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Nov. 17, 2015, 5:36 PM
- DuPont's (NYSE:DD) stock price target is raised to $73 and $63 and its Buy rating is maintained by Citigroup analysts, who see plenty of options for company’s seed and pesticide division.
- Following a conversation with DuPont Chairman and CEO Edward Breen and CFO Nick Fanandakis, analyst P.J. Juvekar thinks a sale or purchase of a rival’s seed and pesticide business are not the only options for the company, as it also could consider joint ventures, spinoffs, asset swaps and other strategic alternatives; the biggest challenge is agreeing to valuations in what seems like trough conditions and the potential tax impact, Juvekar says.
- Citi also sees Breen’s focus on free cash flow rather than simple EPS as a positive and similar to successful actions at other chemical companies such as Air Products & Chemicals (NYSE:APD).
Nov. 9, 2015, 7:02 AM
Nov. 5, 2015, 4:13 PM
- DuPont (DD +0.8%) is in discussions with Syngenta (SYT +6.3%) and Dow Chemical (DOW +0.4%) about potential major agriculture deals, Dow Jones reports.
- DD is said to be discussing potential combinations involving its ag division with SYT and DOW, as deal talk has gathered steam since Monsanto (MON -1%) abandoned its effort to acquire SYT in August; MON instead could face the threat of much-enlarged competitors if its rivals end up combining and it strikes no combination of its own.
- U.S. farm income is on pace to hit its lowest level in nearly a decade, pressuring profits in the global market for GMO seeds and chemicals to kill weeds and insects.
Nov. 2, 2015, 9:58 AM
- DuPont (DD +0.2%) is consolidating its Packaging & Industrial Polymers business with its Performance Polymers division, as well as combining its Protection Technologies business with its Building Innovations unit.
- "This will lead to more effective deployment of capital...while capturing savings in our cost structure and driving greater value for our shareholders," Interim CEO Edward Breen declared.
- The new Performance Materials segment will be led by Patrick Lindner, while the new Protection Solutions business will be led by Rose Lee.
Oct. 30, 2015, 7:22 PM
- DuPont (NYSE:DD) has opened a $225M plant to produce cellulosic ethanol -- from the non-kernel parts of corn plants -- in Central Iowa, the opening salvo in an expensive bet on renewable chemicals and fuels.
- The company expects it will eventually make 30M gallons/year and should hit full production in 2016. The factory will use bacteria similar to tequila distillers to break down the waste product, instead of the yeast prevalent in an ethanol industry that breaks down corn grain.
- It believes demand will grow for the product. It already had an agreement to supply the ethanol to Procter & Gamble for its Tide Coldwater laundry detergent.
- DuPont will also conduct research at the facility to pursue improvements to the process. A few other cellulosic ethanol refineries in the U.S. have faced production problems.
- Last year, activist investor Nelson Peltz slammed the initiative as “speculative and expensive corporate science projects” that have “destroyed shareholder value.”
Oct. 28, 2015, 3:58 PM
- DuPont (DD +1.6%) moves higher following reports that Nelson Peltz secretly met with the board and interim CEO Edward Breen to push his plans for major structural reforms at the company.
- The meeting last week is said to be a first between the activist shareholder and the company since CEO Ellen Kullman’s resignation early this month; some analysts have speculated that Peltz may have an easier time selling Breen on his changes, since the interim CEO has a background in corporate restructurings while CEO of Tyco.
- Deutsche Bank raises its stock price target to $70 from $63, seeing Breen as well positioned to become permanent CEO in the next few months, which augurs well for a break-up of DuPont, and Breen says he has had discussions with CEOs of other ag companies regarding consolidation in the industry.
Oct. 27, 2015, 2:42 PM
- DuPont (DD +2.7%) pushes higher after interim CEO Edward Breen said in this morning's earnings conference call that the company was considering a sale of its agricultural unit.
- DuPont will take a "fresh look" at its cost structure and capital allocation strategy, Breen said, even as cost cuts made up $0.10 of Q3 operating earnings of $0.13; DuPont could raise its cost-cutting target by 10%-20% once it undertakes a more thorough operational review, says SunTrust analyst James Sheehan.
- DuPont has been touted as a potential buyer of Dow Chemical's farm unit, but some have questioned if the company is in a position to do so.
Oct. 27, 2015, 11:11 AM
- Less than a week after Dow Chemical announced a review of its farm chemicals and seeds unit, DuPont (DD +1.8%) declared it's in M&A talks with rivals for its agriculture business.
