FMC Corporation Announces Third Quarter 2009 Results
- Third quarter 2009 earnings of $0.89 per diluted share before restructuring and other income and charges
- Full-year 2009 outlook narrowed to $4.05 to $4.15 per diluted share before restructuring and other income and charges
- Press Release
- Source: FMC Corporation
- On 5:15 pm EDT, Wednesday October 28, 2009
PHILADELPHIA, October 28 /PRNewswire-FirstCall/ -- FMC Corporation (NYSE: FMC - News) today reported net income of $28.0 million, or $0.38 per diluted share, in the third quarter of 2009, versus net income of $80.0 million, or $1.05 per diluted share, in the third quarter of 2008. Net income in the current quarter included restructuring and other income and charges of $37.3 million after-tax, or charges of $0.51 per diluted share, versus restructuring and other income and charges of $5.6 million after-tax, or charges of $0.08 per diluted share, in the prior-year quarter. Excluding these items in both periods, the company earned $0.89 per diluted share in the current quarter, a decrease of 21 percent versus $1.13 per diluted share in the prior-year quarter. Third quarter revenue of $713.3 million was 13 percent lower than $820.8 million in the prior year.
Related Quotes
| Symbol | Price | Change |
|---|---|---|
| FMC | 55.32 | -1.38 |
William G. Walter, FMC chairman, president and chief executive officer, said, "Our third quarter results were consistent with our expectations. We realized continued strong performance in our businesses serving end markets less sensitive to the economy. And in our businesses with end markets more sensitive to the economy, though volumes were lower than a year ago, demand in each improved on a sequential basis relative to the second quarter with further improvement expected in the fourth quarter. Agricultural Products' results were driven by strong Latin American performance and lower raw material costs. Specialty Chemicals' earnings growth was the result of outstanding commercial performance in BioPolymer. Industrial Chemicals' results were impacted by lower volumes across its businesses and reduced selling prices in phosphates. As we complete 2009, we are confident that most impacts of the global recession are behind us."
Revenue in Agricultural Products of $268.3 million increased 2 percent versus the prior-year quarter, as sales gains in Brazil, driven by growth in planted acres in key crops, and in non-crop markets were partially offset by lower volumes in North America and Europe. Segment earnings of $59.2 million increased 34 percent versus the year-ago quarter, reflecting the sales growth in Brazil, lower raw material costs and favorable currency comparisons relative to the prior-year quarter.
Revenue in Specialty Chemicals was $191.7 million, down 3 percent versus year ago quarter. Strong commercial performance and the benefit of acquisitions in BioPolymer were more than offset by lower lithium volumes. Segment earnings of $40.9 million were 14 percent higher than the year-ago quarter, driven by revenue gains in BioPolymer partially offset by lower lithium volumes.
Revenue in Industrial Chemicals of $254.4 million declined 29 percent from the prior-year quarter, as lower volumes across the segment and reduced phosphate selling prices more than offset higher selling prices in most product lines. Segment earnings of $20.7 million were 69 percent lower than the year-ago quarter, driven by the lower sales partially offset by lower raw material costs, primarily phosphate rock, and energy costs.
Corporate expense was $10.3 million, down from $12.5 million in the prior-year quarter. Interest expense, net, was $6.2 million, as compared to $7.5 million in the year-ago quarter. On September 30, 2009, gross consolidated debt was $613.6 million, and debt, net of cash, was $553.7 million. For the quarter, depreciation and amortization was $32.3 million and capital expenditures were $35.0 million.
Nine Months Results
Revenue was $2,104.1 million, a decrease of 12 percent as compared with $2,377.6 million in the prior-year period. Net income was $166.4 million, 36 percent lower than $258.3 million in the year-earlier period. Net income in the current period included restructuring and other income and charges of $68.8 million, versus restructuring and other income and charges of $17.4 million in the prior-year period. Excluding these charges, the company earned $235.2 million in the first nine months of 2009, a decrease of 15 percent versus $275.7 million in the first nine months of 2008.
