
--
Third Quarter 2017 Highlights
- 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
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.
Photo -
http://mma.prnewswire.com/media/331912/fmc_corporation_logo.jpg
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.
- 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.
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
September 30
|
|
Nine Months
Ended
September 30
|
|
(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
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 nine
months ended September 30, 2017 relate to the
acquisition
of a
significant portion of DuPont's crop protection business, while
charges for the three and nine months
ended
September 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 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
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,
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