|By PR Newswire||
|December 11, 2012 04:48 PM EST||
PHILADELPHIA, Dec. 11, 2012 /PRNewswire/ -- FMC Corporation (NYSE:FMC) today announced the company is on track to meet or exceed aggressive performance targets as part of its Vision 2015 strategy to profitably double the company's size.
At its 2012 Investor Day conference in New York, Pierre Brondeau, FMC president, CEO and chairman, said that over the last three years, FMC has executed its growth plan and has capitalized on the unique strengths of the company to deliver strong performance against Vision 2015 targets announced in 2010.
"We developed an aggressive, but achievable, strategy to unlock the growth potential of FMC, leading to a larger, more profitable, faster growing specialty chemicals company," Brondeau said. "Halfway through our plan, we are well on our way to achieve or exceed our targets. We've delivered exceptional results over the last several years, despite continuing macroeconomic uncertainty."
Strong Progress to Deliver Vision 2015
The company provided an update on its expectations for Vision 2015 during the event:
- FMC expects to exceed its $5 billion 2015 sales target by at least 10 percent. This would represent more than doubling of company revenues since 2009.
- The company expects to meet or exceed its 2015 EBIT target of $1.2 billion, approximately 2.5 times its EBIT in 2009. EBIT is up 50 percent over the last three years.
- Return on Invested Capital (ROIC) will remain well above the Vision 2015 target of mid-teens or higher. The company has expanded total EBIT margins, up more than 120 basis points from 2009 through today, despite significant growth investments. The company expects EBIT margins to continue to expand an additional 230 basis points by 2015.
- FMC continues to maintain disciplined and balanced cash deployment, with more than $1.5 billion deployed in the last three years. Approximately 40 percent has been used for organic reinvestment, approximately 20 percent for external growth, and approximately 35 percent returned to shareholders in the form of dividends and share repurchases.
Updated Vision 2015 Expectations in Reportable Segments
FMC expects its Agricultural Products Group to deliver sales of approximately $2.8 billion and EBIT of approximately $675 million in 2015. Performance drivers include a rich organic growth pipeline with sustained premium margins and a unique manufacturing and R&D model that delivers results at lower cost.
The Specialty Chemicals Group is expected to deliver sales of approximately $1.2 billion and EBIT of approximately $275 million in 2015. Driving this performance are continued solid, steady performance from the BioPolymer business with the new natural colors and pectin product lines helping to accelerate growth. Lithium performance is anticipated to improve, driven by mix optimization and cost reduction initiatives.
The Industrial Chemicals Group is expected to deliver sales of approximately $1.4 billion, generating EBIT of approximately $250 million in 2015. This performance will be driven by the company's market leadership in soda ash, the continuing shift toward higher value specialties in Peroxygens and growing the new FMC Environmental Solutions business unit.
Cash Deployment Through 2015
FMC expects to have approximately $4 billion in cash to deploy over the plan horizon ending in 2015. Approximately $3 billion will be generated from cumulative cash flow from operations, with the remainder coming from the company's borrowing capacity. The company expects to invest more in organic growth opportunities than originally contemplated at the start of Vision 2015, and will continue to pursue strategic external investments. Large, complex or transformational acquisitions are not expected over the plan horizon.
The company earlier today announced that its Board of Directors approved a 50 percent increase in its dividend. In the future, FMC's dividend is expected to grow broadly in line with the rate of earnings growth. Furthermore, the company expects to continue share repurchases at a pace of $100 million to $150 million per year, with timing and size of repurchases opportunistic relative to other uses of cash.
Earnings Per Share Growth
FMC expects adjusted earnings per share (EPS) to grow at a rate of approximately 18 to 22 percent per year from 2012 through 2015, continuing the company's strong EPS performance. For 2013, while the company is not quite ready to provide formal guidance, the company does anticipate adjusted EPS growth in the mid-teens percent range versus 2012.
"Our management team is intently focused on delivering what we said we'd do," said Brondeau. "We're on the right trajectory to meet or exceed our Vision 2015 targets, and we're planting the right seeds today to ensure strong profitable growth well beyond 2015. We continue to evolve our portfolio, investing in current product lines and pursuing new ones. Over the next few years, we fully expect meaningful contributions from the new FMC Environmental Solutions business, from new natural colors and pectin product lines and from our expanding Agricultural Products portfolio," Brondeau added.
"Our growth through 2015 and beyond also will be driven by technology investments that support commercial success, continued expansion in fast-growing rapidly developing economies and our ongoing rebalancing of FMC's centralized/decentralized organizational model that leverages our size without compromising strong business accountability," Brondeau said.
