FMC CORPORATION PHILADELPHIA, May 11, 2015 /PRNewswire/ --
First Quarter 2015 Highlights
-- Consolidated revenues of $659 million, consolidated adjusted earnings
per share of $0.62
-- Agricultural Solutions segment earnings of $82 million
-- Health and Nutrition segment earnings of $51 million
-- Lithium segment earnings of $6 million
-- Agreement signed for sale of Alkali Chemicals for $1.64 billion
-- Full-year 2015 adjusted earnings per share guidance of $3.10 to $3.40
Investor Day Highlights
-- Steps to transform portfolio completed
-- Revenue growth of 7 to 11 percent per year from 2016 through 2020
-- Reaffirms Cheminova synergy target of $120 million delivered in first
three years
-- Adjusted operating profits growth of 11 to 15 percent per year from 2016
through 2020
-- Cash available for redeployment of over $2.5 billion over next five
years
FMC Corporation (NYSE: FMC) today released first quarter results and will host an Investor Day in New York City.
Logo - http://photos.prnewswire.com/prnh/20111101/NE97440LOGO
Pierre Brondeau, president, CEO and chairman, stated: "The first three months of 2015 were characterized by extremely volatile foreign exchange movements, a high degree of uncertainty in global agricultural markets and crop specific headwinds in the Brazil crop protection markets. In the quarter, currency movements reduced our revenues by approximately 4 percent and reduced our consolidated adjusted earnings per share by 11 cents.
"On February 3, 2015, we signed an agreement to sell Alkali Chemicals for $1.64 billion, resulting in discontinued operations treatment of Alkali Chemicals for the first quarter. The sale was completed on April 1, 2015. We also closed the Cheminova acquisition on April 21, 2015; however, this timing meant that Cheminova's strong first quarter performance was not included in our first quarter earnings.
"The closing of these two transactions completes the key steps to transform our portfolio into one focused on agriculture, health and nutrition. Looking forward into 2016 and beyond, we expect to see stronger average annual rates of growth in revenues, adjusted operating earnings and adjusted earnings per share than we delivered between 2009 and 2014, with stronger cash generation. Underlying market growth, expanded market access, new technology introductions, operational excellence and near-term synergies from the Cheminova acquisition, plus stronger free cash flow and lower capital intensity, all will contribute to this financial performance between 2016 and 2020. We are excited about the prospects for the transformed FMC portfolio in the coming years."
First Quarter Performance
First quarter revenue was $659.4 million, a 13 percent decrease versus the same period in 2014. The company reported a net loss of $46.8 million, or ($0.35) per diluted share, in the first quarter of 2015, compared to net income of $65.6 million, or $0.49 per diluted share, in the first quarter of 2014. First quarter results include charges of $130.6 million after tax, or $0.97 per diluted share, compared to charges of $39.4 million after tax, or $0.29 per diluted share, in the prior-year quarter. Excluding these items in both periods, adjusted earnings were $0.62 per diluted share, a decline of 21 percent versus the prior-year quarter of $0.78.
Segment Results
FMC Agricultural Solutions
First-quarter segment revenue for FMC Agricultural Solutions was $392.4 million, a decrease of 16 percent versus the prior-year quarter. First-quarter segment earnings were $81.8 million, a 32 percent decrease from the prior-year quarter. In the quarter, slow demand due to lower insect pressures and higher-than-normal channel inventories in Brazil, volatile exchange rates, and the decision to exit a distribution channel in Brazil responsible for third-party product sales negatively impacted results.
Global crop protection markets are expected to be down by mid-single digit percent in 2015. The macroeconomic environment remains uncertain, mainly in light of current expectations of currency movements, interest rates, agricultural commodity prices and oil prices. FMC expects that earnings contributions from the Cheminova acquisition, including early synergy gains, the continued spread of weed resistance in North America and Latin America, and market share gains are expected to increase full-year segment earnings by high-single-digit to low-double-digit percent in 2015.
