PHILADELPHIA, Aug. 1, 2017 /PRNewswire/ --
Second Quarter 2017 Highlights
- Consolidated revenue of $657
million, up 7 percent versus Q2 '16
- Consolidated GAAP earnings of $0.56 per diluted share, up 14 percent versus Q2
'16
- Consolidated adjusted earnings per diluted share of
$0.48, up 4 percent versus Q2
'16
- Agricultural Solutions segment earnings of $96 million, down 5 percent versus Q2 '16
- Lithium segment earnings of $24
million, up 47 percent versus Q2 '16
- Narrowing guidance range for 2017 adjusted earnings per diluted
share to $2.30 to
$2.501,2
- FMC's previously announced transactions with DuPont on track to
close on November 1, 2017
FMC Corporation (NYSE: FMC) today reported second quarter
revenue of $657 million, which is an
increase of 7 percent year-over-year. On a GAAP basis, the
company reported earnings of $0.56
per diluted share in the second quarter, or $75 million, which is 14 percent higher than the
GAAP earnings of $0.49 per diluted
share, or $65 million, in the second
quarter of 2016. Second quarter 2017 adjusted earnings per
diluted share were $0.48, which
excludes approximately 24 cents
attributable to the reporting of Health and Nutrition in
discontinued operations.
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Pierre Brondeau, FMC president, CEO and chairman said:
"FMC delivered another solid quarter. In Ag Solutions, we saw
strong volumes in Latin America
and successful new product launches into Asia. Lithium earnings increased by over
45 percent, on higher pricing. Our lithium hydroxide
expansion began selling product to customers in the second quarter
and will be at full run rate by the fourth quarter."
FMC Agricultural Solutions
FMC Agricultural Solutions reported second quarter revenue of
$583 million and segment earnings of
$96 million. Second quarter
segment revenue increased 6 percent year-over-year, with volume
increasing 10 percent, partially offset by a 4 percent decline in
price. Segment earnings decreased 5 percent compared to the
second quarter of 2016, with price and geographic mix shift having
the largest negative impact.
Agricultural Solutions full-year segment revenue is forecasted
to be in the range of $2.3 billion to $2.4
billion, an increase of 3 percent at the mid-point compared
to 2016, and full-year segment earnings are expected to be in the
range of $415 million to $445
million, an increase of 8 percent at the mid-point.
2 Segment earnings margin is expected to be
approximately 20 percent in the second half of 2017. Third
quarter segment earnings are forecasted to be in the range of
$100 million to $120 million, an
increase of 22 percent at the mid-point compared to the prior year
quarter.
FMC Lithium
FMC Lithium reported second quarter segment revenue of
$74 million, an increase of 17
percent from the prior-year quarter. Segment earnings
increased 47 percent to $24 million
in the quarter versus $17 million in
the prior-year quarter. Significantly higher prices and
improved mix were partially offset by increased costs.
The outlook for Lithium for the full year has been
increased. Segment revenue for the full year of 2017 is
forecasted to be in the range of $340
million to $360 million, an increase of 33 percent at the
mid-point compared to 2016, while full-year segment earnings are
expected to be between $115 million and $125
million. This revised forecast for full-year segment
earnings represents an increase of $10
million versus prior guidance and an increase of over 70
percent at the mid-point compared to the prior year. Third
quarter segment earnings are expected to be in the range of
$30 million to $35 million, an
increase of approximately 85 percent at the mid-point compared to
the prior year quarter.
2017 Outlook
FMC expects adjusted earnings per share to be in the range of
$2.30 to $2.50 for the full year
2017, excluding any benefit from the pending DuPont (NYSE:DD) Crop
Protection transaction.1,2
Update on Transactions with DuPont
FMC continues to expect both the Crop Protection and Health and
Nutrition transactions with DuPont will close on November 1, 2017.
Webcast and Supplemental Information
The company will post supplemental information on the web at
www.FMC.com, including its 2017 Outlook Statement, definitions of
non-GAAP terms and reconciliations of non-GAAP figures to the
nearest available GAAP term.
