PHILADELPHIA, May 5, 2021 /PRNewswire/ --
First Quarter 2021 Highlights
- Revenue of $1.2 billion, a
decrease of 4 percent versus Q1 2020 and down 5 percent
organically1
- Consolidated GAAP net income of $183
million, down 11 percent versus Q1 2020
- Adjusted EBITDA of $307 million,
down 14 percent versus Q1 2020
- Consolidated GAAP earnings of $1.40 per diluted share, down 11 percent versus
Q1 2020
- Consolidated adjusted earnings per diluted share of
$1.53, down 17 percent versus Q1
2020
- Share repurchases of $75
million
Full-Year Outlook2
- Maintains revenue forecast in the range of $4.9 to $5.1
billion, reflecting 8 percent growth at the midpoint versus
2020
- Maintains adjusted EBITDA forecast in the range of $1.32 to $1.42
billion, reflecting 10 percent growth at the midpoint versus
2020
- Raises 2021 adjusted earnings forecast to a range of
$6.70 to $7.40 per diluted share, reflecting 14 percent
growth at the midpoint versus 2020, excluding any impact from
future share repurchases
- Maintains free cash flow forecast in the range of $530 to $620
million, reflecting 6 percent growth at the midpoint versus
2020
- Continues to expect to repurchase $400 to $500
million of FMC shares in 2021
FMC Corporation (NYSE:FMC) today reported first quarter 2021
revenue of $1.2 billion, a
decrease of 4 percent versus first quarter 2020. Excluding a
slight tailwind from foreign currencies, revenue declined 5 percent
organically. On a GAAP basis, the company reported earnings of
$1.40 per diluted share in
the first quarter, a decrease of 11 percent versus first
quarter 2020. First quarter adjusted earnings were $1.53 per diluted share, a decrease of
17 percent versus first quarter 2020.
First Quarter
Adjusted EPS versus Q1 2020
|
-31
cents
|
EBITDA
|
-33 cents
|
Depreciation and
amortization
|
-2 cents
|
Interest
expense
|
+6 cents
|
All other
factors
|
-2 cents
|
"Our first quarter financial results were largely as
anticipated; we delivered revenue at the high end and earnings
slightly above the midpoint of our guidance ranges," said
Mark Douglas, FMC president and
chief executive officer.
FMC revenue decline was driven by a 4 percent volume
decline, with a 1 percent FX tailwind offsetting a 1 percent price
headwind. Asia grew revenue 18
percent (up 13 percent organically) driven by strong demand for the
recently launched Overwatch® herbicide in Australia and diamide demand across the
region. Sales in EMEA declined 4 percent (down 8 percent
organically) driven by Brexit-related orders in Q4 2020 and
discontinued registrations, offset partially by increased
insecticide sales. In North
America, a double-digit sales increase for herbicides and a
strong product launch of Xyway™ fungicide were more than
offset by a shift of diamide third-party partner sales from
North America to Latin America which led to an 8 percent
decline in the region. In Latin
America, revenue declined 22 percent (down 13 percent
organically), driven by our proactive channel inventory management
as well as reduced cotton planting and FX headwinds.
FMC
Revenue
|
Q1
2021
|
Organic
Change
|
(5%)
|
FX Impact
|
1%
|
Total Revenue
Change
|
(4%)
|
FMC first quarter adjusted EBITDA was $307 million, a decrease of 14 percent from the
prior-year period. This decrease was driven primarily by cost
increases on raw materials and higher R&D spending, as well as
volume declines in Latin America
and EMEA. These were offset partially by new product launches
in Asia and North America.
2021 and Second Quarter Outlook2
The company continues to forecast full-year 2021 revenue to be
in the range of $4.9 billion to
$5.1 billion, driven by growth in all
regions and representing an 8 percent increase at the midpoint
versus 2020. The revenue growth will be driven primarily by
volume, as well as price increases. Foreign currencies are
not expected to impact full-year sales. Full-year adjusted
EBITDA is still expected to be in the range of $1.32 billion to $1.42
billion, representing 10 percent year-over-year growth at
the midpoint. 2021 adjusted earnings are now expected to be
in the range of $6.70 to $7.40 per diluted share, representing a
year-over-year increase of 14 percent at the midpoint. This
is an increase of 5 cents at the
midpoint versus prior guidance, reflecting the lower share count
resulting from $75 million in share
repurchases in the first quarter.
Full-year earnings growth drivers include strong volume growth
led by Asia, Latin America and North America.
