Allianz Trade in Asia Pacific names Regional CEO
HONG KONG, May 6, 2025 /PRNewswire/ — Allianz Trade in Asia Pacific is pleased to announce that Rodrigo Jimenez will take on the role of Asia Pacific Regional CEO on 1 October 2025. He will succeed Paul Flanagan who is retiring after a 34-year career with the global leader in trade credit insurance. Mr Jimenez will begin a three-month transition period from 1 July 2025 and officially take over the helm on 1 October 2025. This appointment is subject to standard regulatory approval requirements.
Mr Jimenez joined Allianz Trade in Brazil as CEO in 2014. Since 2021, he has been Regional Commercial Director for the Northern Europe region and being part of the Regional Management Team. In this role, he has developed and strengthened new distribution dynamics and strong synergies with the Risk department, which have in turn supported new business development and portfolio retention. He is also a keen advocate of digital transformation and has been closely involved in a number of crucial transformation projects in the Northern Europe region. Mr Jimenez holds an MBA degree from the Fundação Dom Cabral and a degree in Economics from the University of Sao Paulo.
On his appointment, Mr Jimenez says, 'It is an incredibly exciting time to be joining the Asia Pacific region. I am inspired by the growth Asia Pacific has already achieved and the transformative journey ahead, with plans to extend our presence to Vietnam, the thirteenth market in the region. Paul has set the bar high, establishing a solid foundation for this expansion, based on an unwavering commitment to customer experience and operational excellence. I look forward to continuing this mission, reinforcing our leadership position and driving innovation that delivers lasting value to our clients and partners across the region. I would like to congratulate Paul on an exemplary 34-year career at Allianz Trade and wish him every happiness in his retirement.'
About Allianz Trade
Allianz Trade is the global leader in trade credit insurance and a recognized specialist in the areas of surety, collections, structured trade credit and political risk. Our proprietary intelligence network is based on instant access to data of 289 million corporates. We give companies the confidence to trade by securing their payments. We compensate your company in the event of a bad debt, but more importantly, we help you avoid bad debt in the first place. Whenever we provide trade credit insurance or other finance solutions, our priority is predictive protection. But, when the unexpected arrives, our AA credit rating means we have the resources, backed by Allianz to provide compensation to maintain your business. Headquartered in Paris, Allianz Trade is present in over 40 countries with 5,800 employees. In 2024, our consolidated turnover was EUR3.8 billion and insured global business transactions represented EUR1,400 billion in exposure. For more information, please visit allianz-trade.com
Cautionary note regarding forward-looking statements
The statements contained herein may include prospects, statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such forward-looking statements. Such deviations may arise due to, without limitation, (I) changes of the general economic conditions and competitive situation, particularly in the Allianz Group's core business and core markets, (II) performance of financial markets (particularly market volatility, liquidity and credit events), (III) frequency and severity of insured loss events, including from natural catastrophes, and the development of loss expenses, (IV) mortality and morbidity levels and trends, (V) persistency levels, (VI) particularly in the banking business, the extent of credit defaults, (VII) interest rate levels, (VIII) currency exchange rates including the euro/US-dollar exchange rate, (IX) changes in laws and regulations, including tax regulations, (X) the impact of acquisitions, including related integration issues, and reorganization measures, and (XI) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences.
Allianz Trade contact
Hong Kong
UK
Jason Wong
Ian Silvera / Ambika Sharma
+852 3665 8946
SEC Newgate
jason.wong@allianz-trade.com
allianztrade@secnewgate.co.uk
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FMC Corporation Reports Second Quarter Results at High End of Guidance Range
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On a GAAP basis, the company reported net income of $0.53 per diluted share in the second quarter, a decrease of 77 percent versus second quarter 2024 due to gains related to tax incentives recorded in the prior year. Second quarter adjusted earnings were $0.69 per diluted share, up 10 percent versus second quarter 2024. Higher second quarter revenue was driven by volume growth of 6 percent as customers in most countries appear to have reached target channel inventory levels for FMC products. Price declined 3 percent, over half of which was attributed to price adjustments in certain 'cost-plus' contracts with specific diamide partners as a result of lower manufacturing costs. Foreign currency was a headwind of 1 percent3. The company's growth portfolio increased by high-single digits while core portfolio sales were essentially flat. Sales in North America declined 5 percent as solid branded growth in the U.S. was more than offset by lower volume from expected destocking in Canada. Latin America sales were 1 percent higher than prior year, 5 percent higher excluding currency impacts, aided by solid growth of new active ingredients fluindapyr and Isoflex™ active. In Asia, sales were lower by 17 percent, down 15 percent excluding currency impacts, due to lower pricing as well as reduced volume driven by ongoing destocking activity in India. EMEA sales increased 29 percent, 27 percent excluding currency impacts. Growth was driven by strong volume gains