FMC CORPORATION PHILADELPHIA, May 2, 2016 /PRNewswire/ --
First Quarter 2016 Highlights
-- Consolidated revenues of $799 million
-- Consolidated adjusted earnings per diluted share of $0.58
-- Agricultural Solutions segment earnings of $82 million
-- Health and Nutrition segment earnings of $47 million
-- Lithium segment earnings of $15 million
-- Increasing guidance for 2016 adjusted earnings per diluted share by 5
cents to a range of $2.55 to $2.85
FMC Corporation (NYSE: FMC) today reported first quarter revenue of $799 million, a 21 percent increase over the same period in 2015. The company reported net income of $48.3 million, or $0.36 per diluted share, in the first quarter of 2016, as compared to a net loss of $46.8 million, or a loss of $0.35 per diluted share, in the first quarter of 2015. Excluding various restructuring charges, adjusted earnings were $0.58 per diluted share, flat compared to the prior-year quarter.
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Pierre Brondeau, FMC president, CEO and chairman said: "We are pleased to have achieved adjusted EPS towards the higher end of our first quarter guidance range and to increase our full-year adjusted EPS guidance by five cents. With Ag Solutions and Health and Nutrition delivering earnings in line with guidance, it was the outperformance by Lithium that drove this strong result and the guidance increase. We came into 2016 expecting challenging agricultural market conditions, particularly in the Americas, and so far these expectations are proving to be accurate. However, the actions we continue to take in managing the business leave us confident in our full-year outlook for Agricultural Solutions."
FMC Agricultural Solutions
First quarter segment revenue for FMC Agricultural Solutions was $546 million, an increase of 39 percent versus reported revenue for the prior-year quarter. Segment earnings were $82 million, which was flat versus prior-year reported results. On a pro forma basis, first quarter segment revenue and earnings each declined 22 percent compared to the same period in 2015, as lower sales volume in North America and Brazil, plus foreign currency swings, more than offset higher prices and the benefits of revenue synergies and new product introductions. Lower third-party product volumes contributed 4 percent to the revenue headwind in the quarter. At the segment earnings level, price increases in Brazil more than offset the year-over-year impact of the weaker real, but the strength of the U.S. dollar resulted in headwinds in Europe, Asia, and other parts of Latin America. Agricultural Solutions segment operating margins were flat year-over-year, on a pro forma basis. For 2016, full-year segment revenue is expected to be in the range of $2.3 billion to $2.5 billion and full-year segment earnings are expected to be in the range of $380 million to $420 million, with second quarter segment earnings in the range of $90 million to $110 million.
FMC Health and Nutrition
FMC Health and Nutrition first quarter segment revenue was $192 million, 9 percent lower versus the prior-year quarter, driven primarily by lower sales in Omega-3 and a 2 percent headwind from foreign currency. Segment earnings of $47 million were down 7 percent compared to the prior-year quarter, principally due to lower revenue, but lower operating costs helped drive an increase in segment operating margins. Segment revenue for the full year of 2016 is expected to be in the range of $775 million to $825 million, while full-year segment earnings are expected to be between $198 million and $208 million. Second quarter segment earnings are expected to be in the range of $49 million to $53 million.
FMC Lithium
FMC Lithium reported first quarter segment revenue of $60 million, an increase of 8 percent from the prior-year quarter, and first quarter segment earnings of $14.9 million, an increase of $9.4 million compared to the first quarter of 2015. Price increases across the portfolio combined with cost reductions contributed the majority of the earnings increase, as the benefits of recent cost savings projects and lower raw material costs were realized. Demand trends across specialty end markets remained strong, driving price increases in both the spot market and new contracts in the first quarter.
Due to the improved forecast for this business, segment earnings are now expected to be between $43 and $53 million for the full year of 2016, more than double 2015 earnings at the mid-point of the range and $10 million higher than previous guidance. Segment revenue for the full year of 2016 is now expected to be in the range of $245 million to $265 million, an increase of $5 million versus prior guidance. Segment earnings in the second quarter are expected to be in the range of $10 million to $14 million.