Broad-based price increases are forecast across the globe.
Full-year free cash flow is still expected to be $530 to $620
million, representing a 6 percent increase
year-over-year. The company continues to expect to repurchase
$400 to $500
million of FMC shares in 2021, including the $75 million of shares repurchased in Q1.
Second quarter revenue is expected to be in the range of
$1.19 billion to $1.26 billion, representing an increase of 6
percent at the midpoint compared to second quarter 2020.
Adjusted EBITDA is forecast to be in the range of
$330 million to $360 million, representing a 1 percent increase
at the midpoint versus Q2 2020. FMC expects adjusted earnings per
diluted share to be in the range of $1.68 to $1.88 in
the second quarter, an increase of 3 percent at the midpoint versus
Q2 2020.
"We are forecasting increased raw material and logistics costs
in the second quarter offset by strong demand and a modest FX
tailwind," said Douglas. "We expect much of the growth in 2021 to
be in the second half, driven by strong volume, new product
launches and improved pricing."
|
Full Year
Outlook
|
Q2 2021
Outlook
|
Revenue
|
$4.9 to $5.1
billion
|
$1.19 to $1.26
billion
|
Organic
Growth
|
8%
|
5%
|
Estimated FX
Impact
|
0%
|
1%
|
Growth at midpoint
vs. 2020
|
8%
|
6%
|
Adjusted
EBITDA
|
$1.32 to $1.42
billion
|
$330 to $360
million
|
Growth at midpoint
vs. 2020
|
10%
|
1%
|
Adjusted
EPS^
|
$6.70 to
$7.40
|
$1.68 to
$1.88
|
Growth at midpoint
vs. 2020
|
14%
|
3%
|
^ EPS estimates
assume 130 million diluted shares. Outlook for EPS and weighted
average diluted shares outstanding (WADSO) does not include the
impact of any share repurchases that are expected in Q2 to Q4
2021
|
Supplemental Information
The company will post supplemental information on the web at
https://investors.fmc.com, including its webcast slides for
tomorrow's earnings call, definitions of non-GAAP terms and
reconciliations of non-GAAP figures to the nearest available GAAP
term.
About FMC
FMC Corporation, an agricultural sciences company, provides
innovative solutions to growers around the world with a robust
product portfolio fueled by a market-driven discovery and
development pipeline in crop protection, plant health, and
professional pest and turf management. This powerful combination of
advanced technologies includes leading insect control products
based on Rynaxypyr® and
Cyazypyr® active ingredients;
Authority®, Boral®, Centium®,
Command® and Gamit® branded
herbicides; Talstar® and
Hero® branded insecticides; and flutriafol-based
fungicides. The FMC portfolio also includes biologicals such as
Quartzo® and
Presence® bionematicides. FMC Corporation employs
approximately 6,400 employees around the globe. To learn more,
please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral,
Centium, Command, Gamit, Talstar, Hero, Quartzo, Presence, Xyway
and Overwatch are trademarks of FMC Corporation or an affiliate.
Always read and follow all label directions, restrictions and
precautions for use. Products listed here may not be registered for
sale or use in all states, countries or jurisdictions. Hero®
insecticide is a restricted use pesticide in the United States.
Statement under the Safe Harbor Provisions of the Private
Securities Litigation Reform Act of 1995: FMC and its
representatives may from time to time make written or oral
statements that are "forward-looking" and provide other than
historical information, including statements contained in this
press release, in FMC's other filings with the SEC, and in reports
or letters to FMC stockholders.
In some cases, FMC has identified forward-looking statements
by such words or phrases as "will likely result," "is confident
that," "expect," "expects," "should," "could," "may," "will
continue to," "believe," "believes," "anticipates," "predicts,"
"forecasts," "estimates," "projects," "potential," "intends" or
similar expressions identifying "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, including the negative of those words and phrases. Such
forward-looking statements are based on management's current views
and assumptions regarding future events, future business conditions
and the outlook for the company based on currently available
information. These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results to be
materially different from any results, levels of activity,
performance or achievements expressed or implied by any
forward-looking statement. Currently, one of the most significant
factors is the potential adverse effect of the current COVID-19
pandemic on the financial condition, results of operations, cash
flows and performance of FMC, which is substantially influenced by
the potential adverse effect of the pandemic on FMC's customers and
suppliers and the global economy and financial markets. The extent
to which COVID-19 impacts us will depend on future developments,
which are highly uncertain and cannot be predicted with confidence,
including the scope, severity and duration of the pandemic, the
actions taken to contain the pandemic or mitigate its impact, and
the direct and indirect economic effects of the pandemic and
containment measures, among others. Additional factors
include, among other things, the risk factors included within FMC's
2020 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
https://investors.fmc.com. In addition, we have also
provided on our website reconciliations of non-GAAP terms to the
most directly comparable GAAP term.
