Significant improvement in first quarter cash
from operations, up $708 million
versus prior year period
First Quarter 2024 Highlights
- Revenue of $918 million, down 32
percent versus Q1 2023 and down 31 percent
organically1
- Consolidated GAAP net loss of $3
million, down 102 percent versus Q1 2023
- Adjusted EBITDA of $161 million,
down 56 percent versus Q1 2023
- Consolidated GAAP loss of $0.02
per diluted share, down 101 percent versus Q1 2023
- Adjusted earnings per diluted share of $0.36, down 80 percent versus Q1 2023
- GAAP cash from operations of negative $143 million, an improvement of $708 million versus Q1 2023
- Free cash flow of negative $188
million, an improvement of $727
million versus Q1 2023
- Strong contribution from new product introductions
(NPI3)
Full-Year Outlook2
- Maintains revenue outlook of $4.50
billion to $4.70 billion,
reflecting 2.5 percent growth at the midpoint versus 2023
- Maintains adjusted EBITDA outlook of $900 million to $1.05
billion, essentially flat at the midpoint versus 2023
- Adjusted earnings per diluted share outlook unchanged at
$3.23 to $4.41, an increase of 1 percent at the midpoint
versus 2023
- Restructuring continues, and company maintains target of
$50 million to $75 million of adjusted EBITDA net benefit
- Free cash flow outlook of $400
million to $600 million is
unchanged
PHILADELPHIA, May 6, 2024
/PRNewswire/ --
FMC Corporation (NYSE:FMC) today reported first quarter 2024
revenue of $918 million, down 32
percent versus first quarter 2023, and down 31 percent organically.
On a GAAP basis, the company reported a loss of $0.02 per diluted share in the first quarter, a
decrease of 101 percent versus first quarter 2023. First quarter
adjusted earnings were $0.36 per
diluted share, down 80 percent versus first quarter 2023 and
$0.04 higher than the midpoint of
guidance.
First Quarter Adjusted EPS versus Q1
2023
|
-141 cents
|
Adjusted
EBITDA
|
-136 cents
|
Interest
Expense
|
-7 cents
|
Depreciation &
Amortization
|
-1 cent
|
Noncontrolling
Interest
|
+2 cents
|
Rounding
|
+1 cent
|
"Free cash flow improved significantly, and we delivered
adjusted EBITDA at the high end of our guidance range during the
first quarter," said Mark Douglas,
FMC president and chief executive officer. "As expected, sales
continued to be impacted by inventory management actions by
customers in all regions. Our results benefited from our
restructuring actions and the continued resilient sales of our new
products, particularly in Latin
America."
First quarter revenue was driven by 27 percent decline in volume
due to ongoing channel destocking in all regions. Price was
lower by 4 percent and foreign currency was a headwind of
1 percent.
North America sales declined 48
percent, almost entirely due to volume against a record-breaking
prior-year period. Fungicide sales out-performed the portfolio with
growth from new products Xyway® and Adastrio®
fungicides. In Latin America,
revenue declined 20 percent (down 22 percent excluding FX) due to a
price decline in the mid-teens as well as lower volumes. Branded
diamides and new products both reported higher sales versus prior
year, aided by recently launched Premio® Star
insecticide and Onsuva® fungicide. Asia sales declined 29 percent (down 28
percent organically), primarily from lower volumes in China due to poor weather. Actions to
reduce channel inventory in India
progressed despite dry conditions that reduced the consumption of
crop protection products. Price in the region was down in the
high-single digits. Sales in EMEA declined 20 percent (down
17 percent organically) due to lower volumes including registration
removals and rationalization of some lower-margin products.
Price in the region was up by low-single digits. Plant Health
revenue was down 14 percent in the quarter (down 12 percent
organically), mainly driven by volume in Europe as customers delayed purchases and
managed overall inventory to lower levels.
FMC Revenue
|
Q1 2024
|
Total Revenue Change (GAAP)
|
(32) %
|
Less FX
Impact
|
(1) %
|
Organic1 Revenue Change
(Non-GAAP)
|
(31) %
|
FMC first quarter adjusted EBITDA was $161 million, a decrease of 56 percent from the
prior-year period driven by lower volume and, to a lesser degree,
price headwinds. Costs were a tailwind with strong
contribution from restructuring actions.
On a GAAP basis, cash from operations was negative $143 million, an increase of $708 million versus 2023 due primarily to working
capital release from lower inventory as well as lower accounts
receivable.
