FMC Corporation delivers solid second quarter 2022 results, raises full-year revenue guidance
FMC Corporation (NYSE: FMC) reported a strong Q2 2022 performance with revenue reaching $1.45 billion, up 17% from Q2 2021, driven by robust market demand and effective pricing strategies. Adjusted earnings per diluted share increased 7% to $1.93, although GAAP net income fell 35% to $131 million. The company raised its full-year revenue outlook to $5.5-5.7 billion, reflecting 11% growth at the midpoint. However, costs are expected to rise significantly in Q3, impacting adjusted EBITDA forecasted at $235-255 million, a 16% decline year-over-year.
- Q2 2022 revenue grew 17% year-over-year to $1.45 billion.
- Adjusted earnings per diluted share increased 7% to $1.93.
- Full-year revenue outlook raised to $5.5-5.7 billion, indicating 11% growth at the midpoint.
- Strong sales in North America (26% growth) and Latin America (42% growth) driven by herbicides and insecticides.
- GAAP net income decreased 35% to $131 million due to operational challenges.
- Q2 adjusted EBITDA increased only 3%, indicating margin pressures.
- Significant cost increases expected in Q3 affecting profitability.
- Third quarter adjusted earnings per diluted share projected to decline by 23%.
First half performance driven by strong pricing actions and robust market demand
Second Quarter 2022 Highlights
- Revenue of
$1.45 billion , an increase of 17 percent versus Q2 2021 and up 21 percent organically1 - Consolidated GAAP net income of
$131 million , down 35 percent versus Q2 2021 - Adjusted EBITDA of
$360 million , up 3 percent versus Q2 2021 - Consolidated GAAP earnings of
$1.06 per diluted share, down 32 percent versus Q2 2021 - Adjusted earnings per diluted share of
$1.93 , up 7 percent versus Q2 2021
Full-Year Outlook2
- Raises revenue outlook to a range of
$5.5 to$5.7 billion , reflecting 11 percent growth at the midpoint versus 2021 - Narrows adjusted EBITDA outlook to a range of
$1.36 to$1.44 billion , reflecting 6 percent growth at the midpoint versus 2021 - Narrows adjusted earnings per diluted share outlook to a range of
$7.00 to$7.70 , reflecting 6 percent growth at the midpoint versus 2021, excluding any impact from potential 2022 share repurchases - Narrows free cash flow outlook to a range of
$565 to$685 million
PHILADELPHIA, Aug. 2, 2022 /PRNewswire/ --
FMC Corporation (NYSE: FMC) today reported second quarter 2022 revenue of
Second Quarter Adjusted EPS versus Q2 2021 | +12 cents |
Adjusted EBITDA | +8 cents |
Share count | +5 cents |
Minority interest | +3 cents |
Interest expense | -2 cents |
Taxes | -1 cent |
Rounding | -1 cent |
"FMC's first half performance reflects our ability to price for the value we offer as well as robust demand for our innovative products worldwide. The company's performance was further supported by our operational agility and focus on execution in a dynamic global environment," said Mark Douglas, FMC president and chief executive officer.
FMC revenue growth in the second quarter was driven by a 14 percent contribution from volume and a 7 percent contribution from price, offset partially by a 4 percent currency headwind.
Sales in North America grew 26 percent versus the second quarter of 2021. Demand for both herbicides and insecticides grew double-digits. In Canada, high insect pressure supported the successful launch of Coragen® MaX, an insecticide powered by Rynaxypyr® active. Latin America sales grew 42 percent organically, and 44 percent including FX, year-over-year in the quarter, driven by volume gains and significant price increases across soy, corn, cotton and sugarcane. Brazil led growth in the region with strong sales of diamides and biologicals. In Asia, revenue was up 4 percent organically versus the prior year period. Including FX, Asia was down 1 percent. Demand for Benevia® insecticide grew in India for application on fruits and vegetables. In Australia, Overwatch® herbicide continued to outperform competing products in cereals. Sales in EMEA grew 15 percent organically and 3 percent including FX. Aside from strong pricing, results were driven by increased demand for Exirel® insecticide and Verimark® insecticide, as well as selective herbicides. Plant Health continued its growth momentum with revenue growing 20 percent in the quarter compared to previous year, led by biologicals which grew nearly 40 percent year-over-year.