- Organic revenue growth (non-GAAP) excludes the impact of
foreign currency changes.
- Although we provide forecasts for adjusted earnings per share
and adjusted EBITDA (non-GAAP financial measures), we are not able
to forecast the most directly comparable measures calculated and
presented in accordance with GAAP. Certain elements of the
composition of the GAAP amounts are not predictable, making it
impractical for us to forecast. Such elements include, but are not
limited to, restructuring, acquisition charges, and discontinued
operations. As a result, no GAAP outlook is provided.
FMC
CORPORATION
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(Unaudited, in
millions, except per share amounts)
|
|
|
Three Months Ended
March 31,
|
|
2021
|
|
2020
|
Revenue
|
$
|
1,195.6
|
|
|
$
|
1,250.0
|
|
Costs of sales and
services
|
683.2
|
|
|
688.5
|
|
Gross
margin
|
$
|
512.4
|
|
|
$
|
561.5
|
|
Selling, general and
administrative expenses
|
174.5
|
|
|
189.4
|
|
Research and
development expenses
|
74.0
|
|
|
67.3
|
|
Restructuring and
other charges (income)
|
3.2
|
|
|
13.4
|
|
Total costs and
expenses
|
$
|
934.9
|
|
|
$
|
958.6
|
|
Income from
continuing operations before non-operating pension and
postretirement
charges (income), interest expense, net and income
taxes
|
$
|
260.7
|
|
|
$
|
291.4
|
|
Non-operating pension
and postretirement charges (income)
|
4.8
|
|
|
2.2
|
|
Interest expense,
net
|
32.4
|
|
|
40.8
|
|
Income (loss) from
continuing operations before income taxes
|
$
|
223.5
|
|
|
$
|
248.4
|
|
Provision (benefit)
for income taxes
|
32.2
|
|
|
34.7
|
|
Income (loss) from
continuing operations
|
$
|
191.3
|
|
|
$
|
213.7
|
|
Discontinued
operations, net of income taxes
|
(8.1)
|
|
|
(7.5)
|
|
Net income
(loss)
|
$
|
183.2
|
|
|
$
|
206.2
|
|
Less: Net income
(loss) attributable to noncontrolling interests
|
0.6
|
|
|
—
|
|
Net income (loss)
attributable to FMC stockholders
|
$
|
182.6
|
|
|
$
|
206.2
|
|
Amounts
attributable to FMC stockholders:
|
|
|
|
Income (loss)
from continuing operations
|
$
|
190.7
|
|
|
$
|
213.7
|
|
Discontinued
operations, net of tax
|
(8.1)
|
|
|
(7.5)
|
|
Net income
(loss)
|
$
|
182.6
|
|
|
$
|
206.2
|
|
Basic earnings
(loss) per common share attributable to FMC
stockholders:
|
|
|
|
Continuing
operations
|
$
|
1.47
|
|
|
$
|
1.65
|
|
Discontinued
operations
|
(0.06)
|
|
|
(0.06)
|
|
Basic
earnings per common share
|
$
|
1.41
|
|
|
$
|
1.59
|
|
Average number of
shares outstanding used in basic earnings per share
computations
|
129.5
|
|
|
129.5
|
|
Diluted earnings
(loss) per common share attributable to FMC
stockholders:
|
|
|
|
Continuing
operations
|
$
|
1.46
|
|
|
$
|
1.64
|
|
Discontinued
operations
|
(0.06)
|
|
|
(0.06)
|
|
Diluted
earnings per common share
|
$
|
1.40
|
|
|
$
|
1.58
|
|
Average number of
shares outstanding used in diluted earnings per share
computations
|
130.3
|
|
|
130.5
|
|
|
|
|
|
Other
Data:
|
|
|
|
Capital additions and
other investing activities
|
$
|
38.9
|
|
|
$
|
24.6
|
|
Depreciation and
amortization expense
|
42.6
|
|
|
39.1
|
|
FMC
CORPORATION
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
RECONCILIATION OF
NET INCOME (LOSS) ATTRIBUTABLE TO FMC STOCKHOLDERS (GAAP) TO
ADJUSTED AFTER-TAX EARNINGS FROM CONTINUING OPERATIONS,
ATTRIBUTABLE TO FMC
STOCKHOLDERS (NON-GAAP)
(Unaudited, in
millions, except per share amounts)
|
|
|
Three Months Ended
March 31,
|
|
2021
|
|
2020
|
Net income (loss)
attributable to FMC stockholders (GAAP)
|
$
|
182.6
|
|
|
$
|
206.2
|
|
Corporate special
charges (income):
|
|
|
|
Restructuring and
other charges (income) (a)
|
3.2
|
|
|
13.4
|
|
Non-operating pension
and postretirement charges (income) (b)
|
4.8
|
|
|
2.2
|
|
Transaction-related
charges (c)
|
0.4
|
|
|
13.0
|
|
Income tax expense
(benefit) on Corporate special charges (income)
(d)
|
(1.6)
|
|
|
(4.9)
|
|
Discontinued