Outlook2
The company is forecasting full-year 2024 revenue to be in the
range of $4.50 billion to
$4.70 billion, unchanged since the
last guidance and representing an increase of 2.5 percent at the
midpoint versus 2023. FMC is maintaining its full-year adjusted
EBITDA guidance of $900 million to
$1.05 billion, flat versus 2023,
including the benefit of cost restructuring actions. The 2024
adjusted earnings outlook is unchanged at $3.23 to $4.41 per
diluted share, representing a year-over-year increase of 1 percent
at the midpoint. The company is maintaining its full-year free
cash flow guidance in the range of $400
million to $600 million,
representing over $1 billion in
year-over-year improvement at the midpoint.
Second quarter revenue is expected to be in the range of
$1.00 billion to $1.15 billion, an increase of 6 percent at the
midpoint compared to second quarter 2023. Volume growth is expected
in all regions outside of Asia,
with new products a strong contributor to growth. Price is expected
to be a mid-single digit headwind. Adjusted EBITDA is
forecasted to be in the range of $170
million to $210 million,
essentially flat to prior-year period as higher volumes and cost
benefits from restructuring are offset by gross margin headwinds.
FMC expects adjusted earnings per diluted share to be in the range
of $0.43 to $0.72 in the second quarter, which
represents a 15 percent increase at the midpoint versus second
quarter 2023.
The midpoint of first-half guidance implies a 23 percent
increase in second-half sales, a 46 percent increase in second-half
adjusted EBITDA and a 91 percent increase in second-half EPS
compared to the same period last year. Growth in second half
results is expected to come from improving market conditions as the
year progresses, higher year-over-year sales of new products and
restructuring benefits. COGS headwinds are forecasted in the second
half of the year primarily due to lower fixed cost absorption.
|
Full-Year 2024
Outlook2
|
Q2 2024
Outlook2
|
First-Half
Outlook2
|
Second-Half
Outlook2
|
Revenue
|
$4.50 to $4.70 billion
|
$1.00 to $1.15 billion
|
$1.92 to $2.07 billion
|
$2.58 to $2.63 billion
|
Growth at midpoint vs. 2023
|
2.5 %
|
6 %
|
(16) %
|
23 %
|
Adjusted EBITDA
|
$900 million to
$1.05 billion
|
$170 to $210 million
|
$331 to $371 million
|
$569 to $679 million
|
Growth at midpoint vs. 2023
|
0 %
|
1 %
|
(36) %
|
46 %
|
Adjusted EPS^
|
$3.23 to $4.41
|
$0.43 to $0.72
|
$0.79 to $1.08
|
$2.44 to $3.33
|
Growth at midpoint vs. 2023
|
1 %
|
15 %
|
(59) %
|
91 %
|
|
^ EPS estimates assume 125.5 million diluted shares
for full year and 125.5 million diluted shares for
Q2.
|
"Our second quarter revenue outlook includes volume growth for
the first time since global destocking began in the second quarter
of 2023," said Douglas. "We expect the market to continue to
improve as we progress through the year and transition to more
normal conditions in 2025. The combination of steady on-the-ground
application, demand for our innovative and differentiated portfolio
and a more efficient cost structure places FMC in a strong position
as the market recovers."
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.
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. FMC, the FMC
logo, Adastrio, Onsuva, Premio and Xyway are trademarks of FMC
Corporation or an affiliate.
About FMC
FMC Corporation is a global agricultural sciences company
dedicated to helping growers produce food,
feed, fiber and fuel for an expanding world population
while adapting to a changing environment. FMC's innovative
crop protection solutions – including biologicals, crop nutrition,
digital and precision agriculture – enable growers, crop advisers
and turf and pest management professionals to address their
toughest challenges economically while protecting the environment.
With approximately 6,200 employees at more than 100 sites
worldwide, FMC is committed to discovering new herbicide,
insecticide and fungicide active ingredients, product formulations
and pioneering technologies that are consistently better for the
planet. Visit fmc.com to learn more and follow us
on LinkedIn®.
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
presentations, reports or letters to FMC stockholders.
