- Second quarter 2009 earnings of $1.10 per diluted share before restructuring
and other income and charges
- Full-year 2009 outlook revised to $4.00 to $4.20 per diluted share before restructuring and other income and charges
PHILADELPHIA, July 29 /PRNewswire-FirstCall/ -- FMC Corporation (NYSE:
FMC) today reported net income of $69.3 million, or $0.94 per diluted share,
in the second quarter of 2009, versus net income of $84.4 million, or $1.10
per diluted share, in the second quarter of 2008. Net income in the current
quarter included restructuring and other income and charges of $11.3 million
after-tax, or charges of $0.16 per diluted share, versus restructuring and
other income and charges of $14.5 million after-tax, or charges of $0.19 per
diluted share, in the prior-year quarter. Excluding these items in both
periods, the company earned $1.10 per diluted share in the current quarter, a
decrease of 15 percent versus $1.29 per diluted share in the prior-year
quarter. Second quarter revenue of $700.3 million was 13 percent lower than
$806.6 million in the prior year.
William G. Walter, FMC chairman, president and chief executive officer,
said, "Our second quarter results reflect continued strong performance in our
businesses serving end markets with low correlation to economic cycles. As
expected, volumes in our businesses with economically-sensitive end markets
were significantly impacted by the global recession. Agricultural Products
reported record results driven by strong North American performance and
continued supply chain improvements. Specialty Chemicals' earnings were
slightly lower as a result of strong BioPolymer performance offset by weak
lithium primaries. Industrial Chemicals' results directly reflected the
impact of lower volumes and higher raw material costs."
Revenue in Agricultural Products of $252.4 million decreased 9 percent
versus the prior-year quarter, as sales gains in North America were more than
offset by lower sales in Europe and Asia as well as unfavorable currency
impacts. Segment earnings of $90.5 million increased 7 percent versus the
year-ago quarter, reflecting stronger performance in North America, favorable
global supply chain performance and lower selling and administrative expenses.
Revenue in Specialty Chemicals was $192.7 million, essentially level to
the prior-year quarter. Higher selling prices and volumes in BioPolymer were
more than offset by lower lithium volumes. Segment earnings of $40.5 million
were 2 percent lower than the year-ago quarter, as favorable commercial
performance and the benefits of productivity initiatives and acquisitions in
BioPolymer were more than offset by lower lithium volumes, temporary plant
curtailments taken to reduce inventories and unfavorable currency translation.
Revenue in Industrial Chemicals of $256.2 million declined 24 percent from
the prior-year quarter, as lower volumes across the segment and unfavorable
currency translation more than offset higher selling prices in most
businesses. Segment earnings of $13.5 million were 70 percent lower than the
year-ago quarter, driven by the lower volumes and higher raw material costs,
primarily phosphate rock.
Corporate expense was $10.3 million, down from $13.1 million in the
prior-year quarter. Interest expense, net, was $6.5 million, as compared to
$8.3 million in the year-ago quarter. On June 30, 2009, gross consolidated
debt was $633.8 million, and debt, net of cash, was $566.8 million. For the
quarter, depreciation and amortization was $30.9 million and capital
expenditures were $40.8 million.
Six Months Results
Revenue was $1,390.8 million, a decrease of 11 percent as compared with
$1,556.8 million in the prior-year period. Net income was $138.4 million, 22
percent lower than $178.3 million in the year-earlier period. Net income in
the current period included restructuring and other income and charges of
$31.5 million, versus restructuring and other income and charges of $11.8
million in the prior-year period. Excluding these charges, the company earned
$169.9 million in the first half of 2009, a decrease of 11 percent versus
$190.1 million in the first half of 2008.
Revenue in Agricultural Products was $513.8 million, a decrease of 7
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 $183.0
million, an increase of 9 percent from the first half of 2008, as a result of
higher selling prices, favorable product and geographic mix, continued global
supply chain productivity improvements and lower selling and administrative
expenses.
Revenue in Specialty Chemicals was $367.2 million, 2 percent lower than
the prior-year period, as strong commercial performance in BioPolymer was more
than offset by lower lithium volumes. Segment earnings of $78.6 million
decreased 3 percent versus the year-earlier period as favorable commercial
performance in BioPolymer and the benefits of productivity initiatives and
acquisitions were more than offset by lower lithium volumes, temporary plant
curtailments taken to reduce inventories and unfavorable currency translation.