operations attributable to FMC stockholders, net of income taxes
(e)
|
8.1
|
|
|
7.5
|
|
Tax adjustment
(f)
|
2.5
|
|
|
2.2
|
|
Adjusted after-tax
earnings from continuing operations attributable to FMC
stockholders
(Non-GAAP) (1)
|
$
|
200.0
|
|
|
$
|
239.6
|
|
|
|
|
|
Diluted earnings per
common share (GAAP)
|
$
|
1.40
|
|
|
$
|
1.58
|
|
Corporate special
charges (income) per diluted share, before tax:
|
|
|
|
Restructuring and
other charges (income)
|
0.02
|
|
|
0.10
|
|
Non-operating pension
and postretirement charges (income)
|
0.04
|
|
|
0.02
|
|
Transaction-related
charges
|
—
|
|
|
0.10
|
|
Income tax expense
(benefit) on Corporate special charges (income), per diluted
share
|
(0.01)
|
|
|
(0.04)
|
|
Discontinued
operations attributable to FMC stockholders, net of income taxes
per diluted share
|
0.06
|
|
|
0.06
|
|
Tax adjustments per
diluted share
|
0.02
|
|
|
0.02
|
|
Diluted adjusted
after-tax earnings from continuing operations per share,
attributable to
FMC stockholders (Non-GAAP)
|
$
|
1.53
|
|
|
$
|
1.84
|
|
|
|
|
|
Average number of
shares outstanding used in diluted adjusted after-tax earnings from
continuing
operations per share computations
|
130.3
|
|
|
130.5
|
|
|
|
____________________
|
(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 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, 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, and remaining restructuring and other charges (income)
relating to charges of environmental sites of $(4.1) million and
other charges of $1.0 million.
|
|
|
|
Three Months Ended
March 31, 2020:
|
|
|
|
Restructuring and
other charges (income) is comprised of charges associated with the
continued integration of the DuPont Crop Protection Business. These
charges include severance, accelerated depreciation on certain
fixed assets, and other costs (benefits) of $7.0 million. The
remaining restructuring and other charges (income) primarily
includes charges of environmental sites of $6.4 million.
|
|
|
(b)
|
Our non-operating
pension and postretirement charges (income) are defined as those
costs (benefits) related to interest, expected return on plan
assets, amortized actuarial gains and losses and the impacts of any
plan curtailments or settlements. These are excluded from our
Adjusted Earnings and are primarily related to changes in pension
plan assets and liabilities which are tied to financial market
performance and we consider these costs to be outside our
operational performance. We continue to include the service cost
and amortization of prior service cost in our Adjusted Earnings
results noted above. These elements reflect the current year
operating costs to our businesses for the employment benefits
provided to active employees.
|
|
|
(c)
|
Charges related to
legal and professional fees associated with acquisition activities.
We completed the integration of the DuPont Crop Protection Business
as of June 30, 2020, except for the completion of certain in-flight
initiatives, primarily associated with the finalization of our
worldwide ERP system. The transition services agreement is now
terminated and the last phase of the ERP system transition went
live in November 2020 with a stabilization period that ended in the
first quarter of 2021.
|
|
Three Months Ended
March 31,
|
(in
Millions)
|
2021
|
|
2020
|
DuPont Crop
Protection Business Acquisition
|
|
|
|
Legal and professional
fees (1)
|
$
|
0.4
|
|
|
$
|
13.0
|
|
Total
Transaction-related charges
|
$
|
0.4
|
|
|
$
|
13.0
|
|
|
|
|
____________________
|
|
(1)
|
Represents
transaction costs, costs for transitional employees, other acquired
employees related costs, and transactional-related costs such as
legal and professional third-party fees. These charges are recorded
as a component of "Selling, general and administrative expense" on
the condensed consolidated statements of income (loss).