In some cases, FMC has identified these forward-looking
statements by such words or phrases as "outlook", "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 or phrases. Such forward-looking statements are based
on our current views and assumptions regarding future events,
future business conditions and the outlook for the company based on
currently available information. The forward-looking 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. These statements are
qualified by reference to the risk factors included in Part I, Item
1A of our Annual Report on Form 10-K for the year ended
December 31, 2023 (the "2023 Form
10-K"), the section captioned "Forward-Looking Information" in Part
II of the 2023 Form 10-K and to similar risk factors and cautionary
statements in all other reports and forms filed with the Securities
and Exchange Commission ("SEC"). We wish to caution 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.
We specifically decline to undertake any obligation, and
specifically disclaims any duty, to publicly update or revise any
forward-looking statements that have been made to reflect events or
circumstances after the date of such statements or to reflect the
occurrence of anticipated or unanticipated events, except as may be
required by law.
This press release contains certain "non-GAAP financial
terms" which are defined on our website www.fmc.com/investors. Such
terms include adjusted EBITDA, adjusted earnings, free cash flow
and organic revenue growth. 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,
adjusted EBITDA, and free cash flow (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.
- NPI (New Product Introductions) launched in the last five
years
FMC
CORPORATION
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(Unaudited, in
millions, except per share amounts)
|
|
|
Three Months Ended March 31,
|
|
2024
|
|
2023
|
Revenue
|
$
918.0
|
|
$
1,344.3
|
Costs of sales and
services
|
578.3
|
|
763.0
|
Gross margin
|
$
339.7
|
|
$
581.3
|
Selling, general and
administrative expenses
|
163.9
|
|
185.9
|
Research and
development expenses
|
60.9
|
|
78.4
|
Restructuring and other
charges (income)
|
40.9
|
|
12.5
|
Total costs and
expenses
|
$
844.0
|
|
$
1,039.8
|
Income from continuing operations before
non-operating pension and
postretirement charges (income), interest expense,
net and income taxes
|
$
74.0
|
|
$
304.5
|
Non-operating pension
and postretirement charges (income)
|
4.3
|
|
4.6
|
Interest expense,
net
|
61.7
|
|
51.4
|
Income (loss) from continuing operations before
income taxes
|
$
8.0
|
|
$
248.5
|
Provision (benefit) for
income taxes
|
(1.4)
|
|
41.1
|
Income (loss) from
continuing operations
|
$
9.4
|
|
$
207.4
|
Discontinued
operations, net of income taxes
|
(12.5)
|
|
(11.5)
|
Net income (loss)
|
$
(3.1)
|
|
$
195.9
|
Less: Net income
(loss) attributable to noncontrolling interests
|
(0.4)
|
|
(0.1)
|
Net income (loss) attributable to FMC
stockholders
|
$
(2.7)
|
|
$
196.0
|
Amounts attributable to FMC
stockholders:
|
|
|
|
Income (loss)
from continuing operations
|
$
9.8
|
|
$
207.5
|
Discontinued
operations, net of tax
|
(12.5)
|
|
(11.5)
|
Net income (loss)
|
$
(2.7)
|
|
$
196.0
|
Basic earnings (loss) per common share attributable
to FMC stockholders:
|
|
|
|
Continuing
operations
|
$
0.08
|
|
$
1.65
|
Discontinued
operations
|
(0.10)
|
|
(0.09)
|
Basic earnings per common
share
|
$
(0.02)
|
|
$
1.56
|
Average number of
shares outstanding used in basic earnings per share
computations
|
124.9
|
|
125.3
|
Diluted earnings (loss) per common share attributable
to FMC stockholders:
|
|
|
|
Continuing
operations
|
$
0.08
|
|
$
1.64
|
Discontinued
operations
|
(0.10)
|
|
(0.09)
|
Diluted earnings per common
share
|
$
(0.02)
|
|
$
1.55
|
Average number of
shares outstanding used in diluted earnings per share
computations
|
125.2
|
|
126.1
|
|
|
|
|
Other Data:
|
|
|
|
Capital additions and
other investing activities
|
$
23.4
|
|
$
51.3
|
Depreciation and
