image1
News

Printer Friendly Version Print Version
FMC Corporation Announces Second Quarter 2017 Results

PHILADELPHIA, Aug. 1, 2017 /PRNewswire/ --

Second Quarter 2017 Highlights

  • Consolidated revenue of $657 million, up 7 percent versus Q2 '16
  • Consolidated GAAP earnings of $0.56 per diluted share, up 14 percent versus Q2 '16
  • Consolidated adjusted earnings per diluted share of $0.48, up 4 percent versus Q2 '16
  • Agricultural Solutions segment earnings of $96 million, down 5 percent versus Q2 '16
  • Lithium segment earnings of $24 million, up 47 percent versus Q2 '16
  • Narrowing guidance range for 2017 adjusted earnings per diluted share to $2.30 to $2.501,2
  • FMC's previously announced transactions with DuPont on track to close on November 1, 2017

FMC Corporation (NYSE: FMC) today reported second quarter revenue of $657 million, which is an increase of 7 percent year-over-year.  On a GAAP basis, the company reported earnings of $0.56 per diluted share in the second quarter, or $75 million, which is 14 percent higher than the GAAP earnings of $0.49 per diluted share, or $65 million, in the second quarter of 2016.  Second quarter 2017 adjusted earnings per diluted share were $0.48, which excludes approximately 24 cents attributable to the reporting of Health and Nutrition in discontinued operations. 

Logo - http://photos.prnewswire.com/prnh/20111101/NE97440LOGO

Pierre Brondeau, FMC president, CEO and chairman said:  "FMC delivered another solid quarter.  In Ag Solutions, we saw strong volumes in Latin America and successful new product launches into Asia.  Lithium earnings increased by over 45 percent, on higher pricing.  Our lithium hydroxide expansion began selling product to customers in the second quarter and will be at full run rate by the fourth quarter."

FMC Agricultural Solutions

FMC Agricultural Solutions reported second quarter revenue of $583 million and segment earnings of $96 million.  Second quarter segment revenue increased 6 percent year-over-year, with volume increasing 10 percent, partially offset by a 4 percent decline in price.  Segment earnings decreased 5 percent compared to the second quarter of 2016, with price and geographic mix shift having the largest negative impact.

Agricultural Solutions full-year segment revenue is forecasted to be in the range of $2.3 billion to $2.4 billion, an increase of 3 percent at the mid-point compared to 2016, and full-year segment earnings are expected to be in the range of $415 million to $445 million, an increase of 8 percent at the mid-point. 2  Segment earnings margin is expected to be approximately 20 percent in the second half of 2017.  Third quarter segment earnings are forecasted to be in the range of $100 million to $120 million, an increase of 22 percent at the mid-point compared to the prior year quarter.    

FMC Lithium

FMC Lithium reported second quarter segment revenue of $74 million, an increase of 17 percent from the prior-year quarter.  Segment earnings increased 47 percent to $24 million in the quarter versus $17 million in the prior-year quarter.  Significantly higher prices and improved mix were partially offset by increased costs.   

The outlook for Lithium for the full year has been increased.  Segment revenue for the full year of 2017 is forecasted to be in the range of $340 million to $360 million, an increase of 33 percent at the mid-point compared to 2016, while full-year segment earnings are expected to be between $115 million and $125 million.  This revised forecast for full-year segment earnings represents an increase of $10 million versus prior guidance and an increase of over 70 percent at the mid-point compared to the prior year.  Third quarter segment earnings are expected to be in the range of $30 million to $35 million, an increase of approximately 85 percent at the mid-point compared to the prior year quarter.

2017 Outlook

FMC expects adjusted earnings per share to be in the range of $2.30 to $2.50 for the full year 2017, excluding any benefit from the pending DuPont (NYSE:DD) Crop Protection transaction.1,2

Update on Transactions with DuPont

FMC continues to expect both the Crop Protection and Health and Nutrition transactions with DuPont will close on November 1, 2017.

Webcast and Supplemental Information

The company will post supplemental information on the web at www.FMC.com, including its 2017 Outlook Statement, definitions of non-GAAP terms and reconciliations of non-GAAP figures to the nearest available GAAP term. 

About FMC

For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products.  Revenue totaled approximately $3.3 billion in 2016.  FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium.  On March 31, 2017, FMC announced the signing of a definitive agreement to acquire a significant portion of DuPont's Crop Protection business and to sell FMC Health and Nutrition to DuPont.  Closing is expected to occur in the fourth quarter of 2017.  For more information, visit www.FMC.com.

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 2016 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.