|
|
|
|
(d)
|
The income tax
expense (benefit) on Corporate special charges (income) is
determined using the applicable rates in the taxing jurisdictions
in which the corporate special charge or income occurred and
includes both current and deferred income tax expense (benefit)
based on the nature of the non-GAAP performance measure.
|
|
|
(e)
|
Three Months Ended
March 31, 2021 and 2020
|
|
|
|
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)
|
2021
|
|
2020
|
Non-GAAP tax
adjustments
|
|
|
|
Revisions to valuation
allowances of historical deferred tax assets
|
$
|
0.1
|
|
|
$
|
(0.5)
|
|
Foreign currency
remeasurement and other discrete items
|
2.4
|
|
|
2.7
|
|
Total Non-GAAP tax
adjustments
|
$
|
2.5
|
|
|
$
|
2.2
|
|
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,
|
|
2021
|
|
2020
|
Net income (loss)
(GAAP)
|
$
|
183.2
|
|
|
$
|
206.2
|
|
Restructuring and
other charges (income)
|
3.2
|
|
|
13.4
|
|
Non-operating pension
and postretirement charges (income)
|
4.8
|
|
|
2.2
|
|
Transaction-related
charges
|
0.4
|
|
|
13.0
|
|
Discontinued
operations, net of income taxes
|
8.1
|
|
|
7.5
|
|
Interest expense,
net
|
32.4
|
|
|
40.8
|
|
Depreciation and
amortization
|
42.6
|
|
|
39.1
|
|
Provision (benefit)
for income taxes
|
32.2
|
|
|
34.7
|
|
Adjusted earnings
from continuing operations, before interest, income taxes,
depreciation
and amortization, and noncontrolling interests (Non-GAAP)
(1)
|
$
|
306.9
|
|
|
$
|
356.9
|
|
|
___________________
|
(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,
|
|
2021
|
|
2020
|
Cash provided
(required) by operating activities of continuing operations
(GAAP)(1)
|
$
|
(294.1)
|
|
|
$
|
(308.9)
|
|
Transaction and
integration costs
|
4.5
|
|
|
22.5
|
|
Adjusted cash from
operations (2)
|
$
|
(289.6)
|
|
|
$
|
(286.4)
|
|
|
|
|
|
Capital
expenditures
|
(25.0)
|
|
|
(15.5)
|
|
Other investing
activities
|
(13.9)
|
|
|
(9.1)
|
|
Capital additions
and other investing activities
|
$
|
(38.9)
|
|
|
$
|
(24.6)
|
|
|
|
|
|
Cash provided
(required) by operating activities of discontinued
operations
|
(8.9)
|
|
|
(19.4)
|
|
Transaction and
integration costs
|
(4.5)
|
|
|
(22.5)
|
|
Investment in
Enterprise Resource Planning system
|
(12.2)
|
|
|
(18.6)
|
|
Legacy and
transformation
|
$
|
(25.6)
|
|
|
$
|
(60.5)
|
|
|
|
|
|
Free cash flow
(Non-GAAP) (3)
|
$
|
(354.1)
|
|
|
$
|
(371.5)
|
|
|
|
___________________
|
(1)
|
The cash provided
(required) by operating activities for the three months ended March
31, 2021 and 2020 is the calculation of the three months ended
March 31, 2021 and 2020.
|
(2)
|
Adjusted cash from
operations is defined as cash provided (required) by operating
activities of continuing operations excluding the effects of
transaction-related cash flows.
|
(3)
|
Free cash flow is
defined as Adjusted cash from operations reduced by spending for
capital additions and other investing activities as well as legacy
and transformation spending. We believe that this Non-GAAP
financial measure provides a useful basis for investors and
securities analysts about the cash generated by routine business
operations, including capital expenditures, in addition to
assessing our ability to repay debt, fund acquisitions and return
capital to shareholders through share repurchases and dividends.