Revenue in Agricultural Products was $782.1 million, a decrease of 4 percent versus the prior-year period, as sales gains in North America were more than offset by lower sales in Latin America, primarily Brazil, and unfavorable currency impacts in Europe and Asia. Segment earnings were $242.2 million, an increase of 15 percent from the first nine months of 2008, as a result of higher selling prices, lower raw material costs, continued global supply chain productivity improvements and lower selling and administrative expenses.
Revenue in Specialty Chemicals was $558.9 million, 3 percent lower than the prior-year period, as strong commercial performance in BioPolymer was more than offset by lower lithium volumes. Segment earnings of $119.5 million increased 2 percent versus the year-earlier period as favorable commercial performance in BioPolymer and the benefits of productivity initiatives and acquisitions were partially offset by lower lithium volumes, temporary plant curtailments taken to reduce inventories and unfavorable currency translation.
Revenue in Industrial Chemicals was $766.6 million, a decrease of 22 percent versus the prior-year period, as lower volumes across the segment more than offset higher selling prices in most businesses. Segment earnings of $57.0 million declined 62 percent versus the year-earlier period, driven by lower volumes, higher raw material costs, particularly phosphate rock, and lower phosphate selling prices.
Corporate expense was $31.9 million, down from $37.4 million in the year-earlier period. Interest expense, net, was $19.7 million, as compared to $24.5 million in the prior-year period. For the period, depreciation and amortization was $93.5 million and capital expenditures were $106.8 million.
Outlook
Regarding the outlook for 2009, Walter said, "For the full year 2009, we have narrowed our outlook for earnings before restructuring and other income and charges to $4.05 to $4.15 per diluted share."
Walter added, "For the fourth quarter of 2009, we expect earnings before restructuring and other income and charges of $0.85 to $0.95 per diluted share. As compared to the prior-year quarter, in Agricultural Products we look for earnings to increase 35 to 40 percent driven by improved market conditions in Brazil, lower raw material costs and further manufacturing productivity improvements. In Specialty Chemicals, we expect earnings to be up approximately 20 percent with continued strong performance in BioPolymer. In Industrial Chemicals, earnings are expected to be down 30 to 40 percent as reduced selling prices in phosphates and modestly lower volumes across the segment more than offset favorable raw material costs."
FMC will conduct its third quarter conference call and webcast at 11:00 a.m. ET on Thursday, October 29, 2009. This event will be available live and as a replay on the web at http://www.fmc.com. Prior to the conference call, the company will also provide supplemental information on the web including its 2009 Outlook Statement, definitions of non-GAAP terms and reconciliations of non-GAAP figures to the nearest available GAAP term.
FMC Corporation is a diversified chemical company serving agricultural, industrial and consumer markets globally for more than a century with innovative solutions, applications and quality products. The company employs over 5,000 people throughout the world. The company operates its businesses in three segments: Agricultural Products, Specialty Chemicals and Industrial Chemicals.
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 2008 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 AND CONSOLIDATED SUBSIDIARIES
---------------------------------------------
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
-----------------------------------------------
(Unaudited, in millions, except per share amounts)
Three Months Ended Nine Months Ended
September 30,(a) September 30,(a)
---------------- ----------------
2009 2008 2009 2008
---- ---- ---- ----
Revenue $713.3 $820.8 $2,104.1 $2,377.6
Costs of sales and services 510.0 580.8 1,441.2 1,616.4
Selling, general and
administrative expenses 79.8 81.9 234.6 255.6
Research and development
expenses 23.2 23.4 64.2 68.2
Restructuring and other charges
(income) 32.3 15.6 84.9 18.0
---- ---- ---- ----
Total costs and expenses 645.3 701.7 1,824.9 1,958.2
----- ----- ------- -------
Income from operations 68.0 119.1 279.2 419.4
Equity in (earnings) loss of
affiliates (0.9) (2.3) (2.4) (2.9)
Interest expense, net 6.2 7.5 19.7 24.5
--- --- ---- ----
Income from continuing
operations before income
taxes 62.7 113.9 261.9 397.8
Provision (benefit) for
income taxes 27.2 23.3 74.2 108.0
---- ---- ---- -----
