FMC Corp Files Q3 2024 10-Q

TL;DR

FMC Corp's Q3 2024 10-Q is in, check the financials for SG&A and COGS.

AI Summary

FMC Corporation filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position, including its revenue, expenses, and assets. Specific figures for selling, general, and administrative expenses, as well as cost of goods and services sold, are provided within the report.

Why It Matters

This filing provides investors and analysts with a detailed look at FMC Corporation's financial health and operational performance during the third quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the specific financial details and any disclosed risks could impact the company's valuation.

Key Numbers

• 20240930 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 20241030 — Filing Date (Shows when the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• FMC Corp (company) — Filer of the 10-Q
• 2929 WALNUT STREET (address) — FMC Corp's business and mail address
• PHILADELPHIA, PA 19104 (address) — FMC Corp's business and mail address
• 215-299-6668 (phone_number) — FMC Corp's business phone number

FAQ

Key Financial Figures

• $0.10 — ich registered Common Stock, par value $0.10 per share FMC New York Stock Exchange

Filing Documents

• fmc-20240930.htm (10-Q) — 2057KB
• fmcex15093024.htm (EX-15) — 3KB
• fmcex311093024.htm (EX-31.1) — 9KB
• fmcex312093024.htm (EX-31.2) — 10KB
• fmcex321093024.htm (EX-32.1) — 4KB
• fmcex322093024.htm (EX-32.2) — 4KB
• 0000037785-24-000119.txt ( ) — 11223KB
• fmc-20240930.xsd (EX-101.SCH) — 67KB
• fmc-20240930_cal.xml (EX-101.CAL) — 125KB
• fmc-20240930_def.xml (EX-101.DEF) — 246KB
• fmc-20240930_lab.xml (EX-101.LAB) — 824KB
• fmc-20240930_pre.xml (EX-101.PRE) — 556KB
• fmc-20240930_htm.xml (XML) — 2170KB

- FINANCIAL INFORMATION

Part I - FINANCIAL INFORMATION 3

Financial Statements

Item 1. Financial Statements 3 Consolidated Statements of Income (Loss) - Three and nine months ended September 30, 2024 and 2023 (unaudited) 3 Consolidated Statements of Comprehensive Income (Loss) - Three and nine months ended September 30, 2024 and 2023 (unaudited) 4 Consolidated Balance Sheets - September 30, 2024 (unaudited) and December 31, 2023 5 Consolidated Statements of Cash Flows - Nine months ended September 30, 2024 and 2023 (unaudited) 6 Consolidated Statements of Changes in Equity - Three and nine months ended September 30, 2024 and 2023 (unaudited) 8