Today's Investor Day event was webcast live over the internet. A replay of the webcast and a copy of today's presentations are available on the Investor Relations section of the company's website at www.fmc.com.
FMC Corporation is a diversified chemical company serving agricultural, industrial, environmental, and consumer markets globally for more than a century with innovative solutions, applications and quality products. In 2011, FMC had annual sales of approximately $3.4 billion. The company employs approximately 5,500 people throughout the world, and operates its businesses in three segments: Agricultural Products, Specialty Chemicals and Industrial Chemicals. 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 2011 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.
SOURCE FMC Corporation
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...
Oct. 27, 2016 12:45 AM EDT Reads: 2,137
So you think you are a DevOps warrior, huh? Put your money (not really, it’s free) where your metrics are and prove it by taking The Ultimate DevOps Geek Quiz Challenge, sponsored by DevOps Summit. Battle through the set of tough questions created by industry thought leaders to earn your bragging rights and win some cool prizes.
Oct. 27, 2016 12:30 AM EDT Reads: 4,183
In past @ThingsExpo presentations, Joseph di Paolantonio has explored how various Internet of Things (IoT) and data management and analytics (DMA) solution spaces will come together as sensor analytics ecosystems. This year, in his session at @ThingsExpo, Joseph di Paolantonio from DataArchon, will be adding the numerous Transportation areas, from autonomous vehicles to “Uber for containers.” While IoT data in any one area of Transportation will have a huge impact in that area, combining sensor...
Oct. 27, 2016 12:00 AM EDT Reads: 1,105
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
Oct. 27, 2016 12:00 AM EDT Reads: 3,534
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
Oct. 27, 2016 12:00 AM EDT Reads: 11,125
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
Oct. 26, 2016 11:30 PM EDT Reads: 9,746
Most people haven’t heard the word, “gamification,” even though they probably, and perhaps unwittingly, participate in it every day. Gamification is “the process of adding games or game-like elements to something (as a task) so as to encourage participation.” Further, gamification is about bringing game mechanics – rules, constructs, processes, and methods – into the real world in an effort to engage people. In his session at @ThingsExpo, Robert Endo, owner and engagement manager of Intrepid D...
Oct. 26, 2016 11:00 PM EDT Reads: 9,906
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
Oct. 26, 2016 11:00 PM EDT Reads: 3,917
Join Impiger for their featured webinar: ‘Cloud Computing: A Roadmap to Modern Software Delivery’ on November 10, 2016, at 12:00 pm CST. Very few companies have not experienced some impact to their IT delivery due to the evolution of cloud computing. This webinar is not about deciding whether you should entertain moving some or all of your IT to the cloud, but rather, a detailed look under the hood to help IT professionals understand how cloud adoption has evolved and what trends will impact th...
Oct. 26, 2016 11:00 PM EDT Reads: 637
Established in 1998, Calsoft is a leading software product engineering Services Company specializing in Storage, Networking, Virtualization and Cloud business verticals. Calsoft provides End-to-End Product Development, Quality Assurance Sustenance, Solution Engineering and Professional Services expertise to assist customers in achieving their product development and business goals. The company's deep domain knowledge of Storage, Virtualization, Networking and Cloud verticals helps in delivering ...
Oct. 26, 2016 09:45 PM EDT Reads: 1,132
SYS-CON Events announced today that CDS Global Cloud, an Infrastructure as a Service provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. CDS Global Cloud is an IaaS (Infrastructure as a Service) provider specializing in solutions for e-commerce, internet gaming, online education and other internet applications. With a growing number of data centers and network points around the world, ...
Oct. 26, 2016 09:45 PM EDT Reads: 3,663
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, will discuss how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team a...
Oct. 26, 2016 09:30 PM EDT Reads: 675
SYS-CON Events announced today that Transparent Cloud Computing (T-Cloud) Consortium will exhibit at the 19th International Cloud Expo®, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The Transparent Cloud Computing Consortium (T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data proces...
Oct. 26, 2016 08:15 PM EDT Reads: 1,475
SYS-CON Events announced today that Enzu will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to focus on the core of their online busine...
Oct. 26, 2016 08:00 PM EDT Reads: 1,432
In the next five to ten years, millions, if not billions of things will become smarter. This smartness goes beyond connected things in our homes like the fridge, thermostat and fancy lighting, and into heavily regulated industries including aerospace, pharmaceutical/medical devices and energy. “Smartness” will embed itself within individual products that are part of our daily lives. We will engage with smart products - learning from them, informing them, and communicating with them. Smart produc...
Oct. 26, 2016 08:00 PM EDT Reads: 1,576