About FMC
For more than a century, FMC Corporation has served the global
agricultural, industrial and consumer markets with innovative
solutions, applications and quality products. Revenue totaled
approximately $3.3 billion in
2016. FMC employs approximately 6,000 people throughout the
world and operates its businesses in three segments: FMC
Agricultural Solutions, FMC Health and Nutrition and FMC
Lithium. On March 31, 2017, FMC
announced the signing of a definitive agreement to acquire a
significant portion of DuPont's Crop Protection business and to
sell FMC Health and Nutrition to DuPont. Closing is expected
to occur in the fourth quarter of 2017. For more information,
visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of
1995: Statements in this news release that are forward-looking
statements are subject to various risks and uncertainties
concerning specific factors described in FMC
Corporation's 2016 Form 10-K and
other SEC filings. Such information
contained herein represents management's best judgment as of the
date hereof based on information currently
available. FMC Corporation does not intend
to update this information and disclaims any legal obligation to
the contrary. Historical information is not necessarily indicative
of future performance.
This press release contains certain "non-GAAP financial
terms" which are defined on our website www.fmc.com. In
addition, we have also provided on our website at www.fmc.com
reconciliations of non-GAAP terms to the most directly comparable
GAAP term.
- Although we provide forecasts for adjusted earnings per share
and adjusted cash from operations (both of which are non-GAAP
financial measures), we are not able to forecast the most directly
comparable measures calculated and presented in accordance with
GAAP. Certain elements of the composition of the GAAP amounts
are not predictable, making it impractical for us to
forecast. Such elements include, but are not limited to,
restructuring, acquisition charges, and discontinued operations and
related cash activity. As a result, no GAAP outlook is
provided.
- Outlook excludes any earnings from the pending acquisition of a
significant portion of DuPont's Crop Protection business, as well
as Health and Nutrition which is reported in discontinued
operations.
FMC
CORPORATION
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(Unaudited, in
millions, except per share amounts)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30
|
|
June
30
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Revenue
|
$
|
656.8
|
|
|
$
|
615.3
|
|
|
$
|
1,252.8
|
|
|
$
|
1,221.7
|
|
Costs of sales and
services
|
422.4
|
|
|
379.9
|
|
|
802.2
|
|
|
770.3
|
|
Gross
margin
|
234.4
|
|
|
235.4
|
|
|
450.6
|
|
|
451.4
|
|
Selling, general and
administrative expenses
|
126.4
|
|
|
110.6
|
|
|
236.1
|
|
|
220.7
|
|
Research and
development expenses
|
32.0
|
|
|
33.2
|
|
|
60.2
|
|
|
67.4
|
|
Restructuring and
other charges (income)
|
6.9
|
|
|
9.1
|
|
|
15.2
|
|
|
18.6
|
|
Total costs and
expenses
|
587.7
|
|
|
532.8
|
|
|
1,113.7
|
|
|
1,077.0
|
|
Income (loss) from
operations
|
69.1
|
|
|
82.5
|
|
|
139.1
|
|
|
144.7
|
|
Equity in (earnings)
loss of affiliates