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 10

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 34

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 53

Controls and Procedures

Item 4. Controls and Procedures 53

- OTHER INFORMATION

Part II - OTHER INFORMATION 55

Legal Proceedings

Item 1. Legal Proceedings 55

Risk Factors

Item 1A. Risk Factors 55

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 56

Other Information

Item 5. Other Information 56

Exhibits

Item 6. Exhibits 57

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS FMC CORPORATION CONSOLIDATED STATEMENTS OF INCOME (LOSS) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in Millions, Except Per Share Data) (unaudited) (unaudited) Revenue $ 1,065.4 $ 981.9 $ 3,021.8 $ 3,340.7 Costs and Expenses Costs of sales and services 679.0 600.7 1,897.6 1,945.4 Gross margin $ 386.4 $ 381.2 $ 1,124.2 $ 1,395.3 Selling, general and administrative expenses 159.2 171.3 487.9 562.8 Research and development expenses 69.0 80.9 205.8 247.0 Restructuring and other charges (income) 22.6 28.2 158.6 48.0 Total costs and expenses $ 929.8 $ 881.1 $ 2,749.9 $ 2,803.2 Income from continuing operations before non-operating pension and postretirement charges (income), interest expense, net and income taxes $ 135.6 $ 100.8 $ 271.9 $ 537.5 Non-operating pension and postretirement charges (income) 4.4 4.2 12.9 13.4 Interest expense, net 58.7 64.6 184.0 180.5 Income (loss) from continuing operations before income taxes $ 72.5 $ 32.0 $ 75.0 $ 343.6 Provision (benefit) for income taxes 6.0 27.4 ( 298.9 ) 77.7 Income (loss) from continuing operations $ 66.5 $ 4.6 $ 373.9 $ 265.9 Discontinued operations, net of income taxes ( 0.9 ) ( 8.3 ) ( 16.2 ) ( 41.3 ) Net income (loss) $ 65.6 $ ( 3.7 ) $ 357.7 $ 224.6 Less: Net income (loss) attributable to noncontrolling interests 0.6 ( 0.2 ) 0.3 1.6 Net income (loss) attributable to FMC stockholders $ 65.0 $ ( 3.5 ) $ 357.4 $ 223.0 Amounts attributable to FMC stockholders: Continuing operations, net of income taxes $ 65.9 $ 4.8 $ 373.6 $ 264.3 Discontinued operations, net of income taxes ( 0.9 ) ( 8.3 ) ( 16.2 ) ( 41.3 ) Net income (loss) attributable to FMC stockholders $ 65.0 $ ( 3.5 ) $ 357.4 $ 223.0 Basic earnings (loss) per common share attributable to FMC stockholders: Continuing operations $ 0.53 $ 0.04 $ 2.98 $ 2.11 Discontinued operations ( 0.01 ) ( 0.07 ) ( 0.13 ) ( 0.33 ) Net income (loss) attributable to FMC stoc

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) Note 1: Financial Information and Accounting Policies In our opinion, the consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") applicable to interim period financial statements and reflect all adjustments necessary for a fair statement of results of operations for the three and nine months ended September 30, 2024 and 2023, cash flows for the nine months ended September 30, 2024 and 2023, changes in equity for the three and nine months ended September 30, 2024 and 2023, and our financial positions as of September 30, 2024 and December 31, 2023. All such adjustments included herein are of a normal, recurring nature unless otherwise disclosed in the Notes. The results of operations for the three and nine months ended September 30, 2024 and 2023 are not necessarily indicative of the results of operations for the full year. The consolidated balance sheet as of September 30, 2024, and the related consolidated statements of income (loss) and consolidated statements of comprehensive income (loss) for the three and nine months ended September 30, 2024 and 2023, consolidated statements of cash flows for the nine months ended September 30, 2024 and 2023, and consolidated statements of changes in equity for the three and nine months ended September 30, 2024 and 2023 have been reviewed by our independent registered public accountants. The review is described more fully in their report included herein. The consolidated balance sheet as of December 31, 2023 was audited by our independent registered public accountants. Our accounting policies are set forth in detail in Note 1 to the consolidated financial statements included with our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") for the year ended December 31, 2023 (the "2023 Form 10-K"). Assets Held for Sale In the second quarter of 2024, our Global S

Notes to Consolidated Financial Statements (unaudited) — (Continued)

Notes to Consolidated Financial Statements (unaudited) — (Continued) On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Changes to the Disclosure Requirements for Income Taxes , to improve the transparency and decision usefulness of income tax disclosures. The standard requires companies to disclose a tabular effective rate reconciliation with certain reconciling items broken out by nature and/or jurisdiction as well as more robust disclosures of income taxes paid, specifically broken out between federal, state and foreign. The standard can be applied prospectively or retrospectively and early adoption is permitted. The ASU is effective for FMC beginning with the Form 10-K for the year ended December 31, 2025. We are currently evaluating the impacts this standard will have on our income tax disclosures. On November 27, 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , to improve the disclosures about a public entity's reportable segments and expenses. The standard requires disclosure of the chief operating decision maker's (the "CODM") title and position and allows for disclosure of multiple measures of segment profit and loss reviewed by the CODM. Companies with multiple reportable segments as well as companies with a single reportable segment are required to adopt the standard and it should be applied retrospectively to all periods presented. The ASU is effective for FMC beginning with the Form 10-K for the year ended December 31, 2024. Early adoption is permitted. Because we operate as a single reportable segment, most of the required information is currently available in our quarterly or annual filings. We expect to update our disclosures in our Form 10-K for the year ended December 31, 2024 to present the required information, which may result in new disclosures as well as updates to the geography of certain disclosures. Recently adopted accounting guidance On Decemb

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View this 10-Q filing on SEC EDGAR