FMC Health and Nutrition
First-quarter segment revenue for FMC Health and Nutrition was $211.0 million, a decrease of 7 percent versus the prior-year quarter. Unfavorable foreign currency impacts, primarily a weaker Euro, decreased revenue by approximately 5 percent, and lower sales volumes, principally in alginates, reduced revenue by approximately 2 percent. Segment earnings of $51 million were flat versus the prior-year quarter as improved product mix offset the decline in revenue.
For 2015, full-year segment earnings are expected to increase by mid-single digit percent. Earnings growth is expected to come from continued demand for pharmaceutical excipients and benefits from ongoing operational improvement and restructuring programs.
FMC Lithium
First-quarter segment revenue for FMC Lithium was $56.0 million, a decrease of 12 percent from the prior-year quarter, driven by lower volumes for butyllithium. Segment earnings for the first quarter were $5.5 million, a decline of 17 percent versus the prior-year quarter. Improved operations were offset by the increasing cost environment in Argentina.
Demand for lithium is expected to remain strong in 2015, particularly for lithium hydroxide. However, the challenges of operating in Argentina are expected to continue to act as a drag on reported segment earnings. As a result, full-year reported segment earnings are expected to be within the range of $15 to $25 million.
Corporate and Other
Corporate and other expenses were $15.3 million, and interest expense, net, was $14.0 million. For the quarter, depreciation and amortization was $22.8 million, and capital additions were $15.4 million. On March 31, 2015, gross consolidated debt was $2.1 billion, and debt, net of cash, was $2.0 billion. The underlying adjusted tax rate was at 27.5 percent in the first quarter.
For the full year 2015, adjusted earnings per share are expected to be in the range of $3.10 to $3.40.
Cheminova
FMC closed the acquisition of Cheminova on April 21, 2015, and has commenced the process of integrating Cheminova's operations into FMC. This process is expected to result in synergies of up to $120 million in the first three years, the majority of which will be achieved from various cost-related actions. By eliminating duplicated costs, integrating procurement and supply chain activities, and aggressively targeting cross-selling opportunities, the bulk of these synergies will be in place by mid-2016.
About FMC
FMC Corporation is a specialty company serving agricultural, industrial and consumer markets globally for more than a century with innovative solutions, applications and quality products. In 2014, FMC had annual sales of approximately $3.3 billion from continuing operations. FMC acquired Cheminova in April 2015, which had sales of DKK 6.8 billion in 2014. FMC employs approximately 7,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition 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 2014 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.
FMC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in millions, except per share amounts)
-------------------------------------------------
Three Months Ended
March 31
--------
2015 2014
---- ----
Revenue $659.4 $756.9
Costs of sales and
services 408.7 463.9
Gross margin 250.7 293.0
----- -----
Selling, general and
administrative expenses 297.9 114.6
Research and development
expenses 26.6 25.8
Restructuring and other
charges (income) 22.3 6.7
Business separation costs - 3.0
Total costs and expenses 755.5 614.0
----- -----
Income (loss) from
operations (96.1) 142.9
Equity in (earnings) loss
of affiliates 0.1 (0.3)
Interest expense, net 14.0 11.6
Income (loss) from
continuing operations
before income taxes (110.2) 131.6
Provision (benefit) for
income taxes (49.1) 34.6
Income (loss) from
continuing operations (61.1) 97.0
Discontinued operations,
net of income taxes 15.6 (26.6)
Net income (loss) $(45.5) $70.4
------ -----
Less: Net income
attributable to
noncontrolling interests 1.3 4.8
Net income (loss)
attributable to FMC
stockholders $(46.8) $65.6
====== =====
Amounts attributable to FMC stockholders:
Income (loss) from
continuing operations,
net of tax $(62.4) $93.8
Discontinued operations,
net of tax 15.6 (28.2)
Net income (loss) $(46.8) $65.6
====== =====
Basic earnings (loss) per common share
attributable to FMC stockholders:
Continuing operations $(0.47) $0.70
Discontinued operations 0.12 (0.21)
Basic earnings per common