Income from continuing
operations 35.5 90.6 187.7 289.8
Discontinued operations, net of
income taxes (6.1) (5.9) (15.7) (20.1)
---- ---- ----- -----
Net income $29.4 $84.7 $172.0 $269.7
----- ----- ------ ------
Less: Net income
attributable to
noncontrolling interests 1.4 4.7 5.6 11.4
--- --- --- ----
Net income attributable to FMC
stockholders $28.0 $80.0 $166.4 $258.3
===== ===== ====== ======
Amounts attributable to FMC
stockholders:
Income from continuing
operations, net of tax $34.1 $85.9 $182.1 $278.4
Discontinued operations, net
of tax (6.1) (5.9) (15.7) (20.1)
---- ---- ----- -----
Net income $28.0 $80.0 $166.4 $258.3
===== ===== ====== ======
Basic earnings (loss) per
common share attributable to
FMC stockholders:
Income from continuing
operations $0.47 $1.15 $2.52 $3.72
Discontinued operations (0.08) (0.08) (0.22) (0.27)
----- ----- ----- -----
Basic earnings per common
share $0.39 $1.07 $2.30 $3.45
===== ===== ===== =====
Average number of shares used
in basic earnings per share
computations 72.1 74.2 72.2 74.5
==== ==== ==== ====
Diluted earnings (loss) per
common share attributable to
FMC stockholders:
Income from continuing
operations $0.46 $1.13 $2.48 $3.65
Discontinued operations (0.08) (0.08) (0.21) (0.26)
----- ----- ----- -----
Diluted earnings per
common share $0.38 $1.05 $2.27 $3.39
===== ===== ===== =====
Average number of shares used
in diluted earnings per share
computations 73.1 76.0 73.3 76.3
==== ==== ==== ====
-----------
Other Data:
-----------
Capital expenditures $35.0 $59.5 $106.8 $125.9
Depreciation and amortization
expense $32.3 $32.6 $93.5 $94.3
----------------------------- ----- ----- ----- -----
(a) On January 1, 2009, FMC adopted new accounting guidance which
changes the accounting and reporting for minority interests.
This guidance requires that minority interests be recharacterized as
noncontrolling interests and that we present a consolidated net income
that includes the amount attributable to the noncontrolling interests
for all periods presented.
FMC CORPORATION AND CONSOLIDATED SUBSIDIARIES
---------------------------------------------
CONDENSED CONSOLIDATED STATEMENTS OF INCOME FROM CONTINUING OPERATIONS,
-----------------------------------------------------------------------
EXCLUDING RESTRUCTURING AND OTHER INCOME AND CHARGES (NON-GAAP)*
----------------------------------------------------------------
(Unaudited, in millions, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2009 2008 2009 2008
---- ---- ---- ----
Revenue $713.3 $820.8 $2,104.1 $2,377.6
Costs of sales and services 507.6 579.8 1,436.5 1,615.4
Selling, general and
administrative expenses 79.8 81.9 234.6 255.6
Research and development expenses 23.2 23.4 64.2 68.2
---- ---- ---- ----
Total costs and expenses 610.6 685.1 1,735.3 1,939.2
Income from operations 102.7 135.7 368.8 438.4
Equity in (earnings) loss
of affiliates (0.9) (2.3) (2.4) (2.9)
Interest expense, net 6.2 7.5 19.7 24.5
--- --- ---- ----
Income from continuing
operations before income taxes,
excluding restructuring and
other income and charges 97.4 130.5 351.5 416.8
Provision for income taxes 30.7 40.2 110.7 129.7
---- ---- ----- -----
After-tax income from
continuing operations,
excluding restructuring and
other income and charges 66.7 90.3 240.8 287.1
---- ---- ----- -----
Less: Net income attributable to
noncontrolling interests 1.4 4.7 5.6 11.4
--- --- --- ----
After-tax income from
continuing operations,
excluding restructuring and
other income and charges,
attributable to FMC
stockholders* $65.3 $85.6 $235.2 $275.7
===== ===== ====== ======
Basic after-tax income from
continuing operations per share,
excluding restructuring and other
income and charges, attributable to
FMC stockholders $0.90 $1.15 $3.25 $3.69
===== ===== ===== =====
Average number of shares used in
basic after-tax income per share
computations 72.1 74.2 72.2 74.5
==== ==== ==== ====
Diluted after-tax income from
continuing operations per share,
excluding restructuring and other
income and charges, attributable to
FMC stockholders $0.89 $1.13 $3.21 $3.61
===== ===== ===== =====
Average number of shares used in
diluted after-tax income per share
computations 73.1 76.0 73.3 76.3
==== ==== ==== ====
* The Company believes that the Non-GAAP financial measure "After-tax
income from continuing operations, excluding restructuring and other
income and charges, 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. The
Company also believes that excluding the effect of restructuring and
other income and charges from operating results allows management and
investors to compare more easily the financial performance of its
underlying businesses from period to period.
