Net (loss) income from continuing operations available for DuPont common stockholders. The pro forma financial statements provide shareholders with summary financial information and historical data that is on a basis consistent with how DuPont reports current financial information. DuPont (NYSE: DD) today announced financial results for the fourth quarter and full year 2019. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "will," "would," "target," and similar expressions and variations or negatives of these words. 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. 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. Adjustments to reconcile net (loss) income to net cash provided by (used for) operating activities: Depreciation and amortization. income (loss) from continuing operations before income taxes) before interest, depreciation, amortization, non-operating pension / OPEB benefits / charges, and foreign exchange gains / losses, adjusted to exclude significant items. Net sales for the segment were up 7 percent versus prior year in Asia Pacific including double-digit growth in China. Growth in photovoltaic and advanced materials was more than offset by volume declines due to weak demand for trichlorosilane and for SORONA® in carpet and apparel applications. DuPont Leadership; DuPont Board; Contact the Board of Directors; Contact Investor Relations; Email Alerts; FAQ; DowDuPont Investors - Prior to June 1, 2019. DowDuPont will release its first quarter earnings results via press release prior to the call. More information can be found at www.dupont.com. About DuPontDuPont (NYSE: DD) is a global innovation leader with technology-based materials, ingredients and solutions that help transform industries and everyday life. Effective as of 12:01 a.m. on June 1, 2019, DuPont completed the separation of its agriculture business into a separate and independent public company by way of a distribution of Corteva Inc. ("Corteva") through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Corteva's common stock, par value $0.01 per share (the "Corteva Common Stock"), to holders of DuPont de Nemours, Inc.'s common stock, par value $0.01 per share, as of the close of business on May 24, 2019 (the "Corteva Distribution" and, together with the Dow Distribution, the "Distributions"). Effective August 31, 2017, pursuant to the merger of equals transaction contemplated by the Agreement and Plan of Merger, dated as of December 11, 2015, as amended on March 31, 2017, The Dow Chemical Company and its consolidated subsidiaries ("Historical Dow") and E. I. du Pont de Nemours and Company and its consolidated subsidiaries ("Historical EID") each merged with subsidiaries of DowDuPont and as a result, Historical Dow and Historical EID became subsidiaries of DowDuPont (the "Merger"). Good … The income tax effect on significant items was calculated based upon the enacted tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment. 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. Reconciliation of "Income (Loss) from continuing operations, net of tax" to "Operating EBITDA", Income (loss) from continuing operations, net of tax (GAAP), + Provision for income taxes on continuing operations, Income (loss) from continuing operations before income taxes, - Foreign exchange gains (losses), net 1, + Costs historically allocated to the materials science and agriculture businesses 2, Included in "Sundry income (expense) - net.". ET. Income from continuing operations before income taxes. ET. Zacks Rank Safety & Construction reported fourth quarter net sales of $1.3 billion, down 3 percent from the year-ago period. pro forma income (loss) from continuing operations before income taxes) before interest, depreciation, amortization, non-operating pension / OPEB benefits / charges, and foreign exchange gains / losses, excluding the impact of costs historically allocated to the materials science and agriculture businesses that did not meet the criteria to be recorded as discontinued operations and adjusted to exclude significant items. Pro forma operating EBITDA, Pro forma GAAP EPS from continuing operations totaled $(0.74) versus $0.23 in the year-ago period; the decline is mostly attributable to higher significant items, GAAP Income from continuing operations totaled $191 million, versus pro forma GAAP Income from continuing operations of $310 million in the year-ago period. Organic sales were down 9 percent driven by 15 percent volume declines offset by 6 percent pricing gains. Operating EBITDA, is defined as earnings (i.e. Includes $111 million of tax expense related to the effects of U.S. Tax Reform. Management uses these measures internally for planning, forecasting and evaluating the performance of the Company, including allocating resources. Pro forma GAAP EPS from continuing operations totaled $(0.74) versus $0.23 in the year-ago period; the decline is mostly attributable to higher significant items(2), a higher tax rate, currency headwinds and lower segment results partially offset by lower costs historically allocated to Dow and Corteva. Operating Activities. DuPont assumes no obligation to publicly provide revisions or updates to any forward-looking statements whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. Forward-looking statements address matters that are, to varying degrees, uncertain and subject to risks, uncertainties and assumptions, many of which that are beyond DuPont's control, that could cause actual results to differ materially from those expressed in any forward-looking statements. The pro forma financial statements were prepared in accordance with Article 11 of Regulation S-X. On an organic basis, net sales were down 2 percent with 1 percent higher price being more than offset by 3 percent lower volume. Analysts are encouraged to join the Company’s earnings conference call at 8 a.m. GAAP EPS from continuing operations totaled $0.24 versus pro forma GAAP EPS from continuing operations in the year-ago period of $0.39; the decline is mostly attributable to lower segment results and a higher tax rate partially offset by lower significant items(2) and the absence of costs historically allocated