|
(0.1)
|
|
|
—
|
|
|
(0.2)
|
|
|
—
|
|
Interest expense,
net
|
17.2
|
|
|
15.2
|
|
|
32.9
|
|
|
31.0
|
|
Income (loss) from
continuing operations before income taxes
|
52.0
|
|
|
67.3
|
|
|
106.4
|
|
|
113.7
|
|
Provision (benefit)
for income taxes
|
3.3
|
|
|
20.5
|
|
|
12.7
|
|
|
40.9
|
|
Income (loss) from
continuing operations
|
48.7
|
|
|
46.8
|
|
|
93.7
|
|
|
72.8
|
|
Discontinued
operations, net of income taxes
|
26.6
|
|
|
20.2
|
|
|
(142.2)
|
|
|
42.9
|
|
Net income
(loss)
|
$
|
75.3
|
|
|
$
|
67.0
|
|
|
$
|
(48.5)
|
|
|
$
|
115.7
|
|
Less: Net
income attributable to noncontrolling interests
|
0.6
|
|
|
1.8
|
|
|
1.0
|
|
|
2.2
|
|
Net income (loss)
attributable to FMC stockholders
|
$
|
74.7
|
|
|
$
|
65.2
|
|
|
$
|
(49.5)
|
|
|
$
|
113.5
|
|
Amounts
attributable to FMC stockholders:
|
|
|
|
|
|
|
|
Income (loss)
from continuing operations, net of tax
|
$
|
48.2
|
|
|
$
|
45.0
|
|
|
$
|
92.7
|
|
|
$
|
70.6
|
|
Discontinued
operations, net of tax
|
26.5
|
|
|
20.2
|
|
|
(142.2)
|
|
|
42.9
|
|
Net income
(loss)
|
$
|
74.7
|
|
|
$
|
65.2
|
|
|
$
|
(49.5)
|
|
|
$
|
113.5
|
|
Basic earnings
(loss) per common share attributable to FMC
stockholders:
|
|
|
|
|
|
|
|
Continuing
operations
|
$
|
0.36
|
|
|
$
|
0.34
|
|
|
$
|
0.69
|
|
|
$
|
0.52
|
|
Discontinued
operations
|
0.20
|
|
|
0.15
|
|
|
(1.06)
|
|
|
0.32
|
|
Basic earnings
per common share
|
$
|
0.56
|
|
|
$
|
0.49
|
|
|
$
|
(0.37)
|
|
|
$
|
0.84
|
|
Average number of
shares outstanding used in basic earnings per share
computations
|
134.2
|
|
|
133.9
|
|
|
134.1
|
|
|
133.9
|
|
Diluted earnings
(loss) per common share attributable to FMC
stockholders:
|
|
|
|
|
|
|
|
Continuing
operations
|
$
|
0.36
|
|
|
$
|
0.34
|
|
|
$
|
0.69
|
|
|
$
|
0.52
|
|
Discontinued
operations
|
0.20
|
|
|
0.15
|
|
|
(1.06)
|
|
|
0.32
|
|
Diluted
earnings per common share
|
$
|
0.56
|
|
|
$
|
0.49
|
|
|
$
|
(0.37)
|
|
|
$
|
0.84
|
|
Average number of
shares outstanding used in diluted earnings per share
computations
|
135.6
|
|
|
134.6
|
|
|
135.3
|
|
|
134.4
|
|
|
|
|
|
|
|
|
|
Other
Data:
|
|
|
|
|
|
|
|
Capital
additions
|
$
|
15.2
|
|
|
$
|
22.4
|
|
|
$
|
26.7
|
|
|
$
|
45.3
|
|
Depreciation and
amortization expense
|
$
|
22.5
|
|
|
$
|
24.7
|
|
|
$
|
46.1
|
|
|
$
|
49.6
|
|
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
|
|
Six Months
Ended
|
|
June
30
|
|
June
30
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Net income (loss)
attributable to FMC stockholders (GAAP)
|
$
|
74.7
|
|
|
$
|
65.2
|
|
|
$
|
(49.5)
|
|
|
$
|
113.5
|
|
Corporate special
charges (income):
|
|
|
|
|
|
|
|
Restructuring and
other charges (income) (a)
|
6.9
|
|
|
9.1
|
|
|
15.2
|
|
|
18.6
|
|
Non-operating pension
and postretirement charges (income) (b)
|
(4.1)
|
|
|
1.2
|
|
|
(8.7)
|
|
|
2.3
|
|
Acquisition-related
charges (c)
|
20.7
|
|
|
5.0
|
|
|
29.9
|
|
|
12.4
|
|
Income tax expense
(benefit) on Corporate special charges (income)
(d)
|
(8.1)
|
|
|
(4.5)
|
|
|
(12.5)
|
|
|
(9.7)
|
|
Discontinued
operations attributable to FMC stockholders, net of income taxes
(e)
|
(26.5)
|
|
|
(20.2)
|
|
|
142.2
|
|
|
(42.9)
|
|
Tax adjustment
(f)
|
1.2
|
|
|
6.5
|
|
|
6.6
|
|
|
16.1
|
|
Adjusted after-tax
