Tue, Apr. 21, 7:25 AM
- Net income of $1.03B vs. $1.44B in the same quarter a year ago. Excluding pension costs and other items, operating earnings were $1.34 a share, down from $1.58 per share, the prior year.
- Cost reductions increased earnings by $0.10 per share, however, helping to make up for a 10% sales drop at DuPont's (NYSE:DD) agriculture unit, the company's largest business.
- Net sales fell 9% to $9.17B, primarily due to a decline in volumes and negative currency impacts.
- DuPont says it's now on track to spin off its performance chemicals unit the middle of this year and expects to report full-year operating earnings at the low end of its $4.00-$4.20 per share range (below analyst projections of $4.46).
- The results also come just weeks ahead of a shareholder vote on adding nominees from Trian Fund Management, headed by Nelson Peltz, who has argued the company's share value could effectively double if it split itself into three.
- DD -1.6% premarket
- Q1 results
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Mon, Apr. 20, 5:30 PM
Mon, Apr. 6, 10:38 AM
- DuPont (DD +0.4%) reiterates via a new investor presentation that it opposes efforts by Trian Fund Management to replace four directors, calling the activist investment firm "value destructive."
- DuPont last month offered to add John Myers, a Trian nominee and former CEO of GE Asset Management, to the board as part of a “constructive resolution,” but DuPont now appears to remove that offer, saying Trian’s efforts to replace board members are “not in the best interests of shareholders."
Mon, Mar. 30, 8:25 AM
- DuPont (NYSE:DD) has approved changes to the corporate governance structure at The Chemours Company, which remains on on track to spinoff in mid-2015.
- Chemours’ classified board structure will be submitted to a shareholder vote at its first Annual Meeting in 2016. If the classified structure is not approved by shareholders at the meeting, the unit will immediately declassify its Board such that all directors would be up for annual election beginning with the 2017 Annual Meeting.
- The ownership threshold for shareholders to call special meetings has also been lowered to 25%.
Mon, Mar. 30, 1:51 AM
- Although it has not revealed what compromise it is seeking, Fidelity Investments, DuPont's (NYSE:DD) sixth largest shareholder, has put pressure on activist Trian Fund Management and the chemical conglomerate to reach a settlement over their "detrimental" proxy fight.
- Trian, which owns a 2.7% stake in DuPont, is pushing for the appointment of four of its own directors, including Nelson Peltz, at the company's annual shareholder meeting on May 13.
- Previously: DuPont board battle heats up (Mar. 23 2015)
Mon, Mar. 23, 12:35 PM
- Origin Agritech (SEED +24.5%) soars in a move attributed to a WSJ article discussing China's desire to develop a local seed company, potentially through a renewed bid for SEED, which controls the rights to China's first genetically modified corn.
- SEED last year rejected a $60B takeover bid from China's state-backed Hunan Xindaxin but its top executives believe another attempt is coming, as China looks to find a way to can keep foreign giants such as Monsanto (NYSE:MON), DuPont (NYSE:DD) and Syngenta (NYSE:SYT) at bay while significantly increasing the country’s spending on R&D.
- China is the world’s second largest seed market but limits foreign producers to minority stakes in joint ventures, and its domestic seed makers are too small and scattered for the government to corral in pursuit of controlling the biotechnology that underpins the competitive power of global seed manufacturers.
Mon, Mar. 23, 7:03 AM
- DuPont (NYSE:DD) has filed definitive proxy materials with the SEC in connection with its Annual Shareholder Meeting, scheduled for May 13, 2015.
- Excerpt from the filing: "Your Board is a powerful advocate for investors with a proven track record of delivering superior value...we strongly recommend that you elect these world-class leaders by voting the enclosed WHITE proxy card today "FOR" all 12 of DuPont's qualified and experienced director nominees."
- The company has been battling Nelson Peltz's Trian Fund Management, which has stated its intention break up the chemical giant by nominating four of its own directors to DuPont's Board.