particularly for herbicides, diamide partners, and branded Cyazypyr® products. The Plant Health business grew 3 percent driven by gains in biologicals. FMC Revenue Q2 2025 Total Revenue Change (GAAP) 1 % Less FX Impact (1) % Organic1 Revenue Change (Non-GAAP) 2 % GAAP net income in the second quarter declined 77 percent due to gains related to tax incentives recorded in the prior year. FMC second quarter adjusted EBITDA was $207 million, an increase of 2 percent from the prior-year period as favorable costs were partially offset by price and FX headwinds. Adjusted EPS grew 10 percent driven mainly by higher adjusted EBITDA and lower interest expense. On a GAAP basis, cash from operations was $66 million, a decline of $226 million versus 2024 due primarily to a smaller reduction in inventory levels than in the prior year. Free cash flow was $40 million, a decline of $241 million versus Q2 2024 primarily due to lower cash from operations. Intention to Divest India Commercial Business In response to challenges in India, the FMC Board of Directors has approved divesting the company's commercial business in the country. FMC plans to continue to actively participate in the India market through a supply agreement with the eventual buyer of the business for its patented and data-protected portfolio, ranging from new diamide technologies to active ingredients and biologicals. The company will continue its active ingredient manufacturing operations in India. The sale process is underway and is expected to conclude within the next year. Outlook2 The India commercial business will be classified as held for sale beginning in the third quarter. Revenue generated by the India commercial business will be included in reported revenue, while revenue guidance for the company will exclude India. Earnings of the India commercial business will be excluded from adjusted EBITDA and adjusted EPS. The company reaffirms its full-year 2025 adjusted EBITDA, adjusted EPS and free cash flow guidance ranges. Revenue excluding India is expected to be $4.08 billion to $4.28 billion, down 2 percent at the midpoint versus prior year reported revenue. Other than the exclusion of India revenue, there is no change to revenue guidance. Third quarter revenue excluding India is expected to be in the range of $1.00 billion to $1.10 billion, down 1 percent at the midpoint versus reported third quarter 2024. Volume growth and a minor FX tailwind are expected to be more than offset by a mid-single digit price headwind, in part driven by diamide partner contract adjustments and higher rebates as customers purchase higher volumes. The India exclusion is a negative 6 percent impact. Adjusted EBITDA is forecasted to be in the range of $210 million to $250 million, an increase of 14 percent at the midpoint versus the prior year as lower costs and volume growth more than offset headwinds from pricing and FX. Lower costs are driven by COGS tailwinds from improved fixed cost absorption, lower raw material costs and restructuring benefits. FMC expects adjusted earnings per diluted share to be in the range of $0.78 to $0.98 in the third quarter, which represents a 28 percent increase at the midpoint versus third quarter 2024 driven mainly by higher adjusted EBITDA. Fourth quarter revenue excluding India is expected to be in the range of $1.24 billion to $1.34 billion, an increase of 5 percent at the midpoint versus reported fourth quarter 2024. The company expects strong volume growth driven by sales of new products as well as contributions from the additional route to market recently put in place in Brazil. Pricing is expected to be a low-single digit headwind, while FX is forecasted to be a minor tailwind. The India exclusion is negative 6 percent. Adjusted EBITDA is forecasted to be in the range of $334 million to $374 million, an increase of 4 percent at the midpoint versus the prior year as favorable costs and higher volumes are partially offset by lower price. FMC expects adjusted earnings per diluted share to be in the range of $1.62 to $1.84 in the fourth quarter, which represents a 3 percent decrease at the midpoint versus fourth quarter 2024. The unfavorable variance is mainly driven by an exceptionally low tax rate in the prior year. Full-Year 2025 Outlook2 Second-Half Outlook2 (excludes India in Q3 and Q4) Third Quarter Outlook2 (excludes India) Fourth Quarter Outlook2 (excludes India) Revenue $4.08 billion to $4.28 billion $2.24 billion to $2.44 billion $1.00 billion to $1.10 billion $1.24 billion to $1.34 billion Growth at midpoint vs. 2024 (2) % 2 % (1) % 5 % Adjusted EBITDA $870 million to $950 million $544 million to $624 million $210 million to $250 million $334 million to $374 million Growth at midpoint vs. 2024 1 % 8 % 14 % 4 % Adjusted EPS^ $3.26 to $3.70 $2.40 to $2.82 $0.78 to $0.98 $1.62 to $1.84 Growth at midpoint vs. 2024 0 % 5 % 28 % (3) % ^ EPS estimates assume 125.6 million diluted shares for full year and 125.6 million diluted shares for Q3 and Q4. Note that percentages are calculated using whole numbers. Minor differences may exist due to rounding. India has been excluded from second half, third quarter and fourth quarter outlooks. Variances are calculated versus 2024 results which include India. Supplemental Information The company will post supplemental information on the web at including its webcast slides for tomorrow's earnings call, definitions of non-GAAP terms and reconciliations of non-GAAP figures to the nearest available GAAP term. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. FMC, the FMC logo, Cyazypyr and Isoflex are trademarks of FMC Corporation or an affiliate. About FMC FMC Corporation is a global agricultural sciences company dedicated to helping growers produce food, feed, fiber and fuel for an expanding world population while adapting to a changing environment. FMC's innovative crop protection solutions – including biologicals, crop nutrition, digital and precision agriculture – enable growers and crop advisers to address their toughest challenges economically while protecting the environment. FMC is committed to discovering new herbicide, insecticide and fungicide active ingredients, product formulations and pioneering technologies that are consistently better for the planet. Visit to learn more and follow us on LinkedIn®. Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: FMC and its representatives may from time to time make written or oral statements that are 'forward-looking' and provide other than historical information, including statements contained in this press release, in FMC's other filings with the SEC, and in presentations, reports or letters to FMC stockholders. In some cases, FMC has identified these forward-looking statements by such words or phrases as 'outlook', 'will likely result,' 'is confident that,' 'expect,' 'expects,' 'should,' 'could,' 'may,' 'will continue to,' 'believe,' 'believes,' 'anticipates,' 'predicts,' 'forecasts,' 'estimates,' 'projects,' 'potential,' 'intends' or similar expressions identifying 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words or phrases. Such forward-looking statements are based on our current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. The forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These statements are qualified by reference to the risk factors included in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 (the '2024 Form 10-K'), the section captioned 'Forward-Looking Information' in Part II of the 2024 Form 10-K and to similar risk factors and cautionary statements in all other reports and forms filed with the Securities and Exchange Commission ('SEC'). We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. We specifically decline to undertake any obligation, and specifically disclaim any duty, to publicly update or revise any forward-looking statements that have been made to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as may be required by law. This press release contains certain 'non-GAAP financial terms' which are defined on our website Such terms include adjusted EBITDA, adjusted earnings, free cash flow, organic revenue growth and revenue excluding India. In addition, we have also provided on our website reconciliations of non-GAAP terms to the most directly comparable GAAP terms. Organic revenue growth (non-GAAP) excludes the impact of foreign currency changes. Although we provide forecasts for adjusted earnings per share, adjusted EBITDA, and free cash flow (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, our India held for sale business, and discontinued operations. As a result, no GAAP outlook is provided. Starting with the third quarter 2025 guidance, we provide forecasts for revenue excluding India (non-GAAP financial measure). We are not able to forecast the GAAP revenue due to potential actions we may take during the held for sale period to prepare the business for a potential buyer and other uncertainties, including customer reaction to the announcement of our intention to sell our India commercial business. For all outlooks provided, variances are calculated versus 2024 results which include India. In certain instances, parts included in the variance explanations in the discussion may not sum to the total variance for the financial statement line item due to rounding. FMC CORPORATION CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited and in millions, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenue $ 1,050.5 $ 1,038.4 $ 1,841.9 $ 1,956.4 Costs of sales and services 644.2 640.3 1,118.9 1,218.6 Gross margin $ 406.3 $ 398.1 $ 723.0 $ 737.8 Selling, general and administrative expenses 176.8 164.8 348.8 328.7 Research and development expenses 66.4 75.9 135.1 136.8 Restructuring and other charges (income) 36.7 95.1 54.5 136.0 Total costs and expenses $ 924.1 $ 976.1 $ 1,657.3 $ 1,820.1 Income from continuing operations before non-operating pension, postretirement, and other charges (income), interest expense, net and income taxes $ 126.4 $ 62.3 $ 184.6 $ 136.3 Non-operating pension, postretirement, and other charges (income) 6.6 4.2 9.8 8.5 Interest expense, net 61.0 63.6 111.1 125.3 Income (loss) from continuing operations before income taxes $ 58.8 $ (5.5) $ 63.7 $ 2.5 Provision (benefit) for income taxes 14.4 (303.5) 27.9 (304.9) Income (loss) from continuing operations $ 44.4 $ 298.0 $ 35.8 $ 307.4 Discontinued operations, net of income taxes 23.4 (2.8) 16.4 (15.3) Net income (loss) $ 67.8 $ 295.2 $ 52.2 $ 292.1 Less: Net income (loss) attributable to noncontrolling interests 1.1 0.1 1.0 (0.3) Net income (loss) attributable to FMC stockholders $ 66.7 $ 295.1 $ 51.2 $ 292.4 Amounts attributable to FMC stockholders: Income (loss) from continuing operations $ 43.3 $ 297.9 $ 34.8 $ 307.7 Discontinued operations, net of tax 23.4 (2.8) 16.4 (15.3) Net income (loss) $ 66.7 $ 295.1 $ 51.2 $ 292.4 Basic earnings (loss) per common share attributable to FMC stockholders: Continuing operations $ 0.34 $ 2.37 $ 0.28 $ 2.45 Discontinued operations 0.19 (0.02) 0.13 (0.12) Basic earnings per common share $ 0.53 $ 2.35 $ 0.41 $ 2.33 Average number of shares outstanding used in basic earnings per share computations 125.2 125.0 125.1 125.0 Diluted earnings (loss) per common share attributable to FMC stockholders: Continuing operations $ 0.34 $ 2.37 $ 0.28 $ 2.45 Discontinued operations 0.19 (0.02) 0.13 (0.12) Diluted earnings per common share $ 0.53 $ 2.35 $ 0.41 $ 2.33 Average number of shares outstanding used in diluted earnings per share computations 125.6 125.4 125.5 125.3 Other Data: Capital additions and other investing activities $ 9.8 $ 14.4 $ 47.2 $ 37.8 Depreciation and amortization expense 43.4 44.3 87.1 90.0 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 and in millions, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net