earnings from continuing operations
attributable to FMC stockholders (Non-GAAP)
(1)
|
$
|
64.8
|
|
|
$
|
62.3
|
|
|
$
|
123.2
|
|
|
$
|
110.3
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share (GAAP)
|
$
|
0.56
|
|
|
$
|
0.49
|
|
|
$
|
(0.37)
|
|
|
$
|
0.84
|
|
Corporate special
charges (income) per diluted share, before tax:
|
|
|
|
|
|
|
|
Restructuring and
other charges (income)
|
0.05
|
|
|
0.06
|
|
|
0.11
|
|
|
0.14
|
|
Non-operating pension
and postretirement charges
|
(0.03)
|
|
|
0.01
|
|
|
(0.06)
|
|
|
0.02
|
|
Acquisition-related
charges
|
0.15
|
|
|
0.04
|
|
|
0.22
|
|
|
0.09
|
|
Income tax expense
(benefit) on Corporate special charges (income), per diluted
share
|
(0.06)
|
|
|
(0.03)
|
|
|
(0.09)
|
|
|
(0.07)
|
|
Discontinued
operations per diluted share
|
(0.20)
|
|
|
(0.15)
|
|
|
1.05
|
|
|
(0.32)
|
|
Tax adjustments per
diluted share
|
0.01
|
|
|
0.04
|
|
|
0.05
|
|
|
0.12
|
|
Diluted adjusted
after-tax earnings from continuing
operations per share, attributable to FMC stockholders (Non-
GAAP)
|
$
|
0.48
|
|
|
$
|
0.46
|
|
|
$
|
0.91
|
|
|
$
|
0.82
|
|
|
|
|
|
|
|
|
|
Average number of
shares outstanding used in diluted adjusted
after-tax earnings from continuing operations per share
computations
|
135.6
|
|
|
134.6
|
|
|
135.3
|
|
|
134.4
|
|
____________________
|
(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
June 30, 2017:
|
|
Restructuring and
other charges (income) represents $0.2 million associated with our
FMC Agricultural Solutions segment. Additionally, restructuring and
other charges (income) includes charges of continuing environmental
sites treated as a Corporate charge of $3.3 million and other
Corporate charges of $3.4 million.
|
|
Three Months Ended
June 30, 2016:
|
|
Restructuring and
other charges (income) includes charges of $5.9 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 $2.5 million. Remaining
restructuring and other charges includes net miscellaneous charges
of $0.7 million.
|
|
Six Months Ended
June 30, 2017:
|
|
Restructuring
and other charges (income) represents $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 $5.6 million and other
Corporate charges of $4.9 million.
|
|
Six Months Ended
June 30, 2016:
|
|
Restructuring and
other charges (income) includes charges of $8.9 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 $9.1 million. Remaining restructuring and
other charges includes net miscellaneous charges (income) of $(3.6)
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
June 30
|
|
Six Months Ended
June 30
|
|
|
(in
Millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
Acquisition-related
charges
|
|
|
|
|
|
|
|
|
|
Legal and
professional fees (1)
|
$
|
20.7
|
|
|
$
|
5.0
|
|
|
$
|
29.9
|
|
|
$
|
12.4
|
|
|
|
Total
Acquisition-related charges (2)
|
$
|
20.7
|
|
|
$
|
5.0
|
|
|
$
|
29.9
|
|
|
$
|
12.4
|
|
|
|
|
|
____________________
|
|
|
|
|
(1)
|
Represents
transaction costs, costs for transitional employees, other acquired
employees related costs and integration-related legal and
professional third-party fees. These charges are recorded as a
component of "Selling, general and administrative expense" on the
condensed consolidated statements of income (loss).