share $(0.35) $0.49
====== =====
Average number of shares
outstanding used in
basic earnings per share
computations 133.6 133.1
===== =====
Diluted earnings (loss) per common share
attributable to FMC stockholders:
Continuing operations $(0.47) $0.70
Discontinued operations 0.12 (0.21)
Diluted earnings per
common share $(0.35) $0.49
====== =====
Average number of shares
outstanding used in
diluted earnings per
share computations 133.6 134.3
===== =====
Other Data:
-----------
Capital additions $15.4 $40.2
Depreciation and
amortization expense $22.8 $23.9
FMC CORPORATION
SCHEDULE OF ADJUSTED EARNINGS FROM CONTINUING OPERATIONS (NON-GAAP)(2)
(Unaudited, in millions, except per share amounts)
-------------------------------------------------
Three Months Ended
March 31
--------
2015 2014
---- ----
Revenue $659.4 $756.9
Costs of sales and
services 408.7 460.8
Gross margin 250.7 296.1
----- -----
Selling, general and
administrative
expenses 101.0 110.4
Research and
development expenses 26.6 25.8
Equity in (earnings)
loss of affiliates 0.1 (0.3)
--- ----
Total costs and
expenses 536.4 596.7
Adjusted earnings from
continuing operations,
before interest,
income taxes and
noncontrolling
interests (Non-GAAP)
(1) $123.0 $160.2
Interest expense, net 14.0 11.6
Adjusted earnings from
continuing operations,
before income taxes
and noncontrolling
interests $109.0 $148.6
Provision for income
taxes 23.9 40.4
Net income attributable
to noncontrolling
interests 1.3 3.2
--- ---
Adjusted after-tax
earnings from
continuing operations,
attributable to FMC
stockholders (Non-
GAAP) (2) $83.8 $105.0
===== ======
Diluted adjusted after-
tax earnings from
continuing operations
per share,
attributable to FMC
stockholders $0.62 $0.78
===== =====
Average number of
shares outstanding
used in diluted
adjusted after-tax
earnings from
continuing operations
per share computations
(3) 134.4 134.3
===== =====
(1) Referred to as
Adjusted
Operating
Profit.
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.
Additionally,
the above
schedule is
presented in a
format which
reflects the
manner in which
we manage our
business and is
not in
accordance with
(2) GAAP.
The average
number of shares
outstanding used
in diluted
adjusted after-
tax earnings
from continuing
operations per
share
computation
(Non-GAAP)
includes 0.8
million diluted
shares. This
number of shares
differs from the
average number
of shares
outstanding used
in diluted
earnings per
share
computations
(GAAP) as we had
a net loss
attributable to
FMC
(3) stockholders.
Please see the reconciliation of Non-GAAP financial
measures to GAAP financial results.
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
2015 2014
---- ----
Net income (loss)
attributable to FMC
stockholders (GAAP) $(46.8) $65.6
Corporate special charges (income):
Restructuring and
other charges
(income) (a) 22.3 6.7
Non-operating
pension and
postretirement
charges (b) 6.2 4.2
Business separation
costs (c) - 3.0
Acquisition related
charges (d) 190.7 3.1
Income tax expense
(benefit) on
Corporate special
charges (income) (80.5) (5.8)
Discontinued
operations
attributable to FMC
stockholders, net of
income taxes (e) (15.6) 28.2
Tax adjustment (f) 7.5 -
Adjusted after-tax
earnings from
continuing
operations
attributable to FMC
stockholders (Non-
GAAP) $83.8 $105.0
===== ======
Diluted earnings per
common share (GAAP) $(0.35) $0.49
Corporate special charges (income)
per diluted share, before tax:
Restructuring and
other charges
(income) 0.17 0.05
Non-operating
pension and
postretirement
charges 0.05 0.03
Business separation
costs - 0.02
Acquisition related
charges 1.42 0.02
Income tax expense
(benefit) on
Corporate special
charges (income),
per diluted share (0.60) (0.04)
Discontinued
operations per
diluted share (0.12) 0.21
Tax adjustments per
diluted share 0.05 -
Diluted adjusted
after-tax earnings
from continuing
operations per
share, attributable
to FMC stockholders
(Non-GAAP) $0.62 $0.78
===== =====
Average number of
shares outstanding
used in diluted
adjusted after-tax
earnings from
continuing
operations per share
computations 134.4 134.3
===== =====
(a) Three Months
Ended March
31, 2015:
Restructuring
and other
charges
(income)
includes a
charge of
$15.0 million
associated
with a license
agreement
entered into
for the
purpose of
obtaining
certain
technology and
intellectual
property
rights
relating to
new compounds
still under
development
both of which
pertain our
FMC
Agricultural
Solutions
segment.
