DowDuPont maakt resultaten tweede kwartaal 2018 bekend

  • GAAP winst per aandeel uit voortgezette bedrijfsactiviteiten van $ 0,76; Pro forma gecorrigeerde winst per aandeel stijgt 41% naar $ 1,37
  • GAAP nettowinst uit voortgezette bedrijfsactiviteiten van $ 1,8 miljard; Pro forma bedrijfsresultaat voor afschrijvingen (EBITDA) stijgt met 29% naar $ 5,7 miljard
  • Netto-omzet stijgt met 17% naar $ 24,2 miljard; Stijging van volume en lokale prijzen bij alle divisies en in alle regio’s
  • Besparingen op basis van kostensynergie belopen >$ 375 miljoen; Verhoging met >15% van het besparingsdoel op jaarbasis naar $ 1,4 miljard
  • Voor het derde kwartaal wordt een stijging van het bedrijfsresultaat voor afschrijvingen (EBITDA) verwacht binnen alle divisies: Ag met midden 20 procent; Materials Science met een percentage hoog in de enkele cijfers; Specialty Products rond de 15 procent

Belangrijkste punten tweede kwartaal

  • GAAP winst per aandeel uit voortgezette bedrijfsactiviteiten bedroeg $ 0,76. De gecorrigeerde winst1 per aandeel nam met 41 procent toe tot $ 1,37, vergeleken met de pro forma gecorrigeerde winst per aandeel1 van $ 0,97 over dezelfde periode vorig jaar. In de pro forma gecorrigeerde winst per aandeel zijn de aanzienlijke posten in dit kwartaal niet opgenomen, deze kosten beliepen in totaal $ 0,50 per aandeel, net zo min als $ 0,11 per aandeel voor afschrijvingen van de immateriële vaste activa van DuPont.
  • De netto-omzet nam met 17 procent toe tot $ 24,2 miljard, waarbij de groei voor alle divisies in de dubbele cijfers liepen en alle geografische regio’s winst boekten, vergeleken met de pro forma netto-omzet van $ 20,