FMC Revenue | Q2 2022 | ||||
Total Revenue Change (GAAP) | 17 % | ||||
Less FX Impact | (4 %) | ||||
Organic1 Revenue Change (Non-GAAP) | 21 % | ||||
Second quarter adjusted EBITDA was
Full Year 2022 Outlook2
FMC's solid performance in the first half supports continued confidence in strong revenue and adjusted EBITDA growth for the full year which is reflected in a narrower updated guidance range. Full-year 2022 revenue is now forecasted to be in the range of
Second Half Outlook2
Sales in the second half of 2022 are expected to be in the range of
Third quarter revenue is expected to be in the range of
Fourth quarter revenue is expected to be in the range of
"We continue to benefit from a robust market backdrop and customer demand for our innovative products and solutions. Strong pricing and demand through the second half of the year are expected to more than offset cost inflation and currency headwinds," said Douglas.
Full Year 2022 | Second Half | Q3 2022 Outlook2 | Q4 2022 Outlook2 | |
Revenue |
| |||
Growth at midpoint vs. 2021* | 11 % | 7 % | 13 % | 2 % |
Adjusted EBITDA |
|
|
| |
Growth at midpoint vs. 2021 | 6 % | 2 % | -16 % | 17 % |
Adjusted EPS^ | ||||
Growth at midpoint vs. 2021 | 6 % | -1 % | -23 % | 13 % |
^Adjusted EPS estimates assume 127 million diluted shares for full year and 127 million diluted shares for Q3. Outlook for Adjusted EPS and WADSO does not include the impact of any share repurchases that may take place in 2022. |
*Percentages are calculated using whole numbers. Minor differences may exist due to rounding. |
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 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 6,400 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® and Twitter®.
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, Rynaxypyr, Benevia, Overwatch, Coragen MaX, Exirel and Verimark are trademarks of FMC Corporation or an affiliate.
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 2021 Form 10-K and similar risk factors and cautionary statements in other reports and forms 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 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.
FMC CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited, in millions, except per share amounts) | |||||||
Three Months Ended | Six Months Ended | ||||||
2022 | 2021 | 2022 | 2021 | ||||
Revenue | $ 1,452.3 | $ 1,242.0 | $ 2,803.1 | $ 2,437.6 | |||
Costs of sales and services | 861.3 | 710.2 | 1,639.4 | 1,393.4 | |||
Gross margin | $ 591.0 | $ 531.8 | $ 1,163.7 | $ 1,044.2 | |||
Selling, general and administrative expenses | 194.8 | 161.0 | 383.3 | 335.5 | |||
Research and development expenses | 79.5 | 65.9 | 151.3 | 139.9 | |||
Restructuring and other charges (income) | 80.8 | 16.3 | 89.9 | 19.5 | |||
Total costs and expenses | $ 1,216.4 | $ 953.4 | $ 2,263.9 | $ 1,888.3 | |||
Income from continuing operations before non-operating pension and | $ 235.9 | $ 288.6 | $ 539.2 | $ 549.3 | |||
Non-operating pension and postretirement charges (income) | 3.9 | 4.8 | 8.2 | 9.6 | |||
Interest expense, net | 35.3 | 32.6 | 65.2 | 65.0 | |||
Income (loss) from continuing operations before income taxes | $ 196.7 | $ 251.2 | $ 465.8 | $ 474.7 | |||
Provision (benefit) for income taxes | 54.7 | 33.4 | 97.0 | 65.6 | |||