Additionally,
restructuring
and other
charges
includes
charges of
$2.1 million
associated
with a
reorganization
of our Health
and Nutrition
segment and
continuing
environmental
sites treated
as a Corporate
charge of $1.9
million.
Remaining
restructuring
and other
charges
(income)
includes net
miscellaneous
charges of
$3.3 million.
Three Months
Ended March
31, 2014:
Restructuring
and other
charges
(income)
includes a
charge of $4.9
million
associated
with a
reorganization
of our Health
and Nutrition
segment.
Additionally,
this amount
includes
charges
associated
with
continuing
environmental
sites treated
as a Corporate
charge of $1.4
million.
Remaining
restructuring
and other
charges
(income)
includes net
miscellaneous
charges of
$0.4 million.
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
(b) employees.
(c) Three Months
Ended March
31, 2015 and
2014:
On September 8,
2014, we
announced that
we will no
longer proceed
with the
planned
separation as
a result of
the planned
acquisition of
Cheminova A/S
and
divestiture of
our FMC Alkali
Chemicals
division.
Business
separation
costs for the
three months
ended March
31, 2014
represent
charges
associated
with the
planned
separation
activities
through March
31, 2014.
Charges related
to the
expensing of
the inventory
fair value
step-up
resulting from
the
application of
purchase
accounting,
legal and
professional
fees and gains
or losses on
hedging
purchase price
associated
with the
planned or
completed
acquisitions.
Amounts
represent the
(d) following:
Three Months Ended
March 31
(in Millions) 2015 2014
---- ----
Acquisition related charges - Cheminova A/S
Legal and professional fees (1) $10.6 $ -
Loss/(gain) on hedging purchase price (1) 180.1 -
Acquisition related charges - Epax
Inventory fair value step-up amortization (2) - 3.1
--- ---
Acquisition/divestiture related charges $190.7 $3.1
====== ====
On the
condensed
consolidated
statements of
income
(loss), these
charges are
included in
"Selling,
general and
administrative
(1) expenses."
On the
condensed
consolidated
statements of
income
(loss), these
charges are
included in
"Costs of
sales and
(2) services."
(e) Three Months Ended March 31,2015
Discontinued operations includes
our FMC Alkali business results
as well as provisions, net of
recoveries, for environmental
liabilities and legal reserves
and expenses related to
previously discontinued
operations.
Three Months Ended March 31, 2014
Discontinued operations includes
our FMC Alkali and FMC Peroxygens
business results as well as
provisions, net of recoveries,
for environmental liabilities and
legal reserves and expenses
related to previously
discontinued operations. For the
three months ended March 31, 2014
the balance includes the final
divestiture charge associated
with the sale of FMC Peroxygens
business which was completed on
February 28, 2014.
The tax adjustments in the three
months ended March 31, 2015 were
related to revisions to
recognition of a valuation
allowance against existing
deferred tax assets in one of our
foreign subsidiaries. There were
no tax adjustments for the three
(f) months ended March 31, 2014.