Please see the reconciliation of Non-GAAP financial measures to
GAAP financial results.
FMC CORPORATION AND CONSOLIDATED SUBSIDIARIES
---------------------------------------------
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO FMC STOCKHOLDERS (GAAP)
--------------------------------------------------------------------
TO AFTER-TAX INCOME FROM CONTINUING OPERATIONS, EXCLUDING RESTRUCTURING
-----------------------------------------------------------------------
AND OTHER INCOME AND CHARGES, ATTRIBUTABLE TO FMC STOCKHOLDERS (NON-GAAP)
-------------------------------------------------------------------------
(Unaudited, in millions, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2009 2008 2009 2008
---- ---- ---- ----
Net income attributable to FMC
stockholders (GAAP) $28.0 $80.0 $166.4 $258.3
Discontinued operations, net of
income taxes (a) 6.1 5.9 15.7 20.1
Restructuring and other (income)
charges, net (b) 32.3 15.6 84.9 18.0
Purchase accounting inventory fair
value impact and other related
inventory adjustments (c) 2.4 1.0 4.7 1.0
Tax effect of restructuring
and other (income) charges
and purchase accounting
inventory fair value
impact and other related
inventory adjustments (3.8) (5.7) (21.6) (10.5)
Tax adjustments (d) 0.3 (11.2) (14.9) (11.2)
--- ----- ----- -----
After-tax income from continuing
operations, excluding restructuring
and other income and charges,
attributable to FMC stockholders
(Non-GAAP) $65.3 $85.6 $235.2 $275.7
===== ===== ====== ======
Diluted earnings per common
share (GAAP) $0.38 $1.05 $2.27 $3.39
Discontinued operations per
diluted share 0.08 0.08 0.21 0.26
Restructuring and other (income)
charges, net per diluted share,
before tax 0.44 0.21 1.16 0.24
Purchase accounting inventory fair
value impact and other related
inventory adjustments per diluted
share, before tax 0.03 0.01 0.06 0.01
Tax effect of restructuring
and other (income) charges
and purchase accounting
inventory fair value
impact and other related
inventory adjustments (0.05) (0.07) (0.29) (0.14)
Tax adjustments per diluted share 0.01 (0.15) (0.20) (0.15)
---- ----- ----- -----
Diluted after-tax income from
continuing operations per share,
excluding restructuring and other
income and charges, attributable to
FMC stockholders (Non-GAAP) $0.89 $1.13 $3.21 $3.61
===== ===== ===== =====
Average number of shares used in
diluted after-tax income from
continuing operations per share
computations 73.1 76.0 73.3 76.3
==== ==== ==== ====
(a) Discontinued operations for the three and nine months ended September
30, 2009 and 2008, respectively, primarily includes provisions for
environmental liabilities and legal reserves and expenses related to
previously discontinued operations.