Corporate and Other
For the quarter, corporate and other expenses were $17 million, and net interest expense was $21 million. Depreciation and amortization was $33.6 million, and capital additions were $27.8 million. On March 31, 2016, gross consolidated debt was $2.1 billion, and debt, net of cash, was $2.0 billion. The Adjusted Tax Rate was 26 percent in the quarter.
2016 Outlook
We are increasing adjusted earnings per share by five cents versus previous guidance to a range of $2.55 to $2.85 for the full year of 2016, an increase of 9 percent (at the mid-point) versus 2015 adjusted earnings per share of $2.47.
Webcast and Supplemental Information
The company will post supplemental information on the web at www.FMC.com, including its 2016 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. FMC acquired Cheminova in April 2015. Revenue totaled approximately $3.3 billion in 2015. 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. 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 2015 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 INCOME (LOSS)
-------------------------------------------------
(Unaudited, in millions, except per share amounts)
Three Months Ended
March 31
--------
2016 2015
---- ----
Revenue $798.8 $659.4
Costs of sales
and services 517.4 408.7
Gross margin 281.4 250.7
----- -----
Selling,
general and
administrative
expenses 126.5 297.9
Research and
development
expenses 36.0 26.6
Restructuring
and other
charges
(income) 12.4 22.3
Total costs
and expenses 692.3 755.5
----- -----
Income (loss)
from
operations 106.5 (96.1)
Equity in
(earnings)
loss of
affiliates - 0.1
Interest
expense, net 20.8 14.0
Income (loss)
from
continuing
operations
before income
taxes 85.7 (110.2)
Provision
(benefit) for
income taxes 30.9 (49.1)
Income (loss)
from
continuing
operations 54.8 (61.1)
Discontinued
operations,
net of income
taxes (6.1) 15.6
Net income
(loss) $48.7 $(45.5)
----- ------
Less: Net
income
attributable
to
noncontrolling
interests 0.4 1.3
Net income
(loss)
attributable
to FMC
stockholders $48.3 $(46.8)
===== ======
Amounts attributable to FMC
stockholders:
Income (loss)
from
continuing
operations,
net of tax $54.4 $(62.4)
Discontinued
operations,
net of tax (6.1) 15.6
Net income
(loss) $48.3 $(46.8)
===== ======
Basic earnings (loss) per
common share attributable to
FMC stockholders:
Continuing
operations $0.41 $(0.47)
Discontinued
operations (0.05) 0.12
Basic earnings
per common
share $0.36 $(0.35)
===== ======
Average number
of shares
outstanding
used in basic
earnings per
share
computations 133.8 133.6
===== =====
Diluted earnings (loss) per
common share attributable to
FMC stockholders:
Continuing
operations $0.41 $(0.47)
Discontinued
operations (0.05) 0.12
Diluted
earnings per
common share $0.36 $(0.35)
===== ======
Average number
of shares
outstanding
used in
diluted
earnings per
share
computations 134.3 133.6
===== =====
Other Data:
-----------
Capital
additions $27.8 $15.4
Depreciation
and
amortization
expense $33.6 $22.8
FMC CORPORATION
---------------
SCHEDULE OF ADJUSTED EARNINGS FROM CONTINUING OPERATIONS (NON-GAAP)(2)
---------------------------------------------------------------------
(Unaudited, in millions, except per share amounts)
Three Months Ended
March 31
--------
2016 2015
---- ----
Revenue $798.8 $659.4
Costs of sales
and services 517.4 408.7
Gross margin 281.4 250.7
----- -----
Selling, general
and
administrative
expenses 118.1 101.0
Research and
development
expenses 36.0 26.6
Equity in
(earnings) loss
of affiliates - 0.1
--- ---
Total costs and
expenses 671.5 536.4
Adjusted earnings
from continuing
operations,
before interest,
income taxes and
noncontrolling
interests (Non-
GAAP) (1) $127.3 $123.0
Interest expense,
net 20.8 14.0
Adjusted earnings
from continuing
operations,
before income
taxes and
noncontrolling
interests $106.5 $109.0
Provision for
income taxes 27.7 30.0
Net income
attributable to
noncontrolling
interests 0.4 1.3
--- ---
Adjusted after-
tax earnings
from continuing
operations,
attributable to
FMC stockholders
(Non-GAAP) (2) $78.4 $77.7
===== =====
Diluted adjusted
after-tax
earnings from
continuing
operations per
share,
attributable to
FMC stockholders $0.58 $0.58
===== =====
Average number of
shares
outstanding used
in diluted
adjusted after-
tax earnings
from continuing
operations per
share
computations (3) 134.3 134.4
===== =====
___________________
(1) Referred to as Adjusted Operating
Profit.