Income (loss) from continuing operations | $ 142.0 | $ 217.8 | $ 368.8 | $ 409.1 | |||
Discontinued operations, net of income taxes | (10.8) | (14.6) | (26.0) | (22.7) | |||
Net income (loss) | $ 131.2 | $ 203.2 | $ 342.8 | $ 386.4 | |||
Less: Net income (loss) attributable to noncontrolling interests | (3.0) | 0.3 | 1.2 | 0.9 | |||
Net income (loss) attributable to FMC stockholders | $ 134.2 | $ 202.9 | $ 341.6 | $ 385.5 | |||
Amounts attributable to FMC stockholders: | |||||||
Income (loss) from continuing operations | $ 145.0 | $ 217.5 | $ 367.6 | $ 408.2 | |||
Discontinued operations, net of tax | (10.8) | (14.6) | (26.0) | (22.7) | |||
Net income (loss) | $ 134.2 | $ 202.9 | $ 341.6 | $ 385.5 | |||
Basic earnings (loss) per common share attributable to FMC stockholders: | |||||||
Continuing operations | $ 1.15 | $ 1.68 | $ 2.91 | $ 3.15 | |||
Discontinued operations | (0.09) | (0.11) | (0.21) | (0.18) | |||
Basic earnings per common share | $ 1.06 | $ 1.57 | $ 2.70 | $ 2.97 | |||
Average number of shares outstanding used in basic earnings per share computations | 126.2 | 129.1 | 126.1 | 129.3 | |||
Diluted earnings (loss) per common share attributable to FMC stockholders: | |||||||
Continuing operations | $ 1.15 | $ 1.67 | $ 2.90 | $ 3.14 | |||
Discontinued operations | (0.09) | (0.11) | (0.21) | (0.17) | |||
Diluted earnings per common share | $ 1.06 | $ 1.56 | $ 2.69 | $ 2.97 | |||
Average number of shares outstanding used in diluted earnings per share computations | 126.9 | 129.9 | 126.9 | 130.1 | |||
Other Data: | |||||||
Capital additions and other investing activities | $ 9.9 | $ 27.0 | $ 64.8 | $ 65.9 | |||
Depreciation and amortization expense | 42.8 | 42.5 | 85.2 | 85.1 | |||
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 | |||||||
(Unaudited, in millions, except per share amounts) | |||||||
Three Months Ended | Six Months Ended | ||||||
2022 | 2021 | 2022 | 2021 | ||||
Net income (loss) attributable to FMC stockholders (GAAP) | $ 134.2 | $ 202.9 | $ 341.6 | $ 385.5 | |||
Corporate special charges (income): | |||||||
Restructuring and other charges (income) (a) | 80.8 | 16.3 | 89.9 | 19.5 | |||
Non-operating pension and postretirement charges (income) (b) | 3.9 | 4.8 | 8.2 | 9.6 | |||
Transaction-related charges (c) | — | — | — | 0.4 | |||
Income tax expense (benefit) on Corporate special charges (income) (d) | (0.9) | (4.7) | (1.8) | (6.3) | |||
Discontinued operations attributable to FMC stockholders, net of income taxes | 10.8 | 14.6 | 26.0 | 22.7 | |||
Tax adjustment (f) | 16.3 | 1.3 | 19.9 | 3.8 | |||
Adjusted after-tax earnings from continuing operations attributable to FMC stockholders (Non-GAAP) (1) | $ 245.1 | $ 235.2 | $ 483.8 | $ 435.2 | |||
Diluted earnings per common share (GAAP) | $ 1.06 | $ 1.56 | $ 2.69 | $ 2.97 | |||
Corporate special charges (income) per diluted share, before tax: | |||||||
Restructuring and other charges (income) | 0.64 | 0.13 | 0.71 | 0.15 | |||
Non-operating pension and postretirement charges (income) | 0.03 | 0.04 | 0.06 | 0.08 | |||
Income tax expense (benefit) on Corporate special charges (income), per diluted share | (0.02) | (0.04) | (0.02) | (0.05) | |||
Discontinued operations attributable to FMC stockholders, net of income taxes per diluted share (e) | 0.09 | 0.11 | 0.21 | 0.17 | |||
Tax adjustments per diluted share | 0.13 | 0.01 | 0.16 | 0.03 | |||