(b) 2009
Restructuring and other charges (income) for the three months ended
September 30, 2009, include charges related to the closure of our
manufacturing operations at our Barcelona, Spain facility, which is
part of our Industrial Chemicals segment ($5.5 million), our Bayport
butyllithium facility which is part of our Specialty Chemicals segment
($0.1 million) and continued charges related to the closure of our
Baltimore agricultural chemicals facility ($0.2 million). We also
incurred charges related to the realignment of our Alginates
manufacturing operations in our Specialty Chemicals segment ($3.6
million). Additionally, restructuring and other charges (income) for
the three months ended September 30, 2009, include severance charges
in our Industrial Chemicals segment and Specialty Chemicals segment
($5.8 million and $1.3 million, respectively), asset abandonment
charges in our Industrial Chemicals segment and Specialty Chemicals
segment ($1.1 million and $0.5 million, respectively) and charges
associated with a collaboration and license agreement in our
Agricultural Products segment ($1.0 million). We also recorded
approximately $21.0 million in connection with the resolution of a
regulatory matter in our Industrial Chemicals Segment. Remaining
restructuring and other charges (income) for the three months ended
September 30, 2009, include a $4.9 million net gain representing
recoveries related to continuing environmental sites as a Corporate
item, recognition of a net deferred gain of $2.3 million associated
with our Princeton facility as a result of exiting the leases and a
$0.6 million gain primarily related to an asset sale in our Industrial
Chemicals segment.
For the nine months ended September 30, 2009, amounts include charges
related to the closure of our manufacturing operations at our
Barcelona, Spain facility ($18.0 million) and our Peroxygens facility
in Santa Clara, Mexico ($6.6 million), both of which are part of our
Industrial Chemicals segment, our Bayport butyllithium facility which
is part of our Specialty Chemicals segment ($7.6 million) and
continued charges related to the closure of our Baltimore
agricultural chemicals facility ($1.5 million). We also incurred
charges related to the realignment of our Alginates manufacturing
operations in our Specialty Chemicals segment ($9.9 million).
Additionally, restructuring and other charges (income) for the nine
months ended September 30, 2009, include severance charges in our
Industrial Chemicals segment and Specialty Chemicals segment ($9.5
million and $2.1 million, respectively), asset abandonment charges in
our Agricultural Products segment, Industrial Chemicals segment and
Specialty Chemicals segment ($2.6 million, $2.6 million and $1.6
million, respectively) and charges associated with a collaboration and
license agreement in our Agricultural Products segment ($2.0 million).
We also recorded approximately $21.0 million in connection with the
resolution of a regulatory matter in our Industrial Chemicals Segment.
Remaining restructuring and other charges (income) for the nine months
ended September 30, 2009, include $0.9 million net gain representing
recoveries related to continuing environmental sites as a Corporate
item, recognition of a net deferred gain of $2.3 million associated
with our Princeton facility as a result of exiting the leases and $3.1
million of other charges primarily represented settlements with state
authorities for property claims and adjustments related to previously
recorded restructuring reserves.
2008
Restructuring and other charges (income) for the three months ended
September 30, 2008, include continued charges related to the closure
of our Baltimore agricultural chemicals facility ($0.6 million) and
our Jacksonville, Florida agricultural formulation plant ($2.3
million). Both of these charges are associated with our Agricultural
Products segment. Additionally, restructuring and other charges
(income) for the three months ended September 30, 2008, primarily
include restructuring related severance charges in our Agricultural
Products segment, Industrial Chemicals segment and Specialty Chemicals
segment ($1.6 million, $0.8 million and $0.3 million, respectively),
asset abandonment charges in our Agricultural Products segment,
Industrial Chemicals segment and Specialty Chemicals segment ($0.6
million, $0.3 million and $3.3 million, respectively) and charges
associated with a collaboration and license agreement in our
Agricultural Products segment ($1.0 million). Remaining restructuring
and other charges (income) for the three months ended September 30,
2008, included $0.5 million of other charges primarily related to our
Industrial Chemicals segment and charges associated with continuing
environmental sites as a Corporate charge ($4.3 million).