This press release contains certain "non-GAAP financial terms" which are defined on our website www.fmc.com.  In addition, we have also provided on our website at www.fmc.com reconciliations of non-GAAP terms to the most directly comparable GAAP term. 

  1. Although we provide forecasts for adjusted earnings per share and adjusted cash from operations (both of which are 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 and related cash activity.  As a result, no GAAP outlook is provided.
  2. Outlook excludes any earnings from the pending acquisition of a significant portion of DuPont's Crop Protection business, as well as Health and Nutrition which is reported in discontinued operations.

 

FMC CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(Unaudited, in millions, except per share amounts)



Three Months Ended


Six Months Ended


June 30


June 30


2017


2016


2017


2016

Revenue

$

656.8



$

615.3



$

1,252.8



$

1,221.7


Costs of sales and services

422.4



379.9



802.2



770.3


Gross margin

234.4



235.4



450.6



451.4


Selling, general and administrative expenses

126.4



110.6



236.1



220.7


Research and development expenses

32.0



33.2



60.2



67.4


Restructuring and other charges (income)

6.9



9.1



15.2



18.6


Total costs and expenses

587.7



532.8



1,113.7



1,077.0


Income (loss) from operations

69.1



82.5



139.1



144.7


Equity in (earnings) loss of affiliates

(0.1)





(0.2)




Interest expense, net

17.2



15.2



32.9



31.0


Income (loss) from continuing operations before income taxes

52.0



67.3



106.4



113.7


Provision (benefit) for income taxes

3.3



20.5



12.7



40.9


Income (loss) from continuing operations

48.7



46.8



93.7



72.8


Discontinued operations, net of income taxes

26.6



20.2



(142.2)



42.9


Net income (loss)

$

75.3



$

67.0



$

(48.5)



$

115.7


  Less: Net income attributable to noncontrolling interests

0.6



1.8



1.0



2.2


Net income (loss) attributable to FMC stockholders

$

74.7



$

65.2



$

(49.5)



$

113.5


Amounts attributable to FMC stockholders:








  Income (loss) from continuing operations, net of tax

$

48.2



$

45.0



$

92.7



$

70.6


  Discontinued operations, net of tax

26.5



20.2



(142.2)



42.9


  Net income (loss)

$

74.7



$

65.2



$

(49.5)



$

113.5


Basic earnings (loss) per common share attributable to FMC
stockholders:








  Continuing operations

$

0.36



$

0.34



$

0.69



$

0.52


  Discontinued operations

0.20



0.15



(1.06)



0.32


  Basic earnings per common share

$

0.56



$

0.49



$

(0.37)



$

0.84


Average number of shares outstanding used in basic earnings per share computations

134.2



133.9



134.1



133.9


Diluted earnings (loss) per common share attributable to FMC
stockholders:








Continuing operations

$

0.36



$

0.34



$

0.69



$

0.52


  Discontinued operations

0.20



0.15



(1.06)



0.32


  Diluted earnings per common share

$

0.56



$

0.49



$

(0.37)



$

0.84


Average number of shares outstanding used in diluted earnings per share
computations

135.6



134.6



135.3



134.4










Other Data:








Capital additions

$

15.2



$

22.4



$

26.7



$

45.3


Depreciation and amortization expense

$

22.5



$

24.7



$

46.1



$

49.6



 

 

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


Six Months Ended


June 30


June 30


2017


2016


2017


2016

Net income (loss) attributable to FMC stockholders (GAAP)

$

74.7



$

65.2



$

(49.5)



$

113.5


Corporate special charges (income):








Restructuring and other charges (income) (a)

6.9



9.1



15.2



18.6


Non-operating pension and postretirement charges (income) (b)

(4.1)



1.2



(8.7)



2.3


Acquisition-related charges (c)

20.7



5.0



29.9



12.4


Income tax expense (benefit) on Corporate special charges (income) (d)

(8.1)



(4.5)



(12.5)



(9.7)


Discontinued operations attributable to FMC stockholders, net of income taxes (e)

(26.5)



(20.2)



142.2



(42.9)


Tax adjustment (f)

1.2



6.5



6.6



16.1


Adjusted after-tax earnings from continuing operations
attributable to FMC stockholders (Non-GAAP)
(1)

$

64.8



$

62.3



$

123.2



$

110.3










Diluted earnings per common share (GAAP)

$

0.56



$

0.49



$

(0.37)



$

0.84


Corporate special charges (income) per diluted share, before tax:








Restructuring and other charges (income)

0.05



0.06



0.11



0.14


Non-operating pension and postretirement charges

(0.03)