Diluted adjusted after-tax earnings from continuing operations per share, attributable to FMC stockholders (Non-GAAP) | $ 1.93 | $ 1.81 | $ 3.81 | $ 3.35 | |||
Average number of shares outstanding used in diluted adjusted after-tax earnings from continuing operations per share computations | 126.9 | 129.9 | 126.9 | 130.1 | |||
____________________
(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 June 30, 2022: |
Restructuring and other charges (income) is primarily comprised of | |
Three Months Ended June 30, 2021: | |
Restructuring and other charges (income) is primarily comprised of costs related to regional realignment activities, primarily the move of our European headquarters, including severance and employee relocation costs, of | |
Six Months Ended June 30, 2022: | |
Restructuring and other charges (income) is primarily comprised of | |
Six Months Ended June 30, 2021: | |
Restructuring and other charges (income) is comprised of costs related to regional realignment activities, primarily the move of our European headquarters, including severance and employee relocation costs, of | |
(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. |
(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) | 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 June 30, | Six Months Ended June 30, | ||||||
(in Millions) | 2022 | 2021 | 2022 | 2021 | |||
Non-GAAP tax adjustments | |||||||
Revisions to valuation allowances of historical deferred tax assets | $ — | $ 0.4 | $ — | $ 0.5 | |||
Foreign currency remeasurement and other discrete items | 16.3 | 0.9 | 19.9 | 3.3 | |||
Total Non-GAAP tax adjustments | $ 16.3 | $ 1.3 | $ 19.9 | $ 3.8 | |||
RECONCILIATION OF NET INCOME (LOSS) (GAAP) TO ADJUSTED EARNINGS FROM CONTINUING OPERATIONS, BEFORE INTEREST, INCOME | |||||||
(Unaudited, in millions) | |||||||
Three Months Ended | Six Months Ended | ||||||
2022 | 2021 | 2022 | 2021 | ||||
Net income (loss) (GAAP) | $ 131.2 | $ 203.2 | $ 342.8 | $ 386.4 | |||
Restructuring and other charges (income) | 80.8 | 16.3 | 89.9 | 19.5 | |||
Non-operating pension and postretirement charges (income) | 3.9 | 4.8 | 8.2 | 9.6 | |||
Transaction-related charges | — | — | — | 0.4 | |||
Discontinued operations, net of income taxes | 10.8 | 14.6 | 26.0 | 22.7 | |||
Interest expense, net | 35.3 | 32.6 | 65.2 | 65.0 | |||
Depreciation and amortization | 42.8 | 42.5 | 85.2 | 85.1 | |||
Provision (benefit) for income taxes | 54.7 | 33.4 | 97.0 | 65.6 | |||
Adjusted earnings from continuing operations, before interest, income taxes, | $ 359.5 | $ 347.4 | $ 714.3 | $ 654.3 | |||
___________________
(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 CONTINUING OPERATIONS (GAAP) TO FREE CASH FLOW (NON-GAAP) | |||||||
(Unaudited, in millions) | |||||||
Three Months Ended | Six Months Ended | ||||||
2022 | 2021 | 2022 | 2021 | ||||
Cash provided (required) by operating activities of continuing operations (GAAP)(1) | $ 195.9 | $ 254.7 | $ (401.9) | $ (39.4) | |||
Transaction and integration costs | — | 1.3 | 0.5 | 5.8 | |||
Adjusted cash from operations(2) | $ 195.9 | $ 256.0 | $ (401.4) | $ (33.6) | |||
Capital expenditures | (23.4) | (21.9) | (73.7) | (46.9) | |||
Other investing activities | 13.5 | (5.1) | 8.9 | (19.0) | |||
Capital additions and other investing activities | $ (9.9) | $ (27.0) | $ (64.8) | $ (65.9) | |||