|
|
|
|
|
(2)
|
Acquisition-related
charges for the three and six months ended June 30, 2017
relate to the previously announced definitive agreement to acquire
a significant portion of DuPont's crop protection business, while
charges for the three and six months ended June 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 Six
Months Ended June 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 expect a significant gain on the FMC Health and
Nutrition assets to be sold to DuPont and therefore these assets
held for sale are reported at carrying value. However, the
fair value of the Omega-3 business, which was previously part of
the broader FMC Health and Nutrition reporting unit, is
significantly less than its carrying value, which includes
accumulated foreign currency translation adjustments that would be
reclassified to earnings upon completion of sale. As a
result, we recorded an impairment charge of approximately $185
million ($165 million, net of tax) during the three months ended
March 31, 2017. On June 22, 2017, we announced that we signed a
definitive agreement to sell the Omega-3 business. As a result, the
fair value of the Omega-3 business was revised in the three months
ended June 30, 2017 to reflect the sales price. The impairment
charge for the six months ended June 30, 2017 was approximately
$171 million ($151 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
|
|
Six Months
Ended
|
|
June
30
|
|
June
30
|
(in
Millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Non-GAAP tax
adjustments:
|
|
|
|
|
|
|
|
Revisions to our tax
liabilities due to finalization of prior year tax
returns
|
$
|
(0.8)
|
|
|
$
|
0.1
|
|
|
$
|
(0.8)
|
|
|
$
|
1.6
|
|
Revisions to
valuation allowances of historical deferred tax assets
|
(3.5)
|
|
|
—
|
|
|
(0.1)
|
|
|
—
|
|
Foreign currency
remeasurement and other discrete items
|
5.5
|
|
|
6.4
|
|
|
7.5
|
|
|
14.5
|
|
Total Non-GAAP tax
adjustments
|
$
|
1.2
|
|
|
$
|
6.5
|
|
|
$
|
6.6
|
|
|
$
|
16.1
|
|
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
|
|
Six Months
Ended
|
|
June
30
|
|
June
30
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Net income (loss)
(GAAP)
|
$
|
75.3
|
|
|
$
|
67.0
|
|
|
$
|
(48.5)
|
|
|
$
|
115.7
|
|
Restructuring and
other charges (income)
|
6.9
|
|
|
9.1
|
|
|
15.2
|
|
|
18.6
|
|
Non-operating pension
and postretirement charges
|
(4.1)
|
|
|
1.2
|
|
|
(8.7)
|
|
|
2.3
|
|
Acquisition-related
charges
|
20.7
|
|
|
5.0
|
|
|
29.9
|
|
|
12.4
|
|
Discontinued
operations, net of income taxes
|
(26.6)
|
|
|
(20.2)
|
|
|
142.2
|
|
|
(42.9)
|
|
Interest expense,
net
|
17.2
|
|
|
15.2
|
|
|
32.9
|
|
|
31.0
|
|
Provision (benefit)
for income taxes
|
3.3
|
|
|
20.5
|
|
|
12.7
|
|
|
40.9
|
|
Adjusted earnings
from continuing operations,
before interest, income taxes and noncontrolling interests
(Non-GAAP) (1)
|
$
|
92.7
|
|
|
$
|
97.8
|
|
|
$
|
175.7
|
|
|
$
|
178.0
|
|
___________________
|
(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)
|
|
|
Six Months
Ended
|
|
June
30
|
|
2017
|
|
2016
|
Cash provided
(required) by operating activities (GAAP)
|
$
|
205.0
|
|
|
$
|
160.1
|
|
Transaction and
integration costs related to acquisitions
|
(9.0)
|
|
|
(12.4)
|
|
Adjusted cash from
operations (Non-GAAP) (1)
|
$
|
196.0
|
|
|
$
|
147.7
|
|
___________________
|
(1)
|
The Company believes
that the Non-GAAP financial measure "Adjusted cash from operations"
provides useful information about the Company's cash flows to
investors and securities analysts. Adjusted cash from operations
excludes the effects of acquisition-related cash flows. The
Company also believes that excluding the effects of these items
from cash provided (required) by operating activities allows
management and investors to compare more easily the cash flows from
period to period.
