Tue, Jan. 27, 7:25 AM
- Net income of $683M vs. $185M in the same quarter a year ago. Operating earnings per share of $0.71 vs. $0.59 per share last year.
- Net sales fell 5% to $7.38B, primarily due to portfolio changes and negative currency impacts.
- DuPont (NYSE:DD) says it will still reach its goal of $1B in cost reductions by 2015 and would now aim for $1.3B in overall savings by 2017.
- The company also expects to buy back up to $4B in shares using the dividend from the spinoff of its performance chemicals business.
- DuPont gave a disappointing outlook for 2015 due to a significant hit from the strengthening dollar, and expects to post per-share earnings of $4.00-$4.20 for the year, below analyst projections of $4.46.
- The forecast may add to the pressure from activist investor 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 -1.5% premarket
- Q4 results
Mon, Jan. 12, 2:31 PM
- DuPont (DD +1.5%) agrees to sell its Dupont Theatre and related assets, months after the company was criticized by Trian Fund for retaining its hospitality businesses; financial terms are not disclosed.
- DuPont has long operated several hospitality institutions at its headquarters in Wilmington, Del., including the 12-story Hotel du Pont and the DuPont Country Club.
- In September, Trian highlighted the hospitality businesses as symbolizing waste at DuPont, and corporate governance experts said owning such assets is rare today among big U.S. publicly traded companies.
Sep. 17, 2014, 9:10 AM
- DuPont (NYSE:DD) responds to Trian Fund Management's call for a breakup of the company, saying it had engaged in a "constructive dialogue" with the activist investor.
- DuPont's board says it is intent on executing on a plan that includes cutting costs by $1B, separating its performance chemicals business and buying back $5B worth of shares; cites shareholder returns of 220% vs. 144% for the S&P 500 since year-end 2008.
- DD +3.3% premarket.
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
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.
Jan. 29, 2014, 2:49 PM
- Today's strength in Gevo (GEVO +9.7%) is attributed to a Bloomberg story that butanol may be in U.S. pumps as soon as next year in a challenge to ethanol’s domination of the $26B renewable fuels market.
- Butamax Advanced Biofuel, funded by DuPont (DD) and BP, is retrofitting an ethanol plant in Minnesota to begin making butanol in commercial volumes in 2015, and Gevo, backed by Total (TOT) and billionaire Richard Branson, already runs a distillery in the state; both groups say they’ve lined up clients for large-scale deliveries.
- “With ethanol dominant as a gasoline additive, the U.S. fuel industry simply hasn’t had much reason for adoption of butanol, [but] that may be starting to change now that ethanol is hitting a blend wall," says Raymond James analyst Pavel Molchanov.
Oct. 24, 2013, 4:58 PM
- DuPont (DD) +3.5% AH after announcing plans to spin off its performance chemicals segment into an independent, publicly-traded company 100% owned by DD shareholders.
- The company says the move, which had been sought by Wall Street, will allow it to better focus on the growth area of specialty materials and agriculture.
- The spinoff is expected to dent Q4 EPS by a cent or two.
Sep. 9, 2013, 12:20 PM
- KBR (KBR +2.2%) says it's secured a five year contract extension to provide construction and maintenance services to DuPont (DD +1%). The contract renewal includes an expansion of services from 17 sites to 26 DD sites across the northeast U.S. and Gulf Coast regions.
- The value of the contract was undisclosed, but it will be booked into backlog in KBR's third quarter.
Jul. 23, 2013, 9:49 AMDuPont's (DD +4%) discussion of spinning off its performance chemicals unit would seem to vindicate Nelson Peltz, who is said to be "amassing a large stake" in the company, though CEO Ellen Kullman tells CNBC it has been "looking at alternatives... for a few months." BGC analyst Mark Gulley thinks Peltz might propose a split into two pieces, and the strategic review of performance paints is "certainly a step in the right direction." | Comment!
Jul. 17, 2013, 3:08 PM
Jun. 5, 2013, 3:49 PMShares of Yingli Green Energy (YGE -4.5%) burst higher, then fall back, on headlines that the solar company entered into a one-year, $100M deal with DuPont (DD -2.2%), extending a 2012 agreement. The deal includes a supply of solar materials from YGE to DD, installation of a solar power plant at DD and co-marketing initiatives. | Comment!
Mar. 26, 2013, 12:21 PMShares of Monsanto (MON +3.7%) and DuPont (DD -1%) react differently to news the companies settled a patent dispute over technology rights for genetically modified seeds. The deal tosses out a $1B jury verdict DD was ordered to pay MON last year; instead, DD will make at least $1.75B in royalty payments over several years in return for broad access to develop products using MON's genetic technology. | Comment!
Mar. 21, 2013, 10:31 AMGevo (GEVO +7.9%) confirms a judgment of non-infringement will be entered as Butamax Advanced Biofuels (DD, BP) acknowledges Gevo does not infringe Butamax's asserted patents following winning an important court ruling earlier this week; as a result, the trial scheduled for April will no longer take place. | Comment!
Mar. 19, 2013, 6:16 PMGevo (GEVO) +3.4% AH after winning a federal court ruling that it doesn’t infringe a Butamax Advanced Biofuels (DD, BP) patent for a method to commercially produce isobutanol. Butamax had sued Gevo in 2011 alleging misuse of technology for genetically engineered microorganisms used to produce biofuels. | Comment!
DD vs. ETF Alternatives
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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