Revenue in Industrial Chemicals was $512.2 million, a decrease of 19
percent versus the prior-year period, as lower volumes more than offset higher
selling prices across the segment. Segment earnings of $36.3 million declined
55 percent versus the year-earlier period, driven by lower volumes and higher
raw material costs, particularly phosphate rock, which more than offset
favorable pricing across the segment.
Corporate expense was $21.6 million, down from $25.0 million in the
year-earlier period. Interest expense, net, was $13.5 million, as compared to
$17.0 million in the prior-year period. For the period, depreciation and
amortization was $61.2 million and capital expenditures were $71.8 million.
Outlook
Regarding the outlook for 2009, Walter said, "For the full year 2009, we
have revised our outlook for earnings before restructuring and other income
and charges to $4.00 to $4.20 per diluted share. Relative to the first half
of the year, we anticipate improved business conditions in the second half
with our performance benefiting from volume gains in nearly every business,
improving agricultural market conditions in Brazil and lower raw material
costs, particularly in Foret."
Walter added, "For the third quarter of 2009, we expect earnings before
restructuring and other income and charges of $0.85 to $0.95 per diluted
share. In Agricultural Products, we look for earnings to increase 30 to 35
percent driven by improving market conditions in Brazil and lower raw material
costs. In Specialty Chemicals, we expect earnings to be up in the mid-single
digits as continued strong performance in BioPolymer is partially offset by
lower lithium results. In Industrial Chemicals, earnings are expected to
decline 55 to 65 percent, as higher soda ash selling prices and improving raw
material costs are more than offset by lower volumes across the segment and
reduced selling prices in phosphates."
FMC will conduct its second quarter conference call and webcast at 11:00
a.m. ET on Thursday, July 30, 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 Six Months Ended
June 30, (a) June 30, (a)
------------ ------------
2009 2008 2009 2008
---- ---- ---- ----
Revenue $700.3 $806.6 $1,390.8 $1,556.8
Costs of sales and services 477.3 536.4 931.2 1,035.6
Selling, general and
administrative expenses 74.7 90.0 154.8 173.7
Research and development expenses 21.0 23.0 41.0 44.8
Restructuring and other
charges (income) 30.1 10.7 52.6 2.4
---- ---- ---- ---
Total costs and expenses 603.1 660.1 1,179.6 1,256.5
----- ----- ------- -------
Income from operations 97.2 146.5 211.2 300.3
Equity in (earnings) loss
of affiliates 0.2 (0.3) (1.5) (0.6)
Interest expense, net 6.5 8.3 13.5 17.0
--- --- ---- ----
Income from continuing operations
before income taxes 90.5 138.5 199.2 283.9
Provision (benefit) for
income taxes 13.6 42.5 47.0 84.7
---- ---- ---- ----
Income from continuing operations 76.9 96.0 152.2 199.2
Discontinued operations, net of
income taxes (5.2) (7.8) (9.6) (14.2)
---- ---- ---- -----
Net income $71.7 $88.2 $142.6 $185.0
----- ----- ------ ------
Less: Net income attributable to
noncontrolling interests 2.4 3.8 4.2 6.7
--- --- --- ---
Net income attributable to FMC
stockholders $69.3 $84.4 $138.4 $178.3
===== ===== ====== ======
Amounts attributable to FMC
stockholders:
Income from continuing
operations, net of tax $74.5 $92.2 $148.0 $192.5
Discontinued operations,
net of tax (5.2) (7.8) (9.6) (14.2)
---- ---- ---- -----
Net income $69.3 $84.4 $138.4 $178.3
===== ===== ====== ======
Basic earnings (loss) per
common share attributable
to FMC stockholders:
Income from continuing
operations $1.02 $1.23 $2.04 $2.57
Discontinued operations (0.07) (0.10) (0.13) (0.19)
----- ----- ----- -----
Basic earnings per common share $0.95 $1.13 $1.91 $2.38
===== ===== ===== =====
Average number of shares used in
basic earnings per share
computations 72.2 74.6 72.2 74.6
==== ==== ==== ====
Diluted earnings (loss) per
common share attributable
to FMC stockholders:
Income from continuing
operations $1.01 $1.20 $2.02 $2.52
Discontinued operations (0.07) (0.10) (0.13) (0.19)
----- ----- ----- -----
Diluted earnings per
common share $0.94 $1.10 $1.89 $2.33
===== ===== ===== =====
Average number of shares used in
diluted earnings per share
computations 73.4 76.5 73.4 76.5
==== ==== ==== ====
-----------
Other Data:
-----------
Capital expenditures $40.8 $33.8 $71.8 $66.4
Depreciation and
amortization expense $30.9 $30.7 $61.2 $61.7
--------------------- ----- ----- ----- -----
(a) On January 1, 2009, FMC adopted Statement of Financial Accounting
Standards No. 160, "Noncontrolling Interests in Consolidated
Financial Statements" which changes the accounting and reporting for
