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 |
$ |
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 (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 |
$ |
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 |
$ |
1.53 |
$ |
1.84 |
|||
Average number of shares outstanding used in diluted adjusted after-tax earnings from continuing |
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 (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 |
$ |
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 (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 |
|||||
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 |
SOURCE FMC Corporation
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