(2) 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 GAAP.
(3) For the three months ended March
31, 2015, 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 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
2016 2015
---- ----
Net income (loss) attributable to FMC stockholders (GAAP) $48.3 $(46.8)
Corporate special charges (income):
Restructuring and other charges (income) (a) 12.4 22.3
Non-operating pension and postretirement charges (b) 1.0 6.2
Acquisition related charges (c) 7.4 190.7
Income tax expense (benefit) on Corporate special charges (income) (6.4) (80.5)
Discontinued operations attributable to FMC stockholders, net of income taxes (d) 6.1 (15.6)
Tax adjustments (e) 9.6 1.4
Adjusted after-tax earnings from continuing operations attributable to FMC stockholders (Non-GAAP) $78.4 $77.7
===== =====
Diluted earnings per common share (GAAP) $0.36 $(0.35)
Corporate special charges (income) per diluted share, before tax:
Restructuring and other charges (income) 0.09 0.17
Non-operating pension and postretirement charges 0.01 0.05
Acquisition related charges 0.06 1.42
Income tax expense (benefit) on Corporate special charges (income), per diluted share (0.06) (0.60)
Discontinued operations per diluted share 0.05 (0.12)
Tax adjustments per diluted share 0.07 0.01
Diluted adjusted after-tax earnings from continuing operations per share, attributable to FMC
stockholders (Non-GAAP) $0.58 $0.58
===== =====
Average number of shares outstanding used in diluted adjusted after-tax earnings from continuing
operations per share computations 134.3 134.4
===== =====
____________________
(a) Three Months Ended March 31, 2016:
Restructuring and other charges
(income) includes charges of $3.2
million representing adjustments
to severance and asset write-offs
primarily associated with the
integration of Cheminova with
Agricultural Solutions. Amounts
also include $4.2 million 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 $6.6 million.
Remaining restructuring and other
charges (income) includes net
miscellaneous charges (income) of
($1.6) million.
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.
(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 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 following:
Three Months Ended
March 31
(in Millions) 2016 2015
---- ----
Acquisition related charges - Cheminova A/S
Legal and professional fees (1) $7.4 $10.6
Loss/(gain) on hedging purchase price (1) - 180.1
Acquisition/divestiture related charges $7.4 $190.7
==== ======
____________________
(1) On the condensed consolidated
statements of income (loss),
these charges are included in
"Selling, general and
administrative expenses."
(d) Three Months Ended March 31, 2016 and 2015
Discontinued operations includes
provisions, net of recoveries, for
environmental liabilities, legal
reserves and expenses related to
previously discontinued operations.
Discontinued operations for the three
months ended March 31, 2015 also include
the results of the FMC Alkali business.