Our use of free cash flow has limitations as an analytical tool and
should not be considered in isolation or as a substitute for an
analysis of our results under U.S. GAAP.
|
RECONCILIATION OF
REVENUE CHANGE (GAAP) TO
ORGANIC REVENUE
CHANGE (NON-GAAP) (1)
(Unaudited)
|
|
|
Three Months
Ended
March 31, 2021 vs. 2020
|
Total Revenue
Change (GAAP)
|
(4)
|
%
|
Less: Foreign Currency
Impact
|
1
|
%
|
Organic Revenue
Change (Non-GAAP)
|
(5)
|
%
|
|
|
|
|
|
|
Full Year
Outlook
|
|
Q2 2021
Outlook
|
Projected Total
Revenue Change at Midpoint (GAAP)
|
8
|
%
|
|
6
|
%
|
Less: Estimated
Foreign Currency Impact
|
—
|
%
|
|
1
|
%
|
Projected Organic
Revenue Change (Non-GAAP)
|
8
|
%
|
|
5
|
%
|
|
|
___________________
|
(1)
|
We believe organic
revenue growth (non-GAAP) provides management and investors with
useful supplemental information regarding our ongoing revenue
performance and trends by presenting revenue growth excluding the
impact of fluctuations in foreign exchange rates.
|
FMC
CORPORATION
CONDENSED
CONSOLIDATED BALANCE SHEETS
(Unaudited, in
millions)
|
|
|
March 31,
2021
|
|
December 31,
2020
|
Cash and cash
equivalents
|
$
|
416.7
|
|
|
$
|
568.9
|
|
Trade receivables,
net of allowance of $31.6 in 2021 and $27.9 in 2020
|
2,532.8
|
|
|
2,330.3
|
|
Inventories
|
1,254.7
|
|
|
1,095.6
|
|
Prepaid and other
current assets
|
462.9
|
|
|
380.8
|
|
Total current
assets
|
$
|
4,667.1
|
|
|
$
|
4,375.6
|
|
|
|
|
|
Property, plant and
equipment, net
|
764.2
|
|
|
771.7
|
|
Goodwill
|
1,466.4
|
|
|
1,468.9
|
|
Other intangibles,
net
|
2,583.5
|
|
|
2,625.2
|
|
Deferred income
taxes
|
225.4
|
|
|
229.6
|
|
Other long-term
assets
|
716.7
|
|
|
715.4
|
|
Total
assets
|
$
|
10,423.3
|
|
|
$
|
10,186.4
|
|
|
|
|
|
Short-term debt and
current portion of long-term debt
|
$
|
974.4
|
|
|
$
|
338.3
|
|
Accounts payable,
trade and other
|
1,074.4
|
|
|
946.7
|
|
Advanced payments
from customers
|
12.0
|
|
|
347.1
|
|
Accrued and other
liabilities
|
601.0
|
|
|
674.7
|
|
Accrued customer
rebates
|
455.4
|
|
|
295.2
|
|
Guarantees of vendor
financing
|
166.6
|
|
|
140.6
|
|
Accrued pensions and
other postretirement benefits, current
|
4.2
|
|
|
4.2
|
|
Income
taxes
|
92.1
|
|
|
82.2
|
|
Total current
liabilities
|
$
|
3,380.1
|
|
|
$
|
2,829.0
|
|
|
|
|
|
Long-term debt, less
current portion
|
$
|
2,631.4
|
|
|
$
|
2,929.5
|
|
Long-term
liabilities
|
1,380.5
|
|
|
1,443.7
|
|
Equity
|
3,031.3
|
|
|
2,984.2
|
|
Total liabilities
and equity
|
$
|
10,423.3
|
|
|
$
|
10,186.4
|
|
FMC
CORPORATION
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in
millions)
|
|
|
Three Months Ended
March 31,
|
|
2021
|
|
2020
|
Cash provided
(required) by operating activities of continuing
operations
|
$
|
(294.1)
|
|
|
$
|
(308.9)
|
|
|
|
|
|
Cash provided
(required) by operating activities of discontinued
operations
|
(8.9)
|
|
|
(19.4)
|
|
|
|
|
|
Cash provided
(required) by investing activities of continuing
operations
|
(51.1)
|
|
|
(43.2)
|
|
|
|
|
|
Cash provided
(required) by financing activities of continuing
operations
|
204.7
|
|
|
474.8
|
|
|
|
|
|
Effect of exchange
rate changes on cash
|
(2.8)
|
|
|
(6.2)
|
|
Increase (decrease)
in cash and cash equivalents
|
$
|
(152.2)
|
|
|
$
|
97.1
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
$
|
568.9
|
|
|
$
|
339.1
|
|
|
|
|
|
Cash and cash
equivalents, end of period
|
$
|
416.7
|
|
|
$
|
436.2
|
|
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SOURCE FMC Corporation