|
FMC
CORPORATION
INDUSTRY SEGMENT
DATA
(Unaudited, in
millions)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30
|
|
June
30
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Revenue
|
|
|
|
|
|
|
|
FMC Agricultural
Solutions
|
$
|
582.8
|
|
|
$
|
552.0
|
|
|
$
|
1,113.2
|
|
|
$
|
1,098.1
|
|
FMC
Lithium
|
74.0
|
|
|
63.3
|
|
|
139.6
|
|
|
123.6
|
|
Total
|
$
|
656.8
|
|
|
$
|
615.3
|
|
|
$
|
1,252.8
|
|
|
$
|
1,221.7
|
|
Income from
continuing operations before income taxes
|
|
|
|
|
|
|
|
FMC Agricultural
Solutions
|
95.7
|
|
|
100.7
|
|
|
178.7
|
|
|
182.7
|
|
FMC
Lithium
|
24.2
|
|
|
16.5
|
|
|
45.8
|
|
|
31.4
|
|
Segment operating
profit (a)
|
119.9
|
|
|
117.2
|
|
|
224.5
|
|
|
214.1
|
|
Corporate and
other
|
(27.2)
|
|
|
(19.4)
|
|
|
(48.8)
|
|
|
(36.1)
|
|
Adjusted earnings
from continuing operations, before interest,
income taxes and noncontrolling interests (Non-GAAP)
|
$
|
92.7
|
|
|
$
|
97.8
|
|
|
$
|
175.7
|
|
|
$
|
178.0
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
(17.2)
|
|
|
(15.2)
|
|
|
(32.9)
|
|
|
(31.0)
|
|
Corporate special
(charges) income:
|
|
|
|
|
|
|
|
Restructuring and
other (charges) income (b)
|
(6.9)
|
|
|
(9.1)
|
|
|
(15.2)
|
|
|
(18.6)
|
|
Non-operating pension
and postretirement (charges) income (c)
|
4.1
|
|
|
(1.2)
|
|
|
8.7
|
|
|
(2.3)
|
|
Acquisition-related
charges (d)
|
(20.7)
|
|
|
(5.0)
|
|
|
(29.9)
|
|
|
(12.4)
|
|
(Provision) benefit
for income taxes
|
(3.3)
|
|
|
(20.5)
|
|
|
(12.7)
|
|
|
(40.9)
|
|
Discontinued
operations, net of income taxes (e)
|
26.6
|
|
|
20.2
|
|
|
(142.2)
|
|
|
42.9
|
|
Net income
attributable to noncontrolling interests
|
(0.6)
|
|
|
(1.8)
|
|
|
(1.0)
|
|
|
(2.2)
|
|
Net income (loss)
attributable to FMC stockholders
|
$
|
74.7
|
|
|
$
|
65.2
|
|
|
$
|
(49.5)
|
|
|
$
|
113.5
|
|
____________________
|
(a)
|
Referred to as
Segment Earnings.
|
(b)
|
Below provides the
details of restructuring and other (charges) income by
segment.
|
|
Three Months Ended
June 30
|
|
Six Months Ended
June 30
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
FMC Agricultural
Solutions
|
$
|
(0.2)
|
|
|
$
|
(5.9)
|
|
|
$
|
(4.7)
|
|
|
$
|
(12.5)
|
|
FMC
Lithium
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.6)
|
|
Corporate
|
(6.7)
|
|
|
(3.2)
|
|
|
(10.5)
|
|
|
(5.5)
|
|
Restructuring and
other (charges) income
|
$
|
(6.9)
|
|
|
$
|
(9.1)
|
|
|
$
|
(15.2)
|
|
|
$
|
(18.6)
|
|
|
|
(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)
|
|
|
June 30,
2017
|
|
December 31,
2016
|
Cash and cash
equivalents
|
$
|
113.2
|
|
|
$
|
64.2
|
|
Trade receivables,
net of allowance of $28.5 in 2017 and $17.6 in 2016
|
1,442.3
|
|
|
1,692.5
|
|
Inventories
|
546.3
|
|
|
478.9
|
|
Prepaid and other
current assets
|
261.4
|
|
|
232.1
|
|
Current assets of
discontinued operations held for sale
|
1,122.6
|
|
|
381.5
|
|
Total current
assets
|
$
|
3,485.8
|
|
|
$
|
2,849.2
|
|
|
|