minority interests. The standard 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 Six Months Ended
June 30, June 30,
-------- --------
2009 2008 2009 2008
---- ---- ---- ----
Revenue $700.3 $806.6 $1,390.8 $1,556.8
Costs of sales and services 476.9 536.4 928.9 1,035.6
Selling, general and
administrative expenses 74.7 90.0 154.8 173.7
Research and development expenses 21.0 23.0 41.0 44.8
---- ---- ---- ----
Total costs and expenses 572.6 649.4 1,124.7 1,254.1
Income from operations 127.7 157.2 266.1 302.7
Equity in (earnings) loss
of affiliates 0.2 (0.3) (1.5) (0.6)
Interest expense, net 6.5 8.3 13.5 17.0
--- --- ---- ----
Income from continuing operations
before income taxes, excluding
restructuring and other income
and charges 121.0 149.2 254.1 286.3
Provision for income taxes 38.0 46.5 80.0 89.5
---- ---- ---- ----
After-tax income from continuing
operations, excluding restructuring
and other income and charges 83.0 102.7 174.1 196.8
---- ----- ----- -----
Less: Net income attributable to
noncontrolling interests 2.4 3.8 4.2 6.7
--- --- --- ---
After-tax income from continuing
operations, excluding restructuring
and other income and charges,
attributable to FMC stockholders* $80.6 $98.9 $169.9 $190.1
===== ===== ====== ======
Basic after-tax income from
continuing operations per share,
excluding restructuring and other
income and charges, attributable to
FMC stockholders $1.11 $1.32 $2.34 $2.54
===== ===== ===== =====
Average number of shares used in
basic after-tax income per share
computations 72.2 74.6 72.2 74.6
==== ==== ==== ====
Diluted after-tax income from
continuing operations per share,
excluding restructuring and other
income and charges, attributable to
FMC stockholders $1.10 $1.29 $2.31 $2.48
===== ===== ===== =====
Average number of shares used in
diluted after-tax income per share
computations 73.4 76.5 73.4 76.5
==== ==== ==== ====
* 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 Six Months Ended
June 30, June 30,
-------- --------
2009 2008 2009 2008
---- ---- ---- ----
Net income attributable to FMC
stockholders (GAAP) $69.3 $84.4 $138.4 $178.3
Discontinued operations, net of income
taxes (a) 5.2 7.8 9.6 14.2
Restructuring and other (income)
charges, net (b) 30.1 10.7 52.6 2.4
Purchase accounting inventory fair value
impact (c) 0.4 - 2.3 -
Tax effect of restructuring and other
(income) charges and purchase accounting
inventory fair value impact (10.1) (4.0) (17.8) (4.8)
Tax adjustments (d) (14.3) - (15.2) -
----- -- ----- --
After-tax income from continuing
operations, excluding restructuring and
other income and charges, attributable to
FMC stockholders (Non-GAAP) $80.6 $98.9 $169.9 $190.1
===== ===== ====== ======
Diluted earnings per common share (GAAP) $0.94 $1.10 $1.89 $2.33
Discontinued operations per diluted share 0.07 0.10 0.13 0.19
Restructuring and other (income) charges,
net per diluted share, before tax 0.41 0.14 0.72 0.03
Purchase accounting inventory fair value
impact per diluted share, before tax 0.01 - 0.03 -
Tax effect of restructuring and other
(income) charges and purchase
accounting inventory fair value impact (0.14) (0.05) (0.25) (0.07)
Tax adjustments per diluted share (0.19) - (0.21) -
----- -- ----- --
Diluted after-tax income from continuing
operations per share, excluding
restructuring and other income and charges,
attributable to FMC stockholders (Non-GAAP) $1.10 $1.29 $2.31 $2.48
===== ===== ===== =====
Average number of shares used in diluted
after-tax income from continuing
operations per share computations 73.4 76.5 73.4 76.5
==== ==== ==== ====
(a) Discontinued operations for the three and six months ended June 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
June 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 ($12.5 million), our Bayport
butyllithium facility which is part of our Specialty Chemicals segment
($3.4 million) and continued charges related to the closure of our
Baltimore agricultural chemicals facility ($0.5 million). We also
incurred charges related to the realignment of our Alginates
manufacturing operations in our Specialty Chemicals segment ($3.5
million). Additionally, restructuring and other charges (income) for
the three months ended June 30, 2009 include severance charges in our
Industrial Chemicals segment and Specialty Chemicals segment ($2.2
million and $0.8 million, respectively), asset abandonment charges of
$1.2 million, primarily in our Specialty Chemicals segment, and
charges associated with continuing environmental sites as a Corporate
charge ($2.8 million). Remaining restructuring and other charges
(income) for the three months ended June 30, 2009 of $3.2 million
primarily represents settlements with state authorities for property
claims and adjustments related to previously recorded restructuring
reserves.
