PHILADELPHIA, May 6, 2019 /PRNewswire/ --
First Quarter 2019 Highlights1
- 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
Full-Year Outlook Highlights1,2
- 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
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.
- 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.
FMC
CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(LOSS) (Unaudited, in millions, except per share
amounts)
|
|
|
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 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,
|
|
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) (Unaudited, in millions)
|
|
|
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) (Unaudited, in
millions)
|
|
|
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 CONDENSED CONSOLIDATED BALANCE
SHEETS (Unaudited, in millions)
|
|
|
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 CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (Unaudited, in millions)
|
|
|
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