0.01



(0.06)



0.02


Acquisition-related charges

0.15



0.04



0.22



0.09


Income tax expense (benefit) on Corporate special charges (income), per diluted share

(0.06)



(0.03)



(0.09)



(0.07)


Discontinued operations per diluted share

(0.20)



(0.15)



1.05



(0.32)


Tax adjustments per diluted share

0.01



0.04



0.05



0.12


Diluted adjusted after-tax earnings from continuing
operations per share, attributable to FMC stockholders (Non-
GAAP)

$

0.48



$

0.46



$

0.91



$

0.82










Average number of shares outstanding used in diluted adjusted
after-tax earnings from continuing operations per share
computations

135.6



134.6



135.3



134.4


____________________

(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 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 businesses from period to period.

(a)

Three Months Ended June 30, 2017:


Restructuring and other charges (income) represents $0.2 million associated with our FMC Agricultural Solutions segment. Additionally, restructuring and other charges (income) includes charges of continuing environmental sites treated as a Corporate charge of $3.3 million and other Corporate charges of $3.4 million.


Three Months Ended June 30, 2016:


Restructuring and other charges (income) includes charges of $5.9 million representing adjustments to severance and asset write-offs primarily associated with the integration of Cheminova with FMC Agricultural Solutions. Additionally, restructuring and other charges (income) includes charges of continuing environmental sites treated as a Corporate charge of $2.5 million. Remaining restructuring and other charges includes net miscellaneous charges of $0.7 million.


Six Months Ended June 30, 2017:


 Restructuring and other charges (income) represents $4.7 million of exit costs related to the termination of our interest in a variable interest entity that was previously consolidated and part of our FMC Agricultural Solutions segment. Additionally, restructuring and other charges (income) includes charges of continuing environmental sites treated as a Corporate charge of $5.6 million and other Corporate charges of $4.9 million.


Six Months Ended June 30, 2016:


Restructuring and other charges (income) includes charges of $8.9 million representing adjustments to severance and asset write-offs primarily associated with the integration of Cheminova with FMC Agricultural Solutions.  Amounts also include $4.2 million associated as a result of the Argentina government's action to devalue its currency.  Additionally, restructuring and other charges includes charges of continuing environmental sites treated as a Corporate charge of $9.1 million. Remaining restructuring and other charges includes net miscellaneous charges (income) of $(3.6) million.

(b) 

Our non-operating pension and postretirement costs are defined as those costs related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These costs 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 exclude these non-operating pension and postretirement costs from our segments as we believe that removing them provides a better understanding of the underlying profitability of our businesses, provides increased transparency and clarity in the performance of our retirement plans and enhances period-over-period comparability. We continue to include the service cost and amortization of prior service cost in our Adjusted Earnings results noted above. We believe these elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees.

(c)

Charges related to the legal and professional fees associated with the planned or completed acquisitions. Amounts represent the following:






Three Months Ended June 30


Six Months Ended June 30



(in Millions)

2017


2016


2017


2016



Acquisition-related charges










Legal and professional fees (1)

$

20.7



$

5.0



$

29.9



$

12.4




          Total Acquisition-related charges (2)

$

20.7



$

5.0



$

29.9



$

12.4






____________________





(1)

Represents transaction costs, costs for transitional employees, other acquired employees related costs and integration-related legal and professional third-party fees. These charges are recorded as a component of "Selling, general and administrative expense" on the condensed consolidated statements of income (loss).





(2)

Acquisition-related charges for the three and six months ended June 30, 2017 relate to the previously announced definitive agreement to acquire a significant portion of DuPont's crop protection business, while charges for the three and six months ended June 30, 2016 relate to the integration of Cheminova with FMC Agricultural Solutions, which were completed at the end of 2016.

(d)

The income tax expense (benefit) on Corporate special charges (income) is determined using the applicable rates in the taxing jurisdictions in which the corporate special charge or income occurred and includes both current and deferred income tax expense (benefit) based on the nature of the non-GAAP performance measure.