For the nine months ended September 30, 2008, restructuring and other
charges (income) include a net gain associated with the sale of our
major research and development facility in Princeton, New Jersey
($29.6 million-gain) and a gain associated with the sale of our sodium
sulfate assets in Foret which is part of our Industrial Chemicals
segment ($3.6 million-gain). Fully offsetting these gains were
continued charges related to the closure of our Baltimore agricultural
chemicals facility ($22.2 million) and Jacksonville agricultural
formulation facility ($4.9 million). We also incurred charges
associated with continuing environmental sites as a Corporate charge
($10.3 million), restructuring related severance charges in our
Agricultural Products segment, Industrial Chemicals segment and
Specialty Chemicals segment ($3.4 million, $2.8 million and $0.5
million, respectively) and asset abandonment charges in our
Agricultural Products segment, Industrial Chemicals segment and
Specialty Chemicals segment ($0.6 million, $0.7 million and $3.3
million, respectively). Remaining restructuring and other charges
(income) for the nine months ended September 30, 2008, included $1.5
million of other charges primarily related to our Industrial Chemicals
segment and charges associated with a collaboration and license
agreement in our Agricultural Products segment ($1.0 million).
(c) Charges related to amortization of the inventory fair value step-up
resulting from the application of purchase accounting associated with
the third quarter 2008 acquisition in our Specialty Chemicals segment
and the first quarter 2009 acquisition in our Agricultural Products
segment. In 2009, we also recorded inventory adjustments related to
the third quarter 2008 acquisition in our Specialty Chemicals segment
and subsequent alginates business restructuring. On the condensed
consolidated statements of operations these charges are included in
"Costs of sales and services" for the three and nine months ended
September 30, 2009 and 2008.
(d) Tax adjustments for the three months ended September 30, 2009, are
primarily a result of adjustments related to prior year tax matters.
Tax adjustments for the nine months ended September 30, 2009, are
primarily a result of a reduction in our liability for unrecognized
tax benefits due to settlements of audits and the expiration of
statute of limitations. Tax adjustments for the three and nine months
ended September 30, 2008, are primarily related to adjustments to our
tax liabilities for unrecognized tax benefits due to favorable
conclusions to tax audits.
FMC CORPORATION AND CONSOLIDATED SUBSIDIARIES
---------------------------------------------
INDUSTRY SEGMENT DATA
---------------------
(Unaudited, in millions)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2009 2008 2009 2008
---- ---- ---- ----
Revenue
-------
Agricultural Products $268.3 $263.8 $782.1 $817.9
Specialty Chemicals 191.7 198.0 558.9 574.2
Industrial Chemicals 254.4 359.6 766.6 988.9
Eliminations (1.1) (0.6) (3.5) (3.4)
---- ---- ---- ----
Total $713.3 $820.8 $2,104.1 $2,377.6
====== ====== ======== ========
Income from continuing
operations before income taxes
-------------------------------
Agricultural Products $59.2 $44.1 $242.2 $211.5
Specialty Chemicals 40.9 35.9 119.5 116.9
Industrial Chemicals 20.7 67.3 57.0 148.1
Eliminations - 0.2 (0.1) (0.1)
--- --- ---- ----
Segment operating profit 120.8 147.5 418.6 476.4
Corporate (10.3) (12.5) (31.9) (37.4)
Other income (expense), net (8.3) (1.7) (21.1) (9.1)
---- ---- ----- ----
Operating profit from
continuing operations before
items noted below: 102.2 133.3 365.6 429.9
Restructuring and other
income (charges), net (a) (32.3) (15.6) (84.9) (18.0)
Interest expense, net (6.2) (7.5) (19.7) (24.5)
Purchase accounting
inventory fair value impact
and other related inventory
adjustments (b) (2.4) (1.0) (4.7) (1.0)
Provision for income taxes (27.2) (23.3) (74.2) (108.0)
Discontinued operations,
net of income taxes (6.1) (5.9) (15.7) (20.1)
---- ---- ----- -----
Net income attributable to
FMC stockholders $28.0 $80.0 $166.4 $258.3
===== ===== ====== ======
(a) Amounts for the three months ended September 30, 2009, related to
Industrial Chemicals ($32.8 million), Agricultural Products ($1.2
million), Specialty Chemicals ($5.5 million) and Corporate ($7.2
million - gain). Amounts for the three months ended September 30,
2008, related to Agricultural Products ($6.1 million), Industrial
Chemicals ($1.6 million), Specialty Chemicals ($3.6 million) and
Corporate ($4.3 million).