(e) 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; unusual
or infrequently occurring items; 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
March 31
(in Millions) 2016 2015
---- ----
Non-GAAP tax adjustments:
Revisions to our tax
liabilities due to
finalization of prior year tax
returns $1.5 $ -
Revisions to valuation
allowances of historical
deferred tax assets - 7.5
Foreign currency remeasurement
and other discrete items 8.1 (6.1)
Non-GAAP tax adjustments $9.6 $1.4
==== ====
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
--------
2016 2015
---- ----
Net income
(loss)
(GAAP) $48.7 $(45.5)
Restructuring
and other
charges
(income) 12.4 22.3
Non-
operating
pension
and
postretirement
charges 1.0 6.2
Acquisition
related
charges 7.4 190.7
Discontinued
operations,
net of
income
taxes 6.1 (15.6)
Interest
expense,
net 20.8 14.0
Provision
(benefit)
for income
taxes 30.9 (49.1)
---- -----
Adjusted
earnings (Non-
from GAAP) (1)
continuing
operations,
before
interest,
income
taxes and
noncontrolling
interests $127.3 $123.0
====== ======
___________________
(1) Referred to as Adjusted
Operating Profit.
FMC CORPORATION
FMC AGRICULTURAL SOLUTIONS PRO FORMA FINANCIAL RESULTS
(Unaudited, in millions)
In the second quarter of 2015, we began to present pro forma combined results for the FMC Agricultural Solutions segment for 2015 and 2014. We believe that reviewing our operating results by combining actual and pro forma results for the FMC Agricultural Solutions segment for 2015 is more useful in identifying trends in, or reaching conclusions regarding, the overall operating performance of this segment. Our pro forma segment information will include adjustments as if the Cheminova transaction had occurred on January 1, 2015. Our pro forma data will also be adjusted for the effects of acquisition accounting but will not include adjustments for cost related to integration activities, cost savings or synergies that might be achieved by the combined businesses. Pro forma amounts to be presented will not necessarily be indicative of what our results would have been had we operated Cheminova since January 1, 2015, nor our future results. We believe that reviewing our operating results by combining actual and pro forma results for the FMC Agricultural Solutions segment for these interim periods is more useful in identifying trends in, or reaching conclusions regarding, the overall operating performance of the segment.
FMC Agricultural Solutions
Pro Forma Financial
Results
Three Months Ended March 31
---------------------------
(in Millions) 2016 2015
---- ----
Revenue
Revenue, FMC Agricultural
Solutions, as reported
(1) $546.1 $392.4
Revenue, Cheminova, pro
forma (2) - 304.1
Pro Forma Combined,
Revenue (3) $546.1 $696.5
====== ======
Operating Profit
Operating Profit, FMC
Agricultural Solutions,
as reported (1) $82.0 $81.8
Operating Profit,
Cheminova, pro forma (2) - 24.0
Pro Forma Combined,
Operating Profit (3) $82.0 $105.8
===== ======
___________________
(1) As reported amounts are the
results of operations of FMC
Agricultural Solutions,
including the results of the
Cheminova acquisition from
April 21, 2015 onward.
(2) Cheminova pro forma amounts
include the historical
results of Cheminova, prior
to April 21, 2015. These
amounts also include
adjustments as if the
Cheminova transaction had
occurred on January 1, 2015,
including the effects of
acquisition accounting. The
pro forma amounts do not
include adjustments for
expenses related to
integration activities, cost
savings or synergies that may
have been or may be achieved
by the combined segment.
(3) The pro forma combined amounts
are not necessarily
indicative of what the
results would have been had
we acquired Cheminova on
January 1, 2015 or indicative
of future results.