For the six months ended June 30, 2009, amounts include charges
related to the closure of our manufacturing operations at our
Barcelona, Spain facility ($12.5 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 ($7.5 million) and
continued charges related to the closure of our Baltimore agricultural
chemicals facility ($1.3 million). We also incurred charges related to
the realignment of our Alginates manufacturing operations in our
Specialty Chemicals segment ($6.3 million). Additionally,
restructuring and other charges (income) for the six months ended June
30, 2009 include severance charges in our Industrial Chemicals segment
and Specialty Chemicals segment ($3.8 million and $0.8 million,
respectively), asset abandonment charges in our Agricultural Products
segment, Industrial Chemicals segment and Specialty Chemicals segment
($2.6 million, $1.4 million and $1.1 million, respectively), charges
associated with further rights acquired from a collaboration and
license agreement in our Agricultural Products segment ($1.0 million)
and charges associated with continuing environmental sites as a
Corporate charge ($4.0 million). Remaining restructuring and other
charges (income) for the six months ended June 30, 2009 of $3.7
million primarily represents 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
June 30, 2008 primarily include continued charges related to the
closure of our Baltimore agricultural chemicals facility ($5.8
million) and charges associated with the decision made in the second
quarter of 2008 to close our Jacksonville, Florida agricultural
formulation plant ($2.6 million). Both of these charges are associated
with our Agricultural Products segment. We also incurred charges
associated with continuing environmental sites as a Corporate charge
($1.1 million) and restructuring related severance charges in our
Industrial Chemicals segment ($0.8 million).
For the six months ended June 30, 2008, amounts 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 ($21.6
million) and Jacksonville agricultural formulation facility ($2.6
million), charges associated with continuing environmental sites as a
Corporate charge ($6.0 million) and restructuring related severance
charges in our Agricultural Products segment and Industrial Chemicals
segment ($1.8 million and $1.9 million, respectively).
(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. On the condensed consolidated statements of operations these
charges are included in "Costs of sales and services" for the three
and six months ended June 30, 2009.
(d) Tax adjustments for the three and six months ended June 30, 2009 are
primarily a result of a reduction in our liability for unrecognized
tax benefits due to settlements of audits and expiration of statute of
limitations. There were no tax adjustments for the three and six
months ended June 30, 2008.
FMC CORPORATION AND CONSOLIDATED SUBSIDIARIES
---------------------------------------------
INDUSTRY SEGMENT DATA
---------------------
(Unaudited, in millions)
Three Months Ended Six Months Ended
June 30, June 30,
-------- --------
2009 2008 2009 2008
---- ---- ---- ----
Revenue
-------
Agricultural Products $252.4 $276.6 $513.8 $554.1
Specialty Chemicals 192.7 192.4 367.2 376.2
Industrial Chemicals 256.2 338.9 512.2 629.3
Eliminations (1.0) (1.3) (2.4) (2.8)
---- ---- ---- ----
Total $700.3 $806.6 $1,390.8 $1,556.8
====== ====== ======== ========
Income from continuing operations
before income taxes
---------------------------------
Agricultural Products $90.5 $84.4 $183.0 $167.4
Specialty Chemicals 40.5 41.5 78.6 81.0
Industrial Chemicals 13.5 45.3 36.3 80.8
Eliminations 0.1 - (0.1) (0.2)
--- --- ---- ----
Segment operating profit 144.6 171.2 297.8 329.0
Corporate (10.3) (13.1) (21.6) (25.0)
Other income (expense), net (9.2) (4.4) (12.8) (7.4)
---- ---- ----- ----
Operating profit from continuing
operations before items noted
below: 125.1 153.7 263.4 296.6
Restructuring and other income
(charges), net (a) (30.1) (10.7) (52.6) (2.4)
Interest expense, net (6.5) (8.3) (13.5) (17.0)
Purchase accounting inventory fair
value impact (b) (0.4) - (2.3) -
Provision for income taxes (13.6) (42.5) (47.0) (84.7)
Discontinued operations, net of
income taxes (5.2) (7.8) (9.6) (14.2)
---- ---- ---- -----
Net income attributable to FMC
stockholders $69.3 $84.4 $138.4 $178.3
===== ===== ====== ======
(a) Amounts for the three months ended June 30, 2009 related to Industrial
Chemicals ($15.1 million), Agricultural Products ($0.6 million),
Specialty Chemicals ($9.1 million) and Corporate ($5.3 million).