amortization expense
|
45.7
|
|
44.7
|
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,
|
|
|
2024
|
|
2023
|
Net income (loss)
attributable to FMC stockholders (GAAP)
|
|
$
(2.7)
|
|
$
196.0
|
Corporate special
charges (income):
|
|
|
|
|
Restructuring and
other charges (income) (a)
|
|
40.9
|
|
12.5
|
Non-operating pension
and postretirement charges (income) (b)
|
|
4.3
|
|
4.6
|
Income tax expense
(benefit) on Corporate special charges (income)
(c)
|
|
(9.6)
|
|
(2.0)
|
Adjustment for
noncontrolling interest, net of tax on Corporate special charges
(income)
|
|
—
|
|
(2.8)
|
Discontinued operations
attributable to FMC stockholders, net of income taxes
(d)
|
|
12.5
|
|
11.5
|
Tax adjustment
(e)
|
|
—
|
|
3.3
|
Adjusted after-tax earnings from continuing
operations attributable to FMC stockholders (Non-GAAP)
(1)
|
|
$
45.4
|
|
$
223.1
|
|
|
|
|
|
Diluted earnings per
common share (GAAP)
|
|
$
(0.02)
|
|
$
1.55
|
Corporate special
charges (income) per diluted share, before tax:
|
|
|
|
|
Restructuring and
other charges (income)
|
|
0.33
|
|
0.10
|
Non-operating pension
and postretirement charges (income)
|
|
0.03
|
|
0.04
|
Income tax expense
(benefit) on Corporate special charges (income), per diluted
share
|
|
(0.08)
|
|
(0.02)
|
Adjustment for
noncontrolling interest, net of tax on Corporate special charges
(income) per diluted share
|
|
—
|
|
(0.02)
|
Discontinued operations
attributable to FMC stockholders, net of income taxes per diluted
share
|
|
0.10
|
|
0.09
|
Tax adjustments per
diluted share
|
|
—
|
|
0.03
|
Diluted adjusted after-tax earnings from continuing
operations per share, attributable to FMC stockholders
(Non-GAAP)
|
|
$
0.36
|
|
$
1.77
|
|
|
|
|
|
Average number of
shares outstanding used in diluted adjusted after-tax earnings from
continuing operations per share computations
|
|
125.2
|
|
126.1
|
|
|
|
|
|
|
|
|
(1)
|
Referred to as Adjusted
earnings. The Company believes that Adjusted earnings, a Non-GAAP
financial measure, 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, 2024:
|
|
|
|
Restructuring and other
charges (income) includes restructuring charges of $33.7 million
primarily related to the previously announced global restructuring
plan, referred to as "Project Focus." Charges incurred related to
Project Focus include $18.9 million of severance and employee
separation costs in connection with various global workforce
reduction actions, $11.7 million of professional service provider
costs associated with the project, accelerated depreciation of $2.3
million on assets identified for disposal in connection with the
restructuring initiative, and $0.5 million of other miscellaneous
charges. Other charges (income) of $7.2 million is comprised of
$3.3 million of charges associated with our environmental sites and
$3.9 million of other miscellaneous charges.
|
|
|
|
Three Months Ended
March 31, 2023:
|
|
|
|
Restructuring and other
charges (income) includes asset impairment and other charges of
$0.9 million related to various global restructuring initiatives.
Other charges (income) of $11.6 million, relates primarily to a
$6.9 million remeasurement charge triggered during the period as a
result of the significant currency depreciation of the Pakistani
Rupee. On January 25, 2023, the Pakistani Rupee experienced its
largest single day drop against the US dollar in over two decades
following the removal of the USD-PKR exchange cap in place on the
country's currency. Additionally, other charges (income) relating
to environmental sites of $2.3 million were recognized during the
period as well as $2.4 million of other miscellaneous
charges.
|
|
|
(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)
|
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.
|
|
|
(d)
|
Discontinued operations
includes provisions, net of recoveries, for environmental
liabilities and legal reserves and expenses related to previously
discontinued operations and retained liabilities.