Cash provided (required) by operating activities of discontinued operations | (20.6) | (23.5) | (31.6) | (32.4) | |||
Transaction and integration costs | — | (1.3) | (0.5) | (5.8) | |||
Investment in Enterprise Resource Planning system | — | (0.5) | — | (12.7) | |||
Legacy and transformation | $ (20.6) | $ (25.3) | $ (32.1) | $ (50.9) | |||
Free cash flow (Non-GAAP)(3) | $ 165.4 | $ 203.7 | $ (498.3) | $ (150.4) | |||
___________________
(1) | The cash provided (required) by operating activities for the three months ended June 30, 2022 and 2021 is the calculation of the six months ended June 30, 2022 and 2021 less the previously reported three months ended March 31, 2022 and 2021, respectively. |
(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 June | Six Months Ended June | ||
Total Revenue Change (GAAP) | 17 % | 15 % | |
Less: Foreign Currency Impact | (4) % | (4) % | |
Organic Revenue Change (Non-GAAP) | 21 % | 19 % | |
___________________
(1) | We believe organic revenue growth (non-GAAP) provides management and investors with useful supplemental information regarding our on going 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) | |||
June 30, 2022 | December 31, 2021 | ||
Cash and cash equivalents | $ 591.5 | $ 516.8 | |
Trade receivables, net of allowance of | 2,885.1 | 2,583.7 | |
Inventories | 1,590.4 | 1,405.7 | |
Prepaid and other current assets | 450.4 | 431.4 | |
Total current assets | $ 5,517.4 | $ 4,937.6 | |
Property, plant and equipment, net | 797.4 | 817.0 | |
Goodwill | 1,455.8 | 1,463.3 | |
Other intangibles, net | 2,446.4 | 2,521.9 | |
Deferred income taxes | 214.9 | 218.5 | |
Other long-term assets | 612.3 | 623.0 | |
Total assets | $ 11,044.2 | $ 10,581.3 | |
Short-term debt and current portion of long-term debt | $ 1,155.1 | $ 440.8 | |
Accounts payable, trade and other | 1,122.2 | 1,135.0 | |
Advanced payments from customers | 1.8 | 630.7 | |
Accrued and other liabilities | 594.3 | 631.2 | |
Accrued customer rebates | 793.2 | 406.7 | |
Guarantees of vendor financing | 204.9 | 206.2 | |
Accrued pensions and other postretirement benefits, current | 4.3 | 4.3 | |
Income taxes | 109.9 | 65.4 | |
Total current liabilities | $ 3,985.7 | $ 3,520.3 | |
Long-term debt, less current portion | $ 2,731.7 | $ 2,731.7 | |
Long-term liabilities | 1,199.5 | 1,277.4 | |
Equity | 3,127.3 | 3,051.9 | |
Total liabilities and equity | $ 11,044.2 | $ 10,581.3 | |
FMC CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in millions) | |||
Six Months Ended June 30, | |||
2022 | 2021 | ||
Cash provided (required) by operating activities of continuing operations | $ (401.9) | $ (39.4) | |
Cash provided (required) by operating activities of discontinued operations | (31.6) | (32.4) | |
Cash provided (required) by investing activities of continuing operations | (65.3) | (81.2) | |
Cash provided (required) by financing activities of continuing operations | 585.7 | 315.9 | |
Effect of exchange rate changes on cash | (12.2) | (3.3) | |
Increase (decrease) in cash and cash equivalents | $ 74.7 | $ 159.6 | |
Cash and cash equivalents, beginning of period | $ 516.8 | $ 568.9 | |
Cash and cash equivalents, end of period | $ 591.5 | $ 728.5 | |
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SOURCE FMC Corporation
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