(e)

Three and Six Months Ended June 30, 2017 and 2016


Discontinued operations include the results of FMC Health and Nutrition as well as provisions, net of recoveries, for environmental liabilities and legal reserves and expenses related to previously discontinued operations. Assets held for sale under U.S. GAAP are required to be reported at the lower of carrying value or fair value, less costs to sell.  We expect a significant gain on the FMC Health and Nutrition assets to be sold to DuPont and therefore these assets held for sale are reported at carrying value.  However, the fair value of the Omega-3 business, which was previously part of the broader FMC Health and Nutrition reporting unit, is significantly less than its carrying value, which includes accumulated foreign currency translation adjustments that would be reclassified to earnings upon completion of sale.  As a result, we recorded an impairment charge of approximately $185 million ($165 million, net of tax) during the three months ended March 31, 2017. On June 22, 2017, we announced that we signed a definitive agreement to sell the Omega-3 business. As a result, the fair value of the Omega-3 business was revised in the three months ended June 30, 2017 to reflect the sales price. The impairment charge for the six months ended June 30, 2017 was approximately $171 million ($151 million, net of tax).

(f)

We exclude the GAAP tax provision, including discrete items, from the Non-GAAP measure of income, and instead 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 ongoing business operations 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 ongoing operations thereby providing investors with useful supplemental information about FMC's operational performance.




Three Months Ended


Six Months Ended


June 30


June 30

(in Millions)

2017


2016


2017


2016

Non-GAAP tax adjustments:








Revisions to our tax liabilities due to finalization of prior year tax returns

$

(0.8)



$

0.1



$

(0.8)



$

1.6


Revisions to valuation allowances of historical deferred tax assets

(3.5)





(0.1)




Foreign currency remeasurement and other discrete items

5.5



6.4



7.5



14.5


Total Non-GAAP tax adjustments

$

1.2



$

6.5



$

6.6



$

16.1


 

 

RECONCILIATION OF NET INCOME (LOSS) (GAAP) TO ADJUSTED EARNINGS FROM CONTINUING
OPERATIONS, BEFORE INTEREST AND INCOME TAXES (NON-GAAP)

(Unaudited, in millions)



Three Months Ended


Six Months Ended


June 30


June 30


2017


2016


2017


2016

Net income (loss) (GAAP)

$

75.3



$

67.0



$

(48.5)



$

115.7


Restructuring and other charges (income)

6.9



9.1



15.2



18.6


Non-operating pension and postretirement charges

(4.1)



1.2



(8.7)



2.3


Acquisition-related charges

20.7



5.0



29.9



12.4


Discontinued operations, net of income taxes

(26.6)



(20.2)



142.2



(42.9)


Interest expense, net

17.2



15.2



32.9



31.0


Provision (benefit) for income taxes

3.3



20.5



12.7



40.9


Adjusted earnings from continuing operations,
before interest, income taxes and noncontrolling interests
(Non-GAAP) (1)

$

92.7



$

97.8



$

175.7



$

178.0


___________________

(1)

Referred to as Adjusted Operating Profit.

 

 

RECONCILIATION OF CASH PROVIDED (REQUIRED) BY OPERATING ACTIVITIES (GAAP) TO
ADJUSTED CASH FROM OPERATIONS (NON-GAAP)

(Unaudited, in millions)



Six Months Ended


June 30


2017


2016

Cash provided (required) by operating activities (GAAP)

$

205.0



$

160.1


Transaction and integration costs related to acquisitions

(9.0)



(12.4)


Adjusted cash from operations (Non-GAAP) (1)

$

196.0



$

147.7


___________________

(1)

The Company believes that the Non-GAAP financial measure "Adjusted cash from operations" provides useful information about the Company's cash flows to investors and securities analysts. Adjusted cash from operations excludes the effects of acquisition-related cash flows.  The Company also believes that excluding the effects of these items from cash provided (required) by operating activities allows management and investors to compare more easily the cash flows from period to period.


 

 

FMC CORPORATION

INDUSTRY SEGMENT DATA

(Unaudited, in millions)



Three Months Ended


Six Months Ended


June 30


June 30


2017


2016


2017


2016

Revenue








FMC Agricultural Solutions

$

582.8



$

552.0



$

1,113.2



$

1,098.1


FMC Lithium

74.0



63.3



139.6



123.6


Total

$

656.8



$

615.3



$

1,252.8



$

1,221.7


Income from continuing operations before income taxes








FMC Agricultural Solutions

95.7



100.7



178.7



182.7


FMC Lithium

24.2



16.5



45.8



31.4


Segment operating profit (a)

119.9



117.2



224.5



214.1


Corporate and other

(27.2)



(19.4)



(48.8)



(36.1)


Adjusted earnings from continuing operations, before interest,
income taxes and noncontrolling interests (Non-GAAP)

$

92.7



$

97.8



$

175.7



$

178.0










Interest expense, net

(17.2)



(15.2)



(32.9)



(31.0)


Corporate special (charges) income:








Restructuring and other (charges) income (b)

(6.9)