|
|
|
(e)
|
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)
|
2024
|
|
2023
|
Non-GAAP tax adjustments
|
|
|
|
Revisions to valuation
allowances of historical deferred tax assets
|
$
(1.6)
|
|
$
—
|
Foreign currency
remeasurement and other discrete items
|
1.6
|
|
3.3
|
Total Non-GAAP tax adjustments
|
$
—
|
|
$
3.3
|
RECONCILIATION OF
NET INCOME (LOSS) (GAAP) TO ADJUSTED EARNINGS FROM
CONTINUING OPERATIONS, BEFORE INTEREST, INCOME TAXES,
DEPRECIATION AND AMORTIZATION, AND
NONCONTROLLING INTERESTS (NON-GAAP)
(Unaudited, in
millions)
|
|
|
|
|
Three Months Ended March 31,
|
|
|
2024
|
|
2023
|
|
Net income (loss)
(GAAP)
|
$
(3.1)
|
|
$
195.9
|
|
Restructuring and
other charges (income)
|
40.9
|
|
12.5
|
|
Non-operating pension
and postretirement charges (income)
|
4.3
|
|
4.6
|
|
Discontinued
operations, net of income taxes
|
12.5
|
|
11.5
|
|
Interest expense,
net
|
61.7
|
|
51.4
|
|
Depreciation and
amortization
|
45.7
|
|
44.7
|
|
Provision (benefit)
for income taxes
|
(1.4)
|
|
41.1
|
|
Adjusted earnings from continuing operations, before
interest, income taxes,
depreciation and amortization, and noncontrolling
interests (Non-GAAP) (1)
|
$
160.6
|
|
$
361.7
|
|
|
|
|
|
|
|
|
|
(1)
|
Referred to as Adjusted
EBITDA. Defined as operating profit excluding restructuring and
other charges (income) and depreciation and amortization
expense.
|
RECONCILIATION OF
CASH PROVIDED (REQUIRED) BY OPERATING ACTIVITIES OF
CONTINUING OPERATIONS (GAAP) TO FREE CASH FLOW
(NON-GAAP)
(Unaudited, in
millions)
|
|
|
|
Three Months Ended March 31,
|
|
|
2024
|
|
2023
|
Cash provided
(required) by operating activities of continuing operations
(GAAP)
|
|
$
(142.9)
|
|
$
(851.3)
|
Project Focus
transformation spending
|
|
39.9
|
|
—
|
Adjusted cash from
operations(1)
|
|
$
(103.0)
|
|
$
(851.3)
|
|
|
|
|
|
Capital
expenditures
|
|
(20.7)
|
|
(46.9)
|
Other investing
activities
|
|
(2.7)
|
|
(4.4)
|
Capital additions and other investing
activities
|
|
$
(23.4)
|
|
$
(51.3)
|
|
|
|
|
|
Cash provided
(required) by operating activities of discontinued
operations
|
|
(21.5)
|
|
(12.6)
|
Project Focus
transformation spending
|
|
(39.9)
|
|
—
|
Legacy and transformation
|
|
$
(61.4)
|
|
$
(12.6)
|
|
|
|
|
|
Free cash flow
(Non-GAAP)(2)
|
|
$
(187.8)
|
|
$
(915.2)
|
|
|
|
|
|
|
|
|
(1)
|
Adjusted cash from
operations is defined as cash provided (required) by operating
activities of continuing operations excluding the effects of
transaction-related cash flows and Project Focus transformation
spending.
|
(2)
|
Free cash flow is
defined as Adjusted cash from operations reduced by spending for
capital additions and other investing activities as well as legacy
and transformation spending. We believe that this Non-GAAP
financial measure provides a useful basis for investors and
securities analysts about the cash generated by routine business
operations, including capital expenditures, in addition to
assessing our ability to repay debt, fund acquisitions and return
capital to shareholders through share repurchases and dividends.
Our use of free cash flow has limitations as an analytical tool and
should not be considered in isolation or as a substitute for an
analysis of our results under U.S. GAAP.
|
RECONCILIATION OF
REVENUE CHANGE (GAAP) TO
ORGANIC REVENUE
CHANGE (NON-GAAP) (1)
(Unaudited)
|
|
|
Three Months Ended
March 31, 2024 vs. 2023
|
Total Revenue Change (GAAP)
|
(32) %
|
Less: Foreign Currency
Impact
|
(1) %
|
Organic Revenue Change
(Non-GAAP)
|
(31) %
|
|
|
|
|
|
|
|
|
(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.