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
March 31
--------
2015 2014
---- ----
Net income (loss) (GAAP) $(45.5) $70.4
Restructuring and other charges (income) 22.3 6.7
Non-operating pension and postretirement charges 6.2 4.2
Business separation costs - 3.0
Acquisition related charges 190.7 3.1
Discontinued operations, net of income taxes (15.6) 26.6
Interest expense, net 14.0 11.6
Provision (benefit) for income taxes (49.1) 34.6
----- ----
Adjusted earnings from continuing operations, $123.0 $160.2
before interest, income taxes and noncontrolling interests (Non-GAAP) (1)
Referred
to as
Adjusted
Operating
(1) Profit.
RECONCILIATION OF CONTINUING OPERATIONS EFFECTIVE TAX RATE (GAAP) TO
UNDERLYING ADJUSTED TAX RATE (NON-GAAP)
(Unaudited, in millions, except percentages)
Three Months Ended
March 31
--------
2015 2014
---- ----
Before Tax Tax Tax Before Tax Tax Tax
Rate Rate
--- ---
Continuing operations $(110.2) (4) $(49.1) 44.6% $131.6 (4) $34.6 26.3%
Adjusted earnings tax adjustments:
Corporate special charges (income) (1) 219.2 80.5 17.0 5.8
Tax expense adjustments (1) - (7.5) - -
--- ----
Adjusted Earnings (Non-GAAP) $109.0 (5) $23.9 21.9% $148.6 (5) $40.4 27.2%
------ ----- ---- ------ ----- ----
Foreign currency remeasurement and foreign
currency discrete items (2) - 6.1 - -
Adjusted earnings excluding foreign currency
remeasurement and foreign currency discrete items
(Non-GAAP) $109.0 $30.0 27.5% (3) $148.6 $40.4 27.2% (3)
====== ===== ==== ====== ===== ====
Refer to the
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 more
(1) detail.
Primarily represents
tax adjustments
associated with
fluctuations in
foreign currency
remeasurement of
certain foreign
operations. These
tax adjustments are
treated as permanent
items in accordance
(2) GAAP.
(3) Referred to as
Underlying Adjusted
Tax Rate.
Referred to as Income
(loss) from
continuing
operations before
(4) income taxes.
Referred to as
Adjusted earnings
from continuing
operations, before
income taxes and
noncontrolling
(5) interests.
FMC CORPORATION
INDUSTRY SEGMENT DATA
(Unaudited, in millions)
-----------------------
Three Months Ended
March 31
--------
2015 2014
---- ----
Revenue
-------
FMC Agricultural
Solutions $392.4 $466.9
FMC Health and Nutrition 211.0 226.2
FMC Lithium 56.0 63.8
Eliminations - -
Total $659.4 $756.9
====== ======
Income from continuing operations before
income taxes
----------------------------------------
FMC Agricultural
Solutions 81.8 120.1
FMC Health and Nutrition 51.0 50.9
FMC Lithium 5.5 6.6
Eliminations - -
--- ---
Segment operating profit
(a) 138.3 177.6
Corporate and other (15.3) (17.4)
Adjusted earnings from
continuing operations,
before interest, income
taxes and
noncontrolling
interests (Non-GAAP) $123.0 $160.2
Interest expense, net (14.0) (11.6)
Corporate special (charges) income:
Restructuring and other
(charges) income (b) (22.3) (6.7)
Non-operating pension
and postretirement
charges (c) (6.2) (4.2)
Business separation
charges (d) - (3.0)
Acquisition/divestiture
related charges (e) (190.7) (3.1)
(Provision) benefit for
income taxes 49.1 (34.6)
Discontinued operations,
net of income taxes (f) 15.6 (26.6)
Net income attributable
to noncontrolling
interests (1.3) (4.8)
---- ----
Net income (loss)
attributable to FMC
stockholders $(46.8) $65.6
====== =====
(a) Referred to as Segment Earnings.