- "We will do what's right for our shareholders to create value for them," interim Chief Executive Edward Breen said on a post-earnings call.
- Falling crop prices and rising fertilizer output have triggered the recent talk of consolidation among farm-focused companies.
Oct. 27, 2015, 7:29 AM
- Net income of $235M vs. $433M in the same quarter a year ago. Operating earnings were $0.13 a share, down from $0.39 per share, the prior year.
- Net sales fell 17.5% to $4.9B, due to a strong dollar, market weakness in agriculture, emerging-markets, and the oil and gas industry.
- Agricultural sales tumbled 30% to $1.1B, recording an operating loss in the segment of $210M.
- "Amid the current challenging macro environment, our priority is to...take a fresh look at DuPont's cost structure and capital allocation strategy to identify ways to further improve shareholder return," said Ed Breen, DuPont (NYSE:DD) Interim Chair and CEO.
- The company reaffirms its recently updated outlook for full-year 2015 operating earnings of about $2.75 per share.
- DD -2.3% premarket
- Q3 results
Oct. 27, 2015, 6:02 AM
- E. I. du Pont de Nemours (NYSE:DD): Q3 EPS of $0.13 beats by $0.03.
- Revenue of $4.97B (-20.7% Y/Y) misses by $330M.
Oct. 26, 2015, 5:30 PM
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Oct. 22, 2015, 5:33 PM
- Dow Chemical (NYSE:DOW) said today it would consider selling its farm business, and analysts tout DuPont (NYSE:DD) and Monsanto (NYSE:MON) as potential buyers, Reuters reports.
- "A different owner might be able to boost profitability immediately," says SunTrust's James Sheehan, who estimates selling the business could net Dow proceeds of ~$15B.
- Buying Dow's farm business would give DuPont the scale to compete with bigger players, especially in the crop protection market, and DuPont's global market share would jump to ~16% after a deal, says Mawer Investment portfolio manager Grayson Witcher.
- MON is looking for acquisitions after its failed bid for Syngenta, but Dow Agrosciences is only half the size of Syngenta and its seed business lags far behind.
Oct. 22, 2015, 6:53 AM
- E. I. du Pont (NYSE:DD) declares $0.38/share quarterly dividend, in line with previous.
- Forward yield 2.65%
- Payable Dec. 14; for shareholders of record Nov. 13; ex-div Nov. 10.
Oct. 8, 2015, 8:28 AM
- DuPont (NYSE:DD) has agreed to a cross-licensing deal with Caribou Biosciences in which intellectual property will be shared between the two companies in a variety of fields.
- Under terms of the agreement, DuPont will receiving exclusive rights for CRISPR-Cas technology applications - a genome-editing tool that allows bacteria to acquire DNA from their surroundings and store it as "a form of genomic memory." The process is accompanied by Cas proteins, which can change DNA in a variety of ways.
- The deal also includes a multi-year research collaboration and a minority equity investment in Caribou.
Oct. 8, 2015, 8:07 AM
- Apollo Global Management (NYSE:APO) is exploring the feasibility of making an offer for Chemours (NYSE:CC), the former DuPont (NYSE:DD) chemical manufacturing unit, and using it as a platform for consolidating other titanium dioxide makers, Bloomberg reports.
- APO is said to have held preliminary talks with bankers about a buyout of Chemours and then approaching other companies, including Tronox (NYSE:TROX), about a tie-up to generate scale and cost efficiencies.
- Among potential obstacles to a deal are a tax bill for DuPont if Chemours is taken private too soon after the July spinoff, and the ~$4B in debt resulting from a payment made to DuPont prior to the split.
Oct. 7, 2015, 6:21 PM
- DuPont (NYSE:DD) was found liable for a woman’s kidney cancer in today's first of 3,500 lawsuits over a toxic Teflon ingredient found in Ohio and West Virginia drinking water.
- An Ohio jury found DuPont responsible for negligence and infliction of emotional distress, awarding $1.6M in damages, but also said DuPont did not act with actual malice in the way it handled the toxic chemical.
- Dupont and Chemours (NYSE:CC) "dodged a major bullet” as no punitive damages were awarded, according to a litigation analyst at Susquehanna who also predicted the case will end in a settlement.
- Earlier: Lawsuit over DuPont's C8 dumping goes to jury
E I du Pont de Nemours & Company is a science and technology based company. It offers products and patents applications for agriculture, nutrition, electronics and communications, safety and protection, home and construction, transportation and others.
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