|
RECONCILIATION OF
NET INCOME (LOSS) ATTRIBUTABLE TO
FMC STOCKHOLDERS
(GAAP) TO RETURN ON INVESTED CAPITAL ("ROIC")
NUMERATOR
(NON-GAAP) AND ROIC (USING NON-GAAP NUMERATOR)(1)
(Unaudited)
|
|
|
Twelve Months Ended
|
|
|
|
March 31, 2024
|
|
|
Net income (loss)
attributable to FMC stockholders (GAAP)
|
$
1,122.8
|
|
|
Interest expense, net,
net of income taxes
|
210.9
|
|
|
Corporate special
charges (income)
|
284.4
|
|
|
Income tax expense
(benefit) on Corporate special charges (income)
|
(40.4)
|
|
|
Adjustment for
noncontrolling interest, net of tax on Corporate special charges
(income)
|
1.2
|
|
|
Discontinued
operations attributable to FMC stockholders, net of income
taxes
|
99.5
|
|
|
Tax
adjustments
|
(1,170.7)
|
|
|
ROIC numerator
(Non-GAAP)
|
$
507.7
|
|
|
|
|
|
|
|
March 31, 2024
|
|
March 31, 2023
|
Total
debt
|
$
4,335.7
|
|
$
4,212.6
|
Total FMC
stockholders' equity
|
4,311.5
|
|
3,470.7
|
Total debt and FMC
stockholders' equity (GAAP)
|
$
8,647.2
|
|
$
7,683.3
|
ROIC denominator (2 yr
average total debt and FMC stockholders' equity)
|
$
8,165.3
|
|
|
|
|
|
|
ROIC (using Non-GAAP
numerator)
|
6.22 %
|
|
|
|
|
|
|
|
|
|
|
(1)
|
We believe ROIC
(non-GAAP) provides management and investors with useful
supplemental information regarding our utilization of capital
provided by both equity and debt as well as our working capital and
free cash flow management.
|
FMC
CORPORATION
CONDENSED
CONSOLIDATED BALANCE SHEETS
(Unaudited, in
millions)
|
|
|
March 31, 2024
|
|
December 31, 2023
|
Cash and cash
equivalents
|
$
417.8
|
|
$
302.4
|
Trade receivables, net
of allowance of $30.4 in 2024 and $29.1 in 2023
|
2,817.9
|
|
2,703.2
|
Inventories
|
1,587.1
|
|
1,724.6
|
Prepaid and other
current assets
|
375.2
|
|
398.9
|
Total current assets
|
$
5,198.0
|
|
$
5,129.1
|
Property, plant and
equipment, net
|
875.6
|
|
892.5
|
Goodwill
|
1,587.9
|
|
1,593.6
|
Other intangibles,
net
|
2,432.9
|
|
2,465.1
|
Deferred income
taxes
|
1,375.1
|
|
1,336.6
|
Other long-term
assets
|
508.9
|
|
509.3
|
Total assets
|
$
11,978.4
|
|
$
11,926.2
|
Short-term debt and
current portion of long-term debt
|
$
1,311.1
|
|
$
934.0
|
Accounts payable, trade
and other
|
589.3
|
|
602.4
|
Advanced payments from
customers
|
88.7
|
|
482.1
|
Accrued and other
liabilities
|
691.5
|
|
684.8
|
Accrued customer
rebates
|
669.3
|
|
480.9
|
Guarantees of vendor
financing
|
80.4
|
|
69.6
|
Accrued pensions and
other postretirement benefits, current
|
6.4
|
|
6.4
|
Income taxes
|
116.2
|
|
124.4
|
Total current liabilities
|
$
3,552.9
|
|
$
3,384.6
|
Long-term debt, less
current portion
|
$
3,024.6
|
|
$
3,023.6
|
Long-term
liabilities
|
1,068.0
|
|
1,084.6
|
Equity
|
4,332.9
|
|
4,433.4
|
Total liabilities and equity
|
$
11,978.4
|
|
$
11,926.2
|
FMC
CORPORATION
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in
millions)
|
|
|
Three Months Ended March 31,
|
|
2024
|
|
2023
|
Cash provided
(required) by operating activities of continuing
operations
|
$
(142.9)
|
|
$
(851.3)
|
|
|
|
|
Cash provided
(required) by operating activities of discontinued
operations
|
(21.5)
|
|
(12.6)
|
|
|
|
|
Cash provided
(required) by investing activities of continuing
operations
|
(23.7)
|
|
(54.4)
|
|
|
|
|
Cash provided
(required) by financing activities of continuing
operations
|
305.7
|
|
840.3
|
|
|
|
|
Effect of exchange rate
changes on cash
|
(2.2)
|
|
0.4
|
|
|
|
|
Increase (decrease) in
cash and cash equivalents
|
$
115.4
|
|
$
(77.6)
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
$
302.4
|
|
$
572.0
|
|
|
|
|
Cash and cash equivalents, end of
period
|
$
417.8
|
|
$
494.4
|
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SOURCE FMC Corporation