income (loss) attributable to FMC stockholders (GAAP) $ 66.7 $ 295.1 $ 51.2 $ 292.4 Corporate special charges (income): Restructuring and other charges (income) (a) 36.7 95.1 54.5 136.0 Non-operating pension, postretirement, and other charges (income) (b) 6.6 4.2 9.8 8.5 Income tax expense (benefit) on Corporate special charges (income) (c) (6.8) (13.8) (11.2) (23.4) Discontinued operations attributable to FMC stockholders, net of income taxes (d) (23.4) 2.8 (16.4) 15.3 Tax adjustment (e) 6.9 (304.3) 21.2 (304.3) Adjusted after-tax earnings from continuing operations attributable to FMC stockholders (Non-GAAP) (1) $ 86.7 $ 79.1 $ 109.1 $ 124.5 Diluted earnings per common share (GAAP) $ 0.53 $ 2.35 $ 0.41 $ 2.33 Corporate special charges (income) per diluted share, before tax: Restructuring and other charges (income) 0.29 0.76 0.43 1.09 Non-operating pension, postretirement, and other charges (income) 0.05 0.03 0.08 0.07 Income tax expense (benefit) on Corporate special charges (income), per diluted share (0.04) (0.11) (0.09) (0.19) Discontinued operations attributable to FMC stockholders, net of income taxes per diluted share (0.19) 0.02 (0.13) 0.12 Tax adjustments per diluted share 0.05 (2.42) 0.17 (2.43) Diluted adjusted after-tax earnings from continuing operations per share, attributable to FMC stockholders (Non-GAAP) $ 0.69 $ 0.63 $ 0.87 $ 0.99 Average number of shares outstanding used in diluted adjusted after-tax earnings from continuing operations per share computations 125.6 125.4 125.5 125.3 ____________________ (1) Referred to as Adjusted earnings. The Company believes that Adjusted earnings, a Non-GAAP financial measure, and its presentation on a per share basis provides useful information about the Company's operating results to management, 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 business from period to period. (a) Three Months Ended June 30, 2025: Restructuring and other charges (income) includes restructuring charges of $13.0 million primarily related to the previously announced global restructuring plan, referred to as 'Project Focus.' Charges incurred related to Project Focus consist of $4.9 million of professional service provider costs and other miscellaneous charges, $5.4 million of severance and employee separation costs, and accelerated depreciation of $2.5 million on assets identified for disposal in connection with the restructuring initiative. Other charges (income) of $23.7 million is comprised of $7.4 million of charges associated with our environmental sites, a charge of $11.9 million due to changes in our estimate for Furadan disposal costs at our Middleport site, and $4.4 million of other miscellaneous charges. Three Months Ended June 30, 2024: Restructuring and other charges (income) includes restructuring charges of $83.8 million primarily related to Project Focus. Charges incurred related to Project Focus consist of $53.3 million of non-cash asset write-off charges resulting from the contract termination with one of our third-party manufacturers, $18.6 million of severance and employee separation costs, including costs associated with the CEO transition, $6.5 million of professional service provider costs and other miscellaneous charges, and accelerated depreciation of $5.9 million on assets identified for disposal in connection with the restructuring initiative. Other charges (income) of $11.3 million is comprised of $5.7 million of charges associated with our environmental sites and $5.6 million of other miscellaneous charges. Six Months Ended June 30, 2025: Restructuring and other charges (income) includes restructuring charges of $26.6 million primarily related to the previously announced global restructuring plan, referred to as 'Project Focus.' Charges incurred related to Project Focus consist of $11.5 million of professional service provider costs and other miscellaneous charges, $9.6 million of severance and employee separation costs, and accelerated depreciation of $5.6 million on assets identified for disposal in connection with the restructuring initiative. Other charges (income) of $27.9 million is comprised of $10.9 million of charges associated with our environmental sites, a charge of $11.9 million due to changes in our estimate for Furadan disposal costs at our Middleport site, and $5.1 million of other miscellaneous charges. Six Months Ended June 30, 2024: Restructuring and other charges (income) includes restructuring charges of $117.5 million primarily related Project Focus. Charges incurred in connection with Project Focus consist of $53.3 million of non-cash asset write off charges resulting from the contract termination with one of our third-party manufacturers, $37.5 million of severance and employee separation costs, including costs associated with the CEO transition, $18.7 million of professional service provider costs and other miscellaneous charges, and accelerated depreciation of $8.2 million on assets identified for disposal in connection with the restructuring initiative. Other charges (income) of $18.5 million is comprised of $9.0 million of charges associated with our environmental sites and $9.5 million of other miscellaneous charges. (b) Our non-operating pension, postretirement and other charges (income) includes those costs (benefits) related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These are excluded from our Adjusted Earnings and 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 continue to include the service cost and amortization of prior service cost in our Adjusted Earnings results noted above. These elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees. The three and six months ended June 30, 2025 also includes other charges of $3.3 million incurred as a make-whole premium in connection with the early redemption of $500 million of the Senior Notes due May 18, 2026. (c) 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. (d) Discontinued