FMC CORPORATION
---------------
INDUSTRY SEGMENT DATA
---------------------
(Unaudited, in millions)
Three Months Ended
March 31
--------
2016 2015
---- ----
Revenue
-------
FMC Agricultural Solutions $546.1 $392.4
FMC Health and Nutrition 192.4 211.0
FMC Lithium 60.3 56.0
Total $798.8 $659.4
====== ======
Income from continuing operations before income taxes
-----------------------------------------------------
FMC Agricultural Solutions 82.0 81.8
FMC Health and Nutrition 47.3 51.0
FMC Lithium 14.9 5.5
Segment operating profit (a) 144.2 138.3
Corporate and other (16.9) (15.3)
Adjusted earnings from continuing
operations, before interest, income
taxes and noncontrolling interests
(Non-GAAP) $127.3 $123.0
Interest expense, net (20.8) (14.0)
Corporate special (charges) income:
Restructuring and other (charges) income
(b) (12.4) (22.3)
Non-operating pension and
postretirement charges (c) (1.0) (6.2)
Acquisition/divestiture related charges
(d) (7.4) (190.7)
(Provision) benefit for income taxes (30.9) 49.1
Discontinued operations, net of income
taxes (e) (6.1) 15.6
Net income attributable to
noncontrolling interests (0.4) (1.3)
---- ----
Net income (loss) attributable to FMC
stockholders $48.3 $(46.8)
===== ======
____________________
(a) Referred to as Segment Earnings.
(b) Three Months Ended March 31, 2016:
Amounts related to FMC
Agricultural Solutions of $6.6
million, FMC Health and Nutrition
charges of $0.2 million, FMC
Lithium charges of $0.6 million,
and Corporate charges of $5.0
million.
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
million.
(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 (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
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)
March 31, 2016 December 31,
2015
-------------- -------------
Cash and
cash
equivalents $64.3 $78.6
Trade
receivables,
net 1,769.2 1,851.4
Inventories 854.9 800.2
Other
current
assets 266.8 241.7
Total
current
assets 2,955.2 2,971.9
------- -------
Property,
plant and
equipment,
net 1,027.8 1,016.4
Goodwill 800.7 776.1
Other
intangibles,
net 869.8 837.0
Deferred
income
taxes 282.6 286.9
Other
long-
term
assets 454.3 437.6
Total
assets $6,390.4 $6,325.9
======== ========
Short-
term
debt and
current
portion
of long-
term
debt $114.2 $112.6
Accounts
payable,
trade
and
other 516.4 403.6
Accrued
customer
rebates 336.2 256.1
Guarantees
of
vendor
financing 80.8 67.2
Accrued
pensions
and
other
postretirement
benefits,
current 6.4 6.4
Other
current
liabilities 397.3 607.4
Total
current
liabilities 1,451.3 1,453.3
------- -------
Long-
term
debt 1,986.2 2,036.3
Long-
term
liabilities 949.6 928.0
Equity 2,003.3 1,908.3
------- -------
Total
liabilities
and
equity $6,390.4 $6,325.9
======== ========
FMC CORPORATION
---------------
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
-----------------------------------------------
(Unaudited, in millions)
Three Months ended March 31
---------------------------
2016 2015
---- ----
Cash provided
(required) by
operating
activities of
continuing
operations $107.2 $(304.9)
------ -------
Cash provided
(required) by
operating
activities of
discontinued
operations (6.9) 7.7
---- ---
Cash provided
(required) by
investing
activities of
continuing
operations (44.5) (54.2)
----- -----
Cash provided
(required) by
investing
activities of
discontinued
operations - (15.6)
--- -----
Cash provided (required) by
financing activities of
continuing operations:
Increase
(decrease) in
short-term
debt 2.4 383.0
Financing fees (0.7) -
Repayments of
long-term
debt (50.3) (0.4)
Dividends paid (22.1) (20.1)
Other
repurchases of
common stock (1.2) (2.9)
Excess tax
benefits from
share-based
compensation 0.3 1.7
Issuances of
common stock,
net 0.6 3.5
Cash provided
(required) by
financing
activities (71.0) 364.8
----- -----
Effect of
exchange rate
changes on
cash 0.9 (2.1)
--- ----
Increase
(decrease) in
cash and cash
equivalents (14.3) (4.3)
Cash and cash
equivalents,
beginning of
year 78.6 109.5
Cash and cash
equivalents,
end of period $64.3 $105.2
===== ======
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SOURCE FMC Corporation