(9.1)



(15.2)



(18.6)


Non-operating pension and postretirement (charges) income (c)

4.1



(1.2)



8.7



(2.3)


Acquisition-related charges (d)

(20.7)



(5.0)



(29.9)



(12.4)


(Provision) benefit for income taxes

(3.3)



(20.5)



(12.7)



(40.9)


Discontinued operations, net of income taxes (e)

26.6



20.2



(142.2)



42.9


Net income attributable to noncontrolling interests

(0.6)



(1.8)



(1.0)



(2.2)


Net income (loss) attributable to FMC stockholders

$

74.7



$

65.2



$

(49.5)



$

113.5


____________________

(a) 

Referred to as Segment Earnings.

(b)

Below provides the details of restructuring and other (charges) income by segment.

 


Three Months Ended June 30


Six Months Ended June 30


2017


2016


2017


2016

FMC Agricultural Solutions

$

(0.2)



$

(5.9)



$

(4.7)



$

(12.5)


FMC Lithium







(0.6)


Corporate

(6.7)



(3.2)



(10.5)



(5.5)


Restructuring and other (charges) income

$

(6.9)



$

(9.1)



$

(15.2)



$

(18.6)




(c)

See Note (b) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP)" for further details on the components that make up this line item.

(d)

See Note (c) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP)" for further details on the components that make up this line item.

(e)

See Note (e) to the schedule "Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP)" for further details on the components that make up this line item.


 

 

FMC CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited, in millions)



June 30, 2017


December 31, 2016

Cash and cash equivalents

$

113.2



$

64.2


Trade receivables, net of allowance of $28.5 in 2017 and $17.6 in 2016

1,442.3



1,692.5


Inventories

546.3



478.9


Prepaid and other current assets

261.4



232.1


Current assets of discontinued operations held for sale

1,122.6



381.5


Total current assets

$

3,485.8



$

2,849.2






Property, plant and equipment, net

538.3



538.1


Goodwill

501.0



498.7


Deferred income taxes

237.2



242.1


Other long-term assets

1,222.0



1,175.6


Noncurrent assets of discontinued operations held for sale



835.6


Total assets

$

5,984.3



$

6,139.3






Short-term debt and current portion of long-term debt

$

192.5



$

94.2


Accounts payable, trade and other

433.5



317.4


Accrued customer rebates

347.8



246.7


Guarantees of vendor financing

65.2



104.5


Accrued pensions and other postretirement benefits, current

7.1



7.1


Other current liabilities

356.2



609.3


Current liabilities of discontinued operations held for sale

139.6



59.0


Total current liabilities

$

1,541.9



$

1,438.2






Long-term debt, less current portion

1,592.3



1,798.8


Long-term liabilities

823.4



841.6


Long-term liabilities of discontinued operations held for sale



67.7


Equity

2,026.7



1,993.0


Total liabilities and equity

$

5,984.3



$

6,139.3



 

 

FMC CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in millions)



Six Months Ended June 30


2017


2016

Cash provided (required) by operating activities of continuing operations

$

205.0



$

160.1






Cash provided (required) by operating activities of discontinued operations

55.1



64.4






Cash provided (required) by investing activities of continuing operations

(51.2)



(45.0)






Cash provided (required) by investing activities of discontinued operations

(12.8)



(14.7)






Cash provided (required) by financing activities of continuing operations:




Net borrowings (repayments) under committed credit facilities




Increase (decrease) in short-term debt

(4.0)



(59.4)


Financing Fees

(11.0)



(0.7)


Proceeds from borrowings of long-term debt

97.9



2.8


Repayments of long-term debt

(200.7)



(50.8)


Issuances of common stock, net

14.3



2.1


Excess tax benefits from share-based compensation



0.4


Transactions with noncontrolling interests

(0.5)




Dividends paid

(44.3)



(44.3)


Other repurchases of common stock

(1.5)



(1.2)


Cash provided (required) by financing activities

(149.8)



(151.1)


Effect of exchange rate changes on cash

2.7



1.3


Increase (decrease) in cash and cash equivalents

49.0



15.0


Cash and cash equivalents, beginning of year

64.2



78.6


Cash and cash equivalents, end of period

$

113.2



$

93.6


 

View original content:http://www.prnewswire.com/news-releases/fmc-corporation-announces-second-quarter-2017-results-300497812.html

SOURCE FMC Corporation

Media contact: Dwayne Roark +1.215.299.6820, dwayne.roark@fmc.com; Investor contact: Michael Wherley +1.215.299.6543, michael.wherley@fmc.com