to Dow and Corteva. Conference CallThe Company will host a live webcast of its fourth quarter and full year earnings conference call with investors to discuss its results and business outlook today at 8:00 a.m. The unaudited pro forma financial information (the "pro forma financial statements") is derived from DuPont's Consolidated Financial Statements and accompanying notes, adjusted to give effect to certain events directly attributable to the Distributions and Financings (as defined below). The unaudited pro forma Statements of Operations for the years ended December 31, 2019 and 2018 and for three months ended December 31, 2018 give effect to the pro forma events as if they had been consummated on January 1, 2018. Electronics & Imaging reported fourth quarter net sales of $937 million, up 3 percent from the year-ago period. There were no pro forma adjustments for the three months ended December 31, 2019. DuPont de Nemours Inc Q4 2019 Earnings Call Jan 30, 2020, 8:00 a.m. The September 2019 divestiture of the DuPont Sustainable Solutions business reduced sales by 10 percent. 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. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. DuPont de Nemours, Inc. DD recorded earnings (on a reported basis) from continuing operations of 49 cents per share for third-quarter 2019, up from earnings of … DuPont™, the DuPont Oval Logo, and all products, unless otherwise noted, denoted with ™, ℠ or ® are trademarks, service marks or registered trademarks of affiliates of DuPont de Nemours, Inc. DuPont Reports Fourth Quarter and Full Year 2019 Results. 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)
A significant portion of these costs relate to Historical Dow and consist of leveraged services provided through service centers, as well as other corporate overhead costs related to information technology, finance, manufacturing, research & development, sales & marketing, supply chain, human resources, sourcing & logistics, legal and communications, public affairs & government affairs functions. Operating EBITDA is expected to be down about thirty percent for the year on lower earnings from an equity affiliate. ET. Organic sales were flat with a 1 percent pricing improvement offset by a 1 percent decline in volume. Corteva's historical financial results for periods prior to June 1, 2019 are reflected in DuPont's consolidated financial statements as discontinued operations. Adjusted EPS(1) decreased 34 percent to $0.95, compared with pro forma adjusted EPS in the year-ago period of $1.43 primarily driven by lower segment results and a higher tax rate. Reflects a pretax loss on a divestiture in Safety & Construction. Pro forma adjusted earnings per common share from continuing operations - diluted ("Pro forma adjusted EPS"), is defined as pro forma earnings per common share from continuing operations - diluted, excluding the after-tax impact of significant items, after-tax impact of amortization expense associated with intangibles acquired as part of the Merger, after-tax impact of non-operating pension / other post employment benefits ("OPEB") benefits / charges and the after-tax impact of costs historically allocated to the materials science and agriculture businesses that did not meet the criteria to be recorded as discontinued operations. Adjusted EPS, pro forma adjusted EPS, operating EBITDA and pro forma operating EBITDA are non-GAAP measures. Furthermore, such non-GAAP measures may not be consistent with similar measures provided or used by other companies. DuPont de Nemours reported earnings of 97 cents a share from $5.5 billion in sales. View as PDF and view charts here.. WILMINGTON, Del., Oct. 31, 2019 - DuPont (NYSE: DD) today announced financial results for the third quarter of 2019 and is reiterating its full-year guidance for organic revenue of slightly down versus prior year and narrows the range of pro forma adjusted EPS (1) to $3.77 to $3.82 versus the prior range of $3.75 to $3.85, maintaining the midpoint of the guide. ET on May 2, 2019, to discuss the Materials Science Division’s financial results within DowDuPont. "The planned merger of our N&B business with IFF advances the strategic direction of the company and will generate value for our shareholders," said Ed Breen, Executive Chairman of DuPont. Filings & Reports; Events & Presentations; Stock & Dividend Information; Corporate Governance. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. “We continue to strategically reduce spending and are taking actions to consolidate our asset footprint. Refer to pages 17 and 18 for additional detail on the pro forma adjustments included in the pro forma Consolidated Statements of Operations. ", "As we head into 2020, this strong internal discipline continues to be paramount as we foresee further nylon pricing declines and unfavorable nylon mix partially offsetting organic revenue growth in our other core segments," Doyle stated. Net income from continuing operations available for DuPont common stockholders. And at this time, I would like to … Organic sales were up 1 percent. Refer to pages 14 and 15 for additional information. In millions (Unaudited) Six Months Ended June 30, 2020. Strong volume gains in Interconnect Solutions driven by higher material content in the new high-speed, high-frequency smartphones were offset by softer volumes in Semiconductor Technologies where gains in logic were more than offset by ongoing weakness in memory markets. The Zacks Consensus Estimate for 2019 earnings is currently pegged at $3.80, suggesting a year-over-year decline of 69.2%. issued 2019: 738,564,728 shares; 2018: 784,143,433 shares), Treasury stock at cost (2019: 0 shares; 2018: 27,817,518 shares), Pro Forma Consolidated Statements of Operations, Net income attributable to noncontrolling interests from continuing operations, Net income (loss) from continuing operations available for DuPont common stockholders. Historical Dow was determined to be the accounting acquirer in the Merger and as a result, Historical EID's assets and liabilities were reflected at fair value as of the close of the Merger. 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