Fri, Mar. 20, 7:35 AM
- JinkoSolar (NYSE:JKS) has signed a strategic collaboration agreement with DuPont (NYSE:DD) to further the growth and adoption of efficient and reliable solar generated electricity.
- Areas of potential collaboration: technical development, improvements in solar cells and panels and co-marketing efforts.
- JKS +2.1% premarket
Mon, Mar. 16, 2:38 PM
- DuPont (DD -4.1%) slides to its lows of the day following a two-notch downgrade to Underperform from Buy at BofA Merrill.
- DuPont is contending with several challenges, including pricing pressures as some farmers buy less expensive seeds, a likely decline in total U.S. corn acreage, and elevated inventories of crop protection chemicals, BofA analyst Kevin McCarthy believes.
- In chemicals, ethylene margins are likely to fall this year, while TiO2 prices continue to drop, all while the strength of the U.S. dollar is likely to weigh on the company's overall results, the analyst says.
- McCarthy says the biggest risk to its cautious posture is the ongoing engagement of Trian, which could lead to acceleration of cost cuts and possibly further reshape the portfolio or lead to a break-up of DuPont.
- The firm also cuts its EPS estimates for 2015 and 2016 to a respective $4 and $4.30, both falling below the consensus estimate of $4.09 for 2015 and $4.56 for 2016.
Mon, Mar. 16, 10:06 AM
- Despite the rejection of four of its nominees to DuPont's (DD -2%) board, Trian Fund Management said there was still "strong interest" among large DuPont shareholders for a representative from the hedge fund to join the chemical conglomerate's board.
- DuPont said on Friday that it was prepared to add only one of the nominees suggested by the hedge fund, John Myers, to its board.
- "We are also pleased with the positive feedback that we have received from DuPont stockholders regarding all of Trian's nominees," the hedge fund said in a regulatory filing on today.
Mon, Mar. 16, 7:59 AM
Fri, Mar. 13, 4:48 PM
- DuPont (NYSE:DD) tells Trian Fund Management that it does not believe direct representation by a Trian principal is an acceptable resolution that serves the best interests of all shareholders, according to a letter that is reprinted in an SEC filing.
- DuPont says it is prepared to add one of the nominees suggested by the hedge fund, John Myers, to its board; Trian had proposed all four of its nominees be added to the board.
- "Since it made its investment, Trian has been singularly focused on a high-risk agenda to break up and add excessive debt to DuPont," CEO Ellen Kullman writes in a letter to the hedge fund.
Thu, Mar. 12, 10:49 AM
- In a "Squawk on the Street" interview, activist investor Nelson Peltz said DuPont (DD +0.6%) CEO and Chair Ellen Kullman had offered to place one of Trian's nominees on DuPont's board, but he turned down the offer.
- "I said that didn't work then. It's not working now," said Peltz. "I'm willing to have two directors on the DuPont board, me being one of them."
- Peltz also wants to place two members on the board of the DuPont spinoff company, Chemours, and said that company's corporate governance must be changed.
- Previously: Trian solicits proxies for Peltz election to DuPont board (Feb. 11 2015)
- Previously: DuPont reportedly meets with Trian's board nominees (Feb. 03 2015)
- Previously: Trian slams DuPont, nominates four to board (Jan. 08 2015)
Wed, Mar. 11, 8:12 AM
- EU politicians today will sign a new law on the cultivation of GMO crops in the European Union, clearing the way for a wave of approvals after years of deadlock.
- One of the first crops to gain endorsement likely will be the insect resistant corn 1507 that developers DuPont (NYSE:DD) and Dow Chemical (NYSE:DOW) have been waiting 14 years for authorization to cultivate in the EU.
- The compromise law gives member states the right to ban GMO crops even after European Commission approvals; Britain favors GMO crops, while France is among the nations that oppose them.
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E I du Pont de Nemours & Company is a science and engineering company that offers products and patents applications for agriculture, nutrition, electronics and communications, safety and protection, home and construction, transportation and apparel.
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