Aug. 28, 2014, 10:43 AM
- Syngenta (SYT -0.3%) is open to a deal, whether as an acquirer or as a target, perhaps with Dow Chemical (DOW -1.4%) or DuPont (DD +0.2%), Bloomberg speculates.
- SYT and Monsanto (MON -0.5%) held preliminary talks with advisers earlier this year about a combination that never came to fruition, which shows SYT’s willingness to make a deal, analysts say.
- One option discussed is a takeover of Dow’s agricultural business, which Dow is open to divesting; SYT also could merge with DuPont and then spin off the U.S. company’s non-agricultural businesses.
- Dow may be a better candidate to use a SYT acquisition to relocate overseas for tax advantages, analysts suggest, but with the Obama administration looking at ways to discourage tax-inversion acquisitions, DuPont’s well-known brands and sales to the U.S. military may spark greater political pushback.
Aug. 27, 2014, 4:58 PM
- DuPont (NYSE:DD) agrees to pay $1.28M to settle alleged violations tied to hazardous chemical leaks at the Belle chemical plant in West Virginia during 2006-10 that left one DuPont worker dead, the U.S. Justice Department and EPA announce.
- DuPont also agrees to implement new procedures to improve its response to alarms over hazardous releases, which are expected to cost $2.28M; the company already has spent ~$6.83M to comply with a 2010 order from the EPA over Clean Air Act violations.
Aug. 26, 2014, 9:36 AM
- A group of global biotech crop companies have blocked a law passed last year which limits the planting of biotech crops and use of pesticides on the Hawaiian island of Kauai. The Hawaiian islands are a popular testing ground for the crops due to their favorable year-round climate.
- U.S. Magistrate Judge Barry Kurren agreed with arguments presented by DuPont (DD +0.2%), Syngenta (SYT +0.9%) and Agrigenetics and ruled that the law passed in November by local leaders on the island was invalid because it was pre-empted by Hawaii state law.
- The law was to take effect on Aug. 16, but its enactment was delayed due to the pending court decision.
- Syngenta, DuPont and Agrigenetics lease thousands of acres on Kauai for GMO crop testing.
Jul. 22, 2014, 7:59 AM
- Dupont (NYSE:DD) reports that Q2 net income rose to $1.07B, or $1.15 per share, from $1.03B, or $1.11 per share, a year earlier. Net sales fell 1% Y/Y to $9.7B.
- Operating EPS of $1.17 dropped from the $1.28 per share last year, but was in accordance with the company's expectations stated in its June 26th announcement.
- Revenue fell to $9.7B versus $9.8B Y/Y. Volume growth in crop protection, nutrition and health and most industrial businesses was offset by the impact of portfolio changes, a planned maintenance shutdown and lower corn seed volumes.
- The company has also said it will pay a $0.47 dividend in Q3 - a 4.4% increase from Q2's dividend of $0.45. The raise marks Dupont's third increase in the past 27 months.
- Q2 earnings
Jul. 22, 2014, 6:17 AM
Jul. 22, 2014, 6:02 AM| 1 Comment
Jul. 21, 2014, 5:30 PM
Jun. 27, 2014, 8:16 AM
- DuPont (DD) -3.1% premarket after cutting its Q2 and FY 2014 earnings outlook, pointing to slower than expected sales growth in its agriculture and performance chemicals units.
- DD said in a conference call that it expects Q2 operating earnings in its agriculture business to fall in the low teens in percentage terms, with corn pricing in North America expected to be slightly lower than its previous estimate and returns of unused corn seeds in Brazil to be higher than anticipated.
- Dow Chemical (DOW) -0.7% premarket; chemical peers FMC, SYT, MON, LYB, CE and HUN also will be on watch today.
Jun. 26, 2014, 5:34 PM
Jun. 26, 2014, 4:19 PM
- Noting lower-than-expected results from its Agriculture and, to a lesser extent. Performance Chemicals segments, Dupont (DD) expects Q2 operating earnings to be moderately below last year's $1.28 per share, and cuts its full-year 2014 outlook to $4.00-$4.10 per share.
- In agriculture, it's all about corn, with lower-than-hoped seed sales and higher-than-planned seed inventory write-downs. Bean sales volumes are doing better-than-expected, but not enough to offset corn. CEO Ellen Kullman: "While 2014 is a transition year in agriculture, the revisions to the outlook we made today do not meet the expectations we set for our Agriculture segment or for the company."
- Updating on the company's redesign initiative, Dupont expects to book a Q2 restructuring charge of $270M, or $0.20 per share, after-tax. The efforts are expected to lead to at least $1B of cost savings by 2019.
- Shares -2.5% AH
- CC at 5 ET
- Source: Press Release
Jun. 18, 2014, 9:06 AM| 6 Comments
Jun. 17, 2014, 11:00 AM
May. 21, 2014, 3:06 PM
- DuPont (DD +0.9%) is considering alternatives to a planned spinoff of its performance chemicals unit, including a Reverse Morris Trust that could create synergies with a potential partner, CFO Nicholas Fanandakis says.
- The CFO’s comments increase the chances DuPont will enter into a Reverse Morris Trust with Tronox (TROX +6%), combining the companies’ titanium dioxide assets, Alembic Global analyst Hassan Ahmed says, calculating that such a deal would almost triple the value of TROX’s net operating losses - which can be applied toward tax obligations - to $1.6B.
Apr. 23, 2014, 9:06 AM| Comment!
Apr. 17, 2014, 8:49 AM
- DuPont's (DD) -0.7% premarket as Q1 earnings plummet by more than half from the year-ago quarter after losing the one-time boost from the sale of its coating business.
- DuPont estimates adverse winter weather reduced Q1 EPS by $0.07 due to increased operating costs and lost sales.
- Sales in DD's agricultural business fell 6% to $4.39B, as volume growth in the Americas was constrained by the harsh weather as well as shifts in the timing and planted area.
- However, volumes increased in the company's industrial segments and margins improved in almost all of them.
- Reaffirms guidance for FY 2014, sees EPS of $4.20-$4.45 vs. $3.88 last year and $4.32 analyst consensus, based on anticipated growth in global industrial market demand.
Apr. 17, 2014, 6:01 AM| 4 Comments
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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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