Amounts for the nine months ended September 30, 2009, related to
Industrial Chemicals ($58.1 million), Agricultural Products ($6.1
million), Specialty Chemicals ($21.3 million) and Corporate ($0.6
million - gain). Amounts for the nine months ended September 30, 2008,
related to Agricultural Products ($32.3 million), Industrial Chemicals
($1.0 million), Specialty Chemicals ($3.9 million) and Corporate
($19.2 million - gain).
See Note (b) to the schedule "Reconciliation of Net Income
Attributable to FMC Stockholders (GAAP) to After-Tax Income from
Continuing Operations Excluding Restructuring and Other Income and
Charges (Non-GAAP)" for further details on the components that make up
this line item.
(b) See Note (c) to the schedule "Reconciliation of Net Income
Attributable to FMC Stockholders (GAAP) to After-Tax Income from
Continuing Operations Excluding Restructuring and Other Income and
Charges (Non-GAAP)" for further details on the components that make up
this line item.
FMC CORPORATION AND CONSOLIDATED SUBSIDIARIES
---------------------------------------------
CONDENSED CONSOLIDATED BALANCE SHEETS
-------------------------------------
(Unaudited, in millions)
September 30, December 31,
2009 2008
---- ----
Cash and cash equivalents $59.9 $52.4
Trade receivables, net 715.4 687.7
Inventories 380.6 380.8
Other current assets 145.2 135.0
Deferred income taxes 134.0 176.9
----- -----
Total current assets 1,435.1 1,432.8
Property, plant and equipment, net 948.8 939.2
Goodwill 212.8 197.0
Deferred income taxes 221.8 243.6
Other long-term assets 227.0 181.3
----- -----
Total assets $3,045.5 $2,993.9
======== ========
Short-term debt $69.8 $28.6
Current portion of long-term debt 1.9 2.1
Accounts payable, trade and other 262.5 372.3
Guarantees of vendor financing 44.2 20.3
Accrued pensions and other post-retirement
benefits, current 10.2 10.2
Other current liabilities 376.6 325.6
----- -----
Total current liabilities 765.2 759.1
Long-term debt 541.9 592.9
Long-term liabilities 616.7 675.5
Equity (a) 1,121.7 966.4
------- -----
Total liabilities and equity $3,045.5 $2,993.9
======== ========
(a) On January 1, 2009, FMC adopted new accounting guidance which
changes the accounting and reporting for minority interests. This
guidance requires that minority interests be recharacterized as
noncontrolling interests and classified as a component of equity.
FMC CORPORATION AND CONSOLIDATED SUBSIDIARIES
---------------------------------------------
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
----------------------------------------------
(Unaudited, in millions)
Nine Months Ended
September 30,
-------------
2009 2008
---- ----
Cash provided (required) by operating activities $274.3 $317.2
------ ------
Cash (required) by operating activities of
discontinued operations (31.1) (37.8)
----- -----
Cash provided (required) by investing activities:
Capital expenditures (106.8) (125.9)
Other investing activities (34.4) (15.4)
----- -----
(141.2) (141.3)
------ ------
Cash provided (required) by financing activities:
Net borrowings (repayments) under committed credit
facilities (81.3) 126.0
Increase (decrease) in short-term debt 34.5 (12.5)
Proceeds from borrowings of long-term debt 21.4 -
Repayments of long-term debt - (77.7)
Distributions to noncontrolling interests (13.4) (12.5)
Dividends paid (27.3) (25.1)
Repurchases of common stock (36.4) (126.6)
Issuances of common stock, net 6.0 12.8
--- ----
(96.5) (115.6)
----- ------
Effect of exchange rate changes on cash 2.0 (3.0)
--- ----
Increase (decrease) in cash and cash equivalents 7.5 19.5
Cash and cash equivalents, beginning of year 52.4 75.5
---- ----
Cash and cash equivalents, end of period $59.9 $95.0
===== =====
Related Headlines
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