Amounts for the three months ended June 30, 2008 related to
Agricultural Products ($8.4 million), Industrial Chemicals ($1.2
million) and Corporate ($1.1 million).
Amounts for the six months ended June 30, 2009 related to Industrial
Chemicals ($25.3 million), Agricultural Products ($4.9 million),
Specialty Chemicals ($15.8 million) and Corporate ($6.6 million).
Amounts for the six months ended June 30, 2008 related to Agricultural
Products ($26.2 million), Industrial Chemicals ($0.6 million - gain),
Specialty Chemicals ($0.3 million) and Corporate ($23.5 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)
June 30, December 31,
2009 2008
---- ----
Cash and cash equivalents $67.0 $52.4
Trade receivables, net 701.5 687.7
Inventories 390.4 380.8
Other current assets 132.8 135.0
Deferred income taxes 132.0 176.9
----- -----
Total current assets 1,423.7 1,432.8
Property, plant and equipment, net 948.4 939.2
Goodwill 201.9 197.0
Deferred income taxes 239.3 243.6
Other long-term assets 215.2 181.3
----- -----
Total assets $3,028.5 $2,993.9
======== ========
Short-term debt $66.7 $28.6
Current portion of long-term debt 5.9 2.1
Accounts payable, trade and other 266.2 372.3
Guarantees of vendor financing 27.9 20.3
Accrued pensions and other post-retirement
benefits, current 10.2 10.2
Other current liabilities 340.3 325.6
----- -----
Total current liabilities 717.2 759.1
Long-term debt 561.2 592.9
Long-term liabilities 648.9 675.5
Equity (a) 1,101.2 966.4
------- -----
Total liabilities and equity $3,028.5 $2,993.9
======== ========
(a) On January 1, 2009, FMC adopted Statement of Financial Accounting
Standards No. 160, "Noncontrolling Interests in Consolidated Financial
Statements" which changes the accounting and reporting for minority
interests. The standard 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)
Six Months Ended
June 30,
--------
2009 2008
---- ----
Cash provided (required) by operating activities $173.9 $138.4
------ ------
Cash (required) by operating activities of
discontinued operations (20.1) (26.7)
----- -----
Cash provided (required) by investing activities:
Capital expenditures (71.8) (66.4)
Other investing activities (34.7) 75.9
----- ----
(106.5) 9.5
------ ---
Cash provided (required) by financing activities:
Net borrowings under committed credit facilities (49.4) 59.9
Increase (decrease) in short-term debt 37.9 14.8
Proceeds from borrowings of long-term debt 18.9 -
Repayments of long-term debt - (77.7)
Distributions to noncontrolling interests (8.5) (5.7)
Dividends paid (18.2) (15.8)
Repurchases of common stock (16.1) (61.6)
Issuances of common stock, net 2.3 10.8
--- ----
(33.1) (75.3)
----- -----
Effect of exchange rate changes on cash 0.4 1.9
--- ---
Increase (decrease) in cash and cash equivalents 14.6 47.8
Cash and cash equivalents, beginning of year 52.4 75.5
---- ----
Cash and cash equivalents, end of period $67.0 $123.3
===== ======
SOURCE FMC Corporation
-0- 07/29/2009
CONTACT:
Media, Jim Fitzwater, +1-215-299-6633, or
Investor relations,
Brennen Arndt, +1-215-299-6266,
both of FMC Corporation
Web Site: http://www.fmc.com
Print Version
