dupont earnings 2019

dupont earnings 2019

Earnings Release (opens … Pro forma operating EBITDA margins were up over 300 basis points driven by pricing gains across the portfolio, productivity actions and cost savings partially offset by currency and higher planned maintenance costs. Organic sales were flat with a 1 percent pricing improvement offset by a 1 percent decline in volume. DuPont's management believes these non-GAAP financial measures are useful to investors because they provide additional information related to the ongoing performance of DuPont to offer a more meaningful comparison related to future results of operations. This earnings release includes information that does not conform to accounting principles generally accepted in the United States of America ("U.S. GAAP") and are considered non-GAAP measures. Organic sales were flat to up in all core segments except Transportation & Industrial which was impacted by continued weak automotive markets and declining nylon price. Operating Activities. Non-CoreNon-Core reported fourth quarter net sales of $404 million, down 19 percent from the year-ago period. Non-Core reported fourth quarter net sales of $404 million, down 19 percent from the year-ago period. DuPont Logo (PRNewsfoto/DuPont) Full year 2019 pro forma GAAP EPS from continuing operations of $(0.74); pro forma adjusted EPS of $3.80. DuPont (ticker: DD) shares are down 5% year to date, worse than the 15% change of the Dow Jones Industrial Average over the same span.. A replay of the webcast also will be available on the DuPont's Investor Relations Events and Presentations page following the live event. The Zacks Consensus Estimate for 2019 earnings is currently pegged at $3.80, suggesting a year-over-year decline of 69.2%. The unaudited pro forma Consolidated Statements of Operations (discussed in the following section) included herein include costs previously allocated to the materials science and agriculture businesses that did not meet the definition of expenses related to discontinued operations in accordance with Financial Accounting Standards Codification 205, "Presentation of Financial Statements" ("ASC 205") and thus are reflected in the Company's results of continuing operations. Organic sales were down 8 percent with volume down 6 percent and price lower by 2 percent. A detailed discussion of some of the significant risks and uncertainties which may cause results and events to differ materially from such forward-looking statements is included in the section titled “Risk Factors” (Part II, Item 1A) of DuPont’s Quarterly Report on Form 10-Q for the period ended September 30, 2019 and its subsequent reports on Form 10-Q, 10-K and Form 8-K. © 2020 DuPont. Pro forma adjusted EPS(1) decreased 7 percent to $3.80, compared with pro forma adjusted EPS in the year-ago period of $4.07 primarily driven by a higher tax rate, currency headwinds and lower segment results. Includes $111 million of tax expense related to the effects of U.S. Tax Reform. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. The low revenue estimate for DD during the quarter is … Net sales for the quarter totaled $5.2 billion, down 5 percent versus the same quarter last year. For the year, Transportation & Industrial net sales of $5.0 billion and pro forma operating EBITDA of $1.3 billion were down 9 percent and 14 percent, respectively, from the year-ago period. On June 1, 2019, DowDuPont Inc. ("DowDuPont") changed its registered name to DuPont de Nemours Inc. ("DuPont") (for certain events prior to June 1, 2019, the Company may be referred to as DowDuPont). ", "With the nylon headwinds being most impactful at the start of the year and temporary manufacturing challenges in S&C, we are expecting first quarter net sales to be down mid-single digits with adjusted EPS in the range of $0.70 to $0.74, including a headwind from discrete items," Desmond stated. DuPont Media Line:+1 302-999-2761. DuPont 4Q and Full Year 2019 Earnings Conference Call ... Discrete items are included in 2019 pro forma adjusted EPS given either their recurring nature to ongoing company performance or individually being below a threshold to be considered a significant item. Reverse Stock Split Tax Related Information, http://www.prnewswire.com/news-releases/dupont-reports-fourth-quarter-and-full-year-2019-results-300995883.html, +1-866-644-4129 (Toll-free; US + Canada only), +1 201-680-6578 (Toll; outside US + Canada), Full year 2019 pro forma GAAP EPS from continuing operations of $(0.74); pro forma adjusted EPS of $3.80, Full year 2019 pro forma operating EBITDA margins up 10 bps more than offsetting 50 bps headwind from lower equity affiliate income, 4Q19 Net Sales of $5.2 billion, down 5 percent; organic sales down 2 percent, 4Q19 GAAP EPS from continuing operations of $0.24; Adjusted EPS of $0.95, More than $1.3 billion returned to shareholders since June 1 including $750 million of share repurchases, Advanced active portfolio management strategy announcing planned merger of the Nutrition & Biosciences business with IFF to create a global leader in high-value ingredients and solutions in Food & Beverage, Home & Personal Care and Health & Wellness markets, 2020 adjusted earnings per share guidance of $3.70 to $3.90 reflecting headwinds from prior year discrete benefits and nylon market pressures. However, Semiconductor Technologies volumes were up 1 percent sequentially. A detailed discussion of some of the significant risks and uncertainties which may cause results and events to differ materially from such forward-looking statements is included in the section titled "Risk Factors" (Part II, Item 1A) of DuPont's Quarterly Report on Form 10-Q for the period ended September 30, 2019 and its subsequent reports on Form 10-Q, 10-K and Form 8-K. (Loss) Earnings per common share from continuing operations - diluted. The December 2018 divestiture of the European STYROFOAM™ business reduced sales by 3 percent. Fourth quarter operating EBITDA for the segment totaled $311 million, flat with prior year with pricing gains and productivity actions being offset by higher year-over-year manufacturing costs, primarily from costs associated with planned maintenance, and lower volumes. Adjustments to reconcile net (loss) income to net cash provided by (used for) operating activities: Depreciation and amortization. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. DuPont de Nemours reported earnings of 97 cents a share from $5.5 billion in sales. +1 302-774-3034, media@dupont.com Pro forma operating EBITDA(1) of $5.6 billion was down 4 percent versus the prior year primarily driven by weakness in automotive and electronic markets, reduced equity affiliate income and currency headwinds partially offset by strong pricing discipline and continued cost savings. Statements of Operations, (Loss) Income from continuing operations before    income taxes, Provision for income taxes on continuing    operations, (Loss) Income from continuing operations, net of    tax, Net income attributable to noncontrolling    interests from continuing operations, Net (loss) income from continuing operations    attributable to DuPont, (Loss) Earnings per common share from    continuing operations - basic, (Loss) Earnings per common share from    continuing operations - diluted, Weighted-average common shares outstanding -    basic, Weighted-average common shares outstanding -    diluted, View original content to download multimedia:http://www.prnewswire.com/news-releases/dupont-reports-fourth-quarter-and-full-year-2019-results-300995883.html, Computershare (transfer agent) DowDuPont Inc. Q2 2019 Earnings Call Aug 1, 2019, 8:00 a.m. Some of the important factors that could cause DuPont's actual results to differ materially from those projected in any such forward-looking statements include, but are not limited to: (i) the parties' ability to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed transaction with IFF; changes in relevant tax and other laws, (ii) failure to obtain necessary regulatory approvals, approval, if required, of IFF's shareholders, anticipated tax treatment or any required financing or to satisfy any of the other conditions to the proposed transaction, (iii) the possibility that unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies that could impact the value, timing or pursuit of the proposed transaction, (iv) risks and costs and pursuit and/or implementation of the separation of the N&B Business, including timing anticipated to complete the separation, any changes to the configuration of businesses included in the separation if implemented,  (v) risks and costs related to the Dow Distribution and the Corteva Distribution (together, the "Distributions") including (a) with respect to achieving all expected benefits from the Distributions;   (b) the incurrence of significant costs in connection with the Distributions, including costs to service debt incurred by the Company to establish the relative credit profiles of Corteva, Dow and DuPont and increased costs related to supply, service and other arrangements that, prior to the Dow Distribution, were between entities under the common control of DuPont; (c) indemnification of certain legacy liabilities of E. I. du Pont de Nemours and Company ("Historical EID") in connection with the Corteva Distribution; and (d) potential liability arising from fraudulent conveyance and similar laws in connection with the Distributions; (vi) failure to effectively manage acquisitions, divestitures, alliances, joint ventures and other portfolio changes, including meeting conditions under the Letter Agreement entered in connection with the Corteva Distribution, related to the transfer of certain levels of assets and businesses; (vii) uncertainty as to the long-term value of DuPont common stock; (viii) potential inability or reduced access to the capital markets or increased cost of borrowings, including as a result of a credit rating downgrade and (ix) other risks to DuPont's business, operations and results of operations including from: failure to develop and market new products and optimally manage product life cycles; ability, cost and impact on business operations, including the supply chain, of responding to changes in market acceptance, rules, regulations and policies and failure to respond to such changes; outcome of significant litigation, environmental matters and other commitments and contingencies; failure to appropriately manage process safety and product stewardship issues; global economic and capital market conditions, including the continued availability of capital and financing, as well as inflation, interest and currency exchange rates; changes in political conditions, including tariffs, trade disputes and retaliatory actions; impairment of goodwill or intangible assets; the availability of and fluctuations in the cost of energy and raw materials; business or supply disruption, including in connection with the Distributions; security threats, such as acts of sabotage, terrorism or war, natural disasters and weather events and patterns which could result in a significant operational event for DuPont, adversely impact demand or production; ability to discover, develop and protect new technologies and to protect and enforce DuPont's intellectual property rights; unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism or outbreak of war or hostilities, as well as management's response to any of the aforementioned factors. In May 2019, the funds from the Term Loan Facilities were drawn, along with the issuance of approximately $1.4 billion in commercial paper (the "Funding CP Issuance" together with the 2018 Senior Notes and Term Loan Facilities, the "Financings"). Add to Apple Calendar (opens in new window) Add to Google Calendar (opens in new window) Add to Microsoft Outlook (opens in new window) Add to iCalendar (opens in new window) Webcast. "Our full year results demonstrate our ability to offset challenging global macro conditions by focusing on the levers within our control," said Marc Doyle, DuPont Chief Executive Officer. Effective as of 5:00 p.m. on April 1, 2019, DowDuPont completed the separation of its materials science business into a separate and independent public company by way of a distribution of Dow Inc. ("Dow") through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Dow's common stock, par value $0.01 per share (the "Dow Common Stock"), to holders of DowDuPont's common stock, par value $0.01 per share (the "DowDuPont Common Stock"), as of the close of business on March 21, 2019 (the "Dow Distribution"). Reflects the Company's share of net charges related to its investment in the HSC Group, consisting of $456 million in asset impairment charges, primarily  fixed assets, offset slightly by benefits associated with certain customer contract settlements of $248 million deemed non-recurring in nature. Net (loss) income from continuing operations available for DuPont common stockholders. Organic sales were up 1 percent. DuPont de Nemours, Inc. DD is scheduled to come up with its third-quarter 2019 results before the opening bell on Oct 31. Within Food & Beverage, mid-single digit growth in protein concentrates on growing demand in plant-based meats was more than offset by volume declines due to supply chain disruptions in sweeteners and inventory destocking in proteins for select channels. The pro forma financial statements are presented for informational purposes only, and do not purport to represent what DuPont's results of operations or financial position would have been had the Transactions occurred on the dates indicated, nor do they purport to project the results of operations or financial position for any future period or as of any future date. Reconciliations for these non-GAAP measures to U.S. GAAP are provided in the Selected Financial Information and Non-GAAP Measures starting on page 13 and on the Investors section of the Company's website. 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