Three Months Ended March 31, 2015:
Amounts related to FMC
Agricultural Solutions of $18.3
million, FMC Health and Nutrition
charges of $2.2 million, FMC
Lithium charges of $0.3 million,
and Corporate charges of $1.5
(b) million.
Three Months Ended March 31, 2014:
Amounts related to FMC Health and
Nutrition charges of $4.9 million,
FMC Lithium charges of $0.1
million and Corporate charges of
$1.7 million.
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
(c) this line item.
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
(d) this line item.
See Note (d) 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
(e) this line item.
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
(f) this line item.
FMC CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in millions)
-----------------------
March 31, 2015 December 31, 2014
-------------- -----------------
Cash and
cash
equivalents $105.2 $109.5
Trade
receivables,
net 1,537.4 1,602.5
Inventories 640.8 607.6
Other
current
assets 287.3 188.8
Deferred
income
taxes 147.1 222.7
Current
assets
of
discontinued
operations
held for
sale 611.8 203.3
----- -----
Total
current
assets 3,329.6 2,934.4
Property,
plant and
equipment,
net 902.6 930.0
Goodwill 324.1 352.5
Deferred
income
taxes 235.7 200.1
Other
long-
term
assets 519.7 522.0
Noncurrent
assets
held for
sale - 401.5
Total
assets $5,311.7 $5,340.5
======== ========
Short-
term
debt and
current
portion
of long-
term
debt $907.3 $525.2
Accounts
payable,
trade
and
other 316.5 378.3
Accrued
customer
rebates 323.0 236.0
Guarantees
of
vendor
financing 67.4 50.2
Accrued
pensions
and
other
postretirement
benefits,
current 6.6 12.7
Other
current
liabilities 315.0 619.6
Current
liabilities
of
discontinued
operations
held for
sale 79.8 88.4
---- ----
Total
current
liabilities 2,015.6 1,910.4
Long-
term
debt 1,150.9 1,153.4
Long-
term
liabilities 675.8 708.0
Long-
term
liabilities
of
discontinued
operations
held for
sale - 4.7
Equity 1,469.4 1,564.0
Total
liabilities
and
equity $5,311.7 $5,340.5
======== ========
FMC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in millions)
-----------------------
Three Months ended March 31
---------------------------
2015 2014
---- ----
Cash provided
(required) by
operating activities
of continuing
operations (1) $(304.9) $(106.0)
------- -------
Cash provided
(required) by
operating activities
of discontinued
operations 7.7 9.2
--- ---
Cash provided
(required) by
investing activities
of continuing
operations (54.2) (64.4)
----- -----
Cash provided
(required) by
investing activities
of discontinued
operations (15.6) 188.0
----- -----
Cash provided (required) by financing
activities of continuing operations:
Increase (decrease)
in short-term debt 383.0 (39.6)
Repayments of long-
term debt (0.4) (0.7)
Net distributions to
and acquisitions of
noncontrolling
interests - (3.0)
Dividends paid (20.1) (18.0)
Other repurchases of
common stock (2.9) (4.0)
Excess tax benefits
from share-based
compensation 1.7 3.4
Issuances of common
stock, net 3.5 5.2
Cash provided
(required) by
financing activities 364.8 (56.7)
----- -----
Effect of exchange
rate changes on cash (2.1) (0.8)
---- ----
Increase (decrease)
in cash and cash
equivalents (4.3) (30.7)
Cash and cash
equivalents,
beginning of year 109.5 123.2
Cash and cash
equivalents, end of
period $105.2 $92.5
====== =====
The three months
ended March 31,
2015 includes
$273.8 million
in payments
associated with
the purchase
price hedges for
the Cheminova A/
(1) S acquisition.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fmc-corporation-announces-first-quarter-results-and-long-term-growth-plan-at-investor-day-300080698.html
SOURCE FMC Corporation