|
|
Property, plant and
equipment, net
|
538.3
|
|
|
538.1
|
|
Goodwill
|
501.0
|
|
|
498.7
|
|
Deferred income
taxes
|
237.2
|
|
|
242.1
|
|
Other long-term
assets
|
1,222.0
|
|
|
1,175.6
|
|
Noncurrent assets of
discontinued operations held for sale
|
—
|
|
|
835.6
|
|
Total
assets
|
$
|
5,984.3
|
|
|
$
|
6,139.3
|
|
|
|
|
|
Short-term debt and
current portion of long-term debt
|
$
|
192.5
|
|
|
$
|
94.2
|
|
Accounts payable,
trade and other
|
433.5
|
|
|
317.4
|
|
Accrued customer
rebates
|
347.8
|
|
|
246.7
|
|
Guarantees of vendor
financing
|
65.2
|
|
|
104.5
|
|
Accrued pensions and
other postretirement benefits, current
|
7.1
|
|
|
7.1
|
|
Other current
liabilities
|
356.2
|
|
|
609.3
|
|
Current liabilities
of discontinued operations held for sale
|
139.6
|
|
|
59.0
|
|
Total current
liabilities
|
$
|
1,541.9
|
|
|
$
|
1,438.2
|
|
|
|
|
|
Long-term debt, less
current portion
|
1,592.3
|
|
|
1,798.8
|
|
Long-term
liabilities
|
823.4
|
|
|
841.6
|
|
Long-term liabilities
of discontinued operations held for sale
|
—
|
|
|
67.7
|
|
Equity
|
2,026.7
|
|
|
1,993.0
|
|
Total liabilities
and equity
|
$
|
5,984.3
|
|
|
$
|
6,139.3
|
|
FMC
CORPORATION
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in
millions)
|
|
|
Six Months Ended
June 30
|
|
2017
|
|
2016
|
Cash provided
(required) by operating activities of continuing
operations
|
$
|
205.0
|
|
|
$
|
160.1
|
|
|
|
|
|
Cash provided
(required) by operating activities of discontinued
operations
|
55.1
|
|
|
64.4
|
|
|
|
|
|
Cash provided
(required) by investing activities of continuing
operations
|
(51.2)
|
|
|
(45.0)
|
|
|
|
|
|
Cash provided
(required) by investing activities of discontinued
operations
|
(12.8)
|
|
|
(14.7)
|
|
|
|
|
|
Cash provided
(required) by financing activities of continuing
operations:
|
|
|
|
Net borrowings
(repayments) under committed credit facilities
|
—
|
|
|
—
|
|
Increase (decrease)
in short-term debt
|
(4.0)
|
|
|
(59.4)
|
|
Financing
Fees
|
(11.0)
|
|
|
(0.7)
|
|
Proceeds from
borrowings of long-term debt
|
97.9
|
|
|
2.8
|
|
Repayments of
long-term debt
|
(200.7)
|
|
|
(50.8)
|
|
Issuances of common
stock, net
|
14.3
|
|
|
2.1
|
|
Excess tax benefits
from share-based compensation
|
—
|
|
|
0.4
|
|
Transactions with
noncontrolling interests
|
(0.5)
|
|
|
—
|
|
Dividends
paid
|
(44.3)
|
|
|
(44.3)
|
|
Other repurchases of
common stock
|
(1.5)
|
|
|
(1.2)
|
|
Cash provided
(required) by financing activities
|
(149.8)
|
|
|
(151.1)
|
|
Effect of exchange
rate changes on cash
|
2.7
|
|
|
1.3
|
|
Increase (decrease)
in cash and cash equivalents
|
49.0
|
|
|
15.0
|
|
Cash and cash
equivalents, beginning of year
|
64.2
|
|
|
78.6
|
|
Cash and cash
equivalents, end of period
|
$
|
113.2
|
|
|
$
|
93.6
|
|
View original
content:http://www.prnewswire.com/news-releases/fmc-corporation-announces-second-quarter-2017-results-300497812.html
SOURCE FMC Corporation