operations includes provisions, net of recoveries, for environmental liabilities and legal reserves and expenses related to previously discontinued operations and retained liabilities. We recorded a $34.5 million reduction in our legal reserve in discontinued operations for the three and six months ended June 30, 2025 as a result of a decrease in outstanding cases. (e) We exclude the GAAP tax provision, including discrete items, from the Non-GAAP measure of income, and 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 continuing operating results 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. In 2024 and 2023, we recorded significant deferred tax assets due to various tax incentives granted to the Company's Swiss subsidiaries (the 'Swiss Tax Incentives'). The initial recognition of these Swiss Tax Incentives did not impact our adjusted non-GAAP effective tax rate but will be considered annually as we realize the benefits. Management believes excluding these discrete tax items, as well as the impacts of the Swiss Tax Incentives annually as the related benefits are realized, assists investors and securities analysts in understanding the tax provision and the effective tax rate related to continuing operating results thereby providing investors with useful supplemental information about FMC's operational performance. Three Months Ended June 30, Six Months Ended June 30, (in Millions) 2025 2024 2025 2024 Tax adjustments: Revisions to valuation allowances of historical deferred tax assets $ — $ — $ (1.2) $ (1.6) Net impact of Switzerland tax incentives 10.5 (300.0) 13.3 (300.0) Foreign currency remeasurement and other discrete items (3.6) (4.3) 9.1 (2.7) Total Non-GAAP tax adjustments $ 6.9 $ (304.3) $ 21.2 $ (304.3) RECONCILIATION OF NET INCOME (LOSS) (GAAP) TO ADJUSTED EARNINGS FROM CONTINUING OPERATIONS, BEFORE INTEREST, INCOME TAXES, DEPRECIATION AND AMORTIZATION, AND NONCONTROLLING INTERESTS (NON-GAAP) (Unaudited, in millions) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net income (loss) (GAAP) $ 67.8 $ 295.2 $ 52.2 $ 292.1 Restructuring and other charges (income) 36.7 95.1 54.5 136.0 Non-operating pension, postretirement, and other charges (income) 6.6 4.2 9.8 8.5 Discontinued operations, net of income taxes (23.4) 2.8 (16.4) 15.3 Interest expense, net 61.0 63.6 111.1 125.3 Depreciation and amortization 43.4 44.3 87.1 90.0 Provision (benefit) for income taxes 14.4 (303.5) 27.9 (304.9) Adjusted earnings from continuing operations, before interest, income taxes, depreciation and amortization, and noncontrolling interests (Non-GAAP) (1) $ 206.5 $ 201.7 $ 326.2 $ 362.3 ___________________ (1) Referred to as Adjusted EBITDA. Defined as operating profit excluding restructuring and other charges (income) and depreciation and amortization expense. RECONCILIATION OF CASH PROVIDED (REQUIRED) BY OPERATING ACTIVITIES OF CONTINUING OPERATIONS (GAAP) TO FREE CASH FLOW (NON-GAAP) (Unaudited, in millions) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Cash provided (required) by operating activities of continuing operations (GAAP) (1) $ 65.9 $ 292.2 $ (479.1) $ 149.3 Capital expenditures (15.0) (9.9) (46.6) (30.6) Other investing activities 5.2 (4.5) (0.6) (7.2) Capital additions and other investing activities $ (9.8) $ (14.4) $ (47.2) $ (37.8) Cash provided (required) by operating activities of discontinued operations (16.4) 2.6 (29.7) (18.9) Free cash flow (Non-GAAP) (2) $ 39.7 $ 280.4 $ (556.0) $ 92.6 ___________________ (1) Includes cash payments made in connection with our Project Focus transformation program of $14.9 million and $23.6 million for the three months ended June 30, 2025 and 2024, respectively, and $70.6 million and $63.5 million for the six months ended June 30, 2025 and 2024, respectively. (2) Free cash flow is defined as cash provided (required) by operating activities of continuing operations (GAAP) adjusted for spending for capital additions and other investing activities as well as cash provided (required) by discontinued operations and divestiture transaction costs associated with the sale of our GSS business. We believe that this Non-GAAP financial measure provides a useful basis for investors and securities analysts to evaluate the cash generated by routine business operations, including to assess our our ability to repay debt, fund acquisitions and return capital to shareholders through share repurchases and dividends. Our use of free cash flow has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of our results under U.S. GAAP. RECONCILIATION OF REVENUE CHANGE (GAAP) TO ORGANIC REVENUE CHANGE (NON-GAAP) (1) (Unaudited) Three Months Ended June 30, 2025 vs. 2024 Six Months Ended June 30, 2025 vs. 2024 Total Revenue Change (GAAP) 1 % (6) % Less: Foreign Currency Impact (1) % (2) % Organic Revenue Change (Non-GAAP) 2 % (4) % ___________________ (1) We believe organic revenue growth (non-GAAP) provides management and investors with useful supplemental information regarding our ongoing revenue performance and trends by presenting revenue growth excluding the impact of fluctuations in foreign exchange rates. RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO FMC STOCKHOLDERS (GAAP) TO RETURN ON INVESTED CAPITAL ('ROIC') NUMERATOR (NON-GAAP) AND ADJUSTED ROIC (USING NON-GAAP NUMERATOR)(1) (Unaudited) Twelve Months Ended June 30, 2025 Net income (loss) attributable to FMC stockholders (GAAP) $ 99.9 Interest expense, net, net of income taxes 195.2 Corporate special charges (income) 157.8 Income tax expense (benefit) on Corporate special charges (income) (24.9) Discontinued operations attributable to FMC stockholders, net of income taxes 30.1 Tax adjustments 158.0 ROIC numerator (Non-GAAP) $ 616.1 June 30, 2025 June 30, 2024 Total debt $ 4,163.3 $ 4,179.1 Total FMC stockholders' equity 4,397.0 4,559.4 Total debt and FMC stockholders' equity (GAAP) $ 8,560.3 $ 8,738.5 ROIC denominator (2 yr average total debt and FMC stockholders' equity) $ 8,649.4 ROIC (using Net income (loss) attributable to FMC stockholders (GAAP) as numerator) 1.15 % Adjusted ROIC (using Non-GAAP numerator) 7.12 % ___________________ (1) We believe Adjusted ROIC (non-GAAP) provides management and investors with useful supplemental information regarding our utilization of capital provided by both equity and debt as well as our working capital and free cash flow management. Additionally, vesting of certain restricted stock awards granted to officers is connected to Adjusted ROIC as a performance metric. FMC CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in millions) June 30, 2025 December 31, 2024 Cash and cash equivalents $ 438.2 $ 357.3 Trade receivables, net of allowance of $42.8 in 2025 and $39.4 in 2024 3,076.3 2,903.2 Inventories 1,395.7 1,201.6 Prepaid and other current assets 557.1 496.2 Total current assets $ 5,467.3 $ 4,958.3 Property, plant and equipment, net 890.7 849.7 Goodwill 1,527.0 1,507.0 Other intangibles, net 2,401.4 2,360.7 Deferred income taxes 1,549.5 1,523.8 Other long-term assets 461.2 453.8 Total assets $ 12,297.1 $ 11,653.3 Short-term debt and current portion of long-term debt $ 893.3 $ 337.4 Accounts payable, trade and other 906.0 768.5 Advanced payments from customers — 453.8 Accrued and other liabilities 819.8 755.2 Accrued customer rebates 812.0 489.9 Guarantees of vendor financing 61.5 85.5 Accrued pensions and other postretirement benefits, current 3.0 6.4 Income taxes 77.5 122.5 Total current liabilities $ 3,573.1 $ 3,019.2 Long-term debt, less current portion $ 3,270.0 $ 3,027.9 Long-term liabilities 1,025.9 1,097.4 Equity 4,428.1 4,508.8 Total liabilities and equity $ 12,297.1 $ 11,653.3 FMC CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in millions) Six Months Ended June 30, 2025 2024 Cash provided (required) by operating activities of continuing operations $ (479.1) $ 149.3 Cash provided (required) by operating activities of discontinued operations (29.7) (18.9) Cash provided (required) by investing activities of continuing operations (51.4) (39.6) Cash provided (required) by financing activities of continuing operations 628.7 84.7 Effect of exchange rate changes on cash 12.4 (6.4) Increase (decrease) in cash and cash equivalents $ 80.9 $ 169.1 Cash and cash equivalents, beginning of period $ 357.3 $ 302.4 Cash and cash equivalents, end of period $ 438.2 $ 471.5
Malaysian Reserve
2 hours ago
- Malaysian Reserve
FGI INDUSTRIES ANNOUNCES SECOND QUARTER RESULTS CONFERENCE CALL DATE
EAST HANOVER, N.J., July 30, 2025 /PRNewswire/ — FGI Industries Ltd. (Nasdaq: FGI) ('FGI' or the 'Company'), a leading global supplier of kitchen and bath products, today announced that it will issue financial results for the second quarter 2025 after the market close on Monday, August 11, 2025. Management will conduct a conference call on Tuesday, August 12, 2025, at 9:00 am Eastern Time to discuss the quarterly results. A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of the Company's corporate website at To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time to register and download and install any necessary audio software. To participate in the live teleconference: Toll Free: 1-866-250-8117 International Live: 1-412-317-6011 To listen to a replay of the teleconference, which will be available through August 26, 2025: Domestic Replay: 1-844-512-2921 International Replay: 1-412-317-6671 Conference ID: 10201251 ABOUT FGI INDUSTRIES FGI Industries Ltd. (Nasdaq: FGI) is a leading global supplier of kitchen and bath products. For over 30 years, we have built an industry-wide reputation for product innovation, quality, and excellent customer service. We are currently focused on the following product categories: sanitaryware (primarily toilets, sinks, pedestals, and toilet seats), bath furniture (vanities, mirrors and cabinets), shower systems, customer kitchen cabinetry and other accessory items. These products are sold primarily for repair and remodel activity and, to a lesser extent, new home or commercial construction. We sell our products through numerous partners, including mass retail centers, wholesale and commercial distributors, online retailers and specialty stores. FORWARD-LOOKING STATEMENTS This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The use of words such as 'anticipate,' 'expect,' 'could,' 'may,' 'intend,' 'plan', 'see' and 'believe,' among others, generally identify forward-looking statements. These forward-looking statements include, among others, statements regarding FGI's guidance, the Company's growth strategies, outlook and potential acquisition activity, the macroeconomic instability and its associated impact on the national and global economy and the residential repair and remodel market, the company's planned product launches and new customer partnerships and the effect of supply chain disruptions and freight costs. These forward-looking statements are based on currently available operating, financial, economic and other information, and are subject to a number of risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results. A variety of factors, many of which are beyond our control, could cause actual future results or events to differ materially from those projected in the forward-looking statements in this release. For a full description of the risks and uncertainties which could cause actual results to differ from our forward-looking statements, please refer to FGI's periodic filings with the Securities & Exchange Commission including those described as 'Risk Factors' in FGI's annual report on Form 10-K for the year ended December 31, 2024, and in quarterly reports on Form 10-Q filed thereafter. FGI does not undertake any obligation to update forward-looking statements whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Malaysian Reserve
9 hours ago
- Malaysian Reserve
Military Laser Systems Market to Reach USD 10,685.36 million by 2032, growing at a CAGR of 8.59%: Credence Research
PUNE, India, July 30, 2025 /PRNewswire/ — Market Outlook According to Credence Research the global Military Laser Systems Market is poised for significant growth, with its size projected to rise from USD 5,524.89 million in 2024 to USD 10,685.36 million by 2032, expanding at a CAGR of 8.59%. The market gains traction due to escalating geopolitical tensions, increased defense modernization efforts, and rising investments in directed energy weapons. Nations prioritize the integration of high-precision, non-lethal, and cost-effective laser-based systems for applications including missile defense, target designation, range finding, and UAV countermeasures. Technological advancements in solid-state, fiber, and gas laser systems continue to enhance operational performance, range, and energy efficiency, supporting broader deployment across land, naval, and airborne platforms. The increasing adoption of laser systems for surveillance and communication in contested environments further contributes to market growth. Growing demand for lightweight, modular systems that can be integrated into existing platforms fuels innovation, reinforcing the strategic importance of military lasers in next-generation warfare strategies. Key Growth Determinants The surge in global defense spending, particularly in countries such as the U.S., China, and India, plays a pivotal role in driving the military laser systems market. These nations are focusing on upgrading their military capabilities with advanced technologies that offer precision, scalability, and minimal collateral damage. Laser-based systems offer a low cost per shot compared to traditional munitions, making them increasingly favorable in prolonged combat and deterrence strategies. Rapid advancements in laser power output and beam control technologies have made it feasible to deploy laser systems in tactical and strategic roles. This includes directed energy weapons capable of neutralizing drones, missiles, and small boats with high accuracy. Defense agencies are investing in scalable and portable laser solutions that offer multi-mission capabilities, supporting their use across varied combat scenarios. Continuous R&D by private and public defense organizations enhances system reliability and integration flexibility. The growing focus on counter-unmanned aerial system (C-UAS) solutions is another critical factor. With increasing threats from low-cost drones, especially in asymmetric warfare, militaries are adopting laser systems as a cost-effective and immediate-response solution. Their ability to disable electronics without explosive force makes them ideal for minimizing civilian and infrastructure damage in urban conflict zones. This shift toward directed energy-based deterrents continues to strengthen market expansion. Tailor the report to align with your specific business needs and gain targeted insights. Request – Key Growth Barriers Despite strong market momentum, high initial development and procurement costs pose a significant barrier to widespread adoption of military laser systems. The integration of advanced optics, cooling systems, and high-energy components makes these systems expensive to manufacture and maintain. Budget constraints in developing countries limit investment in such cutting-edge technologies, slowing global market penetration. Technical challenges related to beam attenuation due to weather conditions, atmospheric distortion, and energy loss during transmission also hamper deployment. Laser systems often face limitations in range and effectiveness under adverse environmental conditions such as fog, rain, or dust, reducing operational reliability in real-world combat environments. Overcoming these technical barriers remains critical to broader system adoption. Key Market Opportunities The increasing demand for laser-based solutions in space-based defense and missile interception systems presents a significant opportunity. With renewed interest in space militarization, defense agencies are exploring directed energy systems for satellite protection, anti-ballistic missile defense, and high-altitude threat neutralization. These developments open up a new frontier for military laser applications beyond conventional terrestrial platforms. Integration of AI and sensor fusion into laser systems offers enhanced targeting, tracking, and decision-making capabilities. These innovations can transform laser systems into intelligent, autonomous threat neutralizers that improve response time and accuracy in fast-paced battlefields. This convergence of technologies is expected to unlock new use cases and accelerate adoption across diverse military scenarios. Regional Analysis North America holds the largest share of the military laser systems market, driven by substantial investments from the U.S. Department of Defense in directed energy weapons. The U.S. leads global deployment of laser systems for applications such as UAV neutralization, missile defense, and anti-drone systems. Strong collaborations between government agencies and defense contractors such as Lockheed Martin and Raytheon Technologies bolster technological innovation and market growth. The Asia Pacific region is projected to witness the fastest growth during the forecast period, fueled by rising defense expenditures in China, India, South Korea, and Japan. Regional military modernization initiatives and increasing cross-border tensions have accelerated demand for advanced laser systems. Meanwhile, Europe shows steady adoption, with NATO member states prioritizing next-generation defense technologies and enhancing their collective defense capabilities using non-kinetic, directed energy systems. Credence Research's Competitive Landscape Analysis The global military laser systems market features a moderately consolidated competitive landscape, with leading defense contractors including Lockheed Martin Corporation, Northrop Grumman, Raytheon Technologies, BAE Systems, and Thales Group dominating development. These firms invest heavily in R&D, form strategic alliances, and secure multi-year government contracts to maintain technological leadership. Emerging players and specialized firms also gain traction by offering niche capabilities in optics, beam control, and portable system integration, contributing to a dynamic and innovation-driven market environment. Tailor the report to align with your specific business needs and gain targeted insights. Request – Segments – By Platform Ground-Based Airborne Naval Others By Application Weapon Systems Target Designation Range Finding Directed Energy Systems Others By End-use Defense Forces Homeland Security By Technology Solid-State Lasers Fiber Lasers Chemical Lasers CO₂ Lasers Others By Output Power Less than 50 kW 50–100 kW More than 100 kW By Region North America Europe Asia Pacific Latin America Middle East & Africa Key Player Analysis Lockheed Martin Corporation Rheinmetall AG Thales Group The Boeing Company Northrop Grumman Corporation L3Harris Technologies Inc. BAE System RTX Corporation Others Recent Industry Developments June 2025: Zen Technologies secured its 54th Indian and 82nd global patent for a laser-based military training system. The patented long-pass optical filter integrates visible and infrared lasers, enhancing simulator realism. This follows Zen's expansion into the UAV segment through TISA Aerospace. May 2025: NUBURU announced the planned acquisition of TEKNE, a specialist in electronic warfare and cyber defense. The deal, pending approvals, aims to combine TEKNE's vehicle protection and jammer technologies with NUBURU's blue laser innovations to establish a new Defense & Security hub and boost revenue to USD 50 million. March 2025: HII's Mission Technologies division won a U.S. Army contract to develop a High-Energy Laser (HEL) weapon system. The open-architecture prototype targets Groups 1–3 drones and supports both fixed-site and mobile defense with a focus on rapid deployment and scalability. November 2024: Israel revealed plans to deploy the Iron Beam laser defense system within a year. Developed by Rafael and Elbit Systems, Iron Beam uses high-power lasers to neutralize missiles, drones, and rockets as a cost-effective complement to Iron Dome, though it faces weather-related limitations. October 2024: Rafael Advanced Defense Systems announced it will showcase laser weapons, air defense, and precision strike systems at AUSA 2024. Featured technologies include the Iron Beam, SPIKE missile family, and the new ICEBREAKER cruise missile, reinforcing its U.S. defense partnerships. June 2024: Leonardo DRS secured a full-rate production contract to supply its Quantum Cascade Laser (QCL) technology for the Common Infrared Countermeasure (CIRCM) systems. The fifth-generation laser enhances missile defense for U.S. Army rotary-wing aircraft. May 2024: BlueHalo received a USD 95.4 million contract from the U.S. Army Space and Missile Defense Command (SMDC) to develop Directed Energy prototypes under the Laser Technology Research Development and Optimization (LARDO) program via the Aviation & Missile Technology Consortium (AMTC). June 2023: RTX Corporation delivered its fourth combat-ready, palletized 10 KW laser weapon to the U.S. Air Force. Built to military specifications, the stand-alone system offers flexible deployment for base or mobile use. Reasons to Purchase this Report: Gain a comprehensive understanding of the market through qualitative and quantitative analyses, considering both economic and non-economic factors, with segmentation and sub-segmentation details provided in terms of market value (USD Billion). Identify regions and segments expected to experience the fastest growth or dominate the market, with a detailed analysis of geographic consumption patterns and the factors driving or hindering market performance in each region. Stay informed about the competitive environment, with rankings of major players, recent product and service launches, partnerships, business expansions, and acquisitions from the past five years. Access detailed profiles of major market players, including company overviews, insights, product benchmarking, and SWOT analysis, to understand competitive advantages and market positioning. Explore the present and forecasted market landscape, with insights into growth opportunities, market drivers, challenges, and constraints for both developed and emerging regions. Benefit from Porter's Five Forces analysis and Value Chain insights to evaluate various market perspectives and competitive dynamics. Understand the evolving market scenario, including potential growth opportunities and trends expected in the coming years. Tailor the report to align with your specific business needs and gain targeted insights. Request – Discover additional reports tailored to your industry needs – Artificial Intelligence (AI) in Military Market – Military Lighting Market – Military Land Vehicles Market – Military Surveillance Drones Market – U.S. Military Wearables Market – Military Grade Fiberglass Market – Follow Us: About Us: Credence Research is a viable intelligence and market research platform that provides quantitative B2B research to more than 2000 clients worldwide and is built on the Give principle. The company is a market research and consulting firm serving governments, non-legislative associations, non-profit organizations, and various organizations worldwide. We help our clients improve their execution in a lasting way and understand their most imperative objectives. Contact Us Mitul DeanTower C-1105 , S 25, Akash Tower,Vishal Nahar, Pimple Nilakh, Haveli,Pune – 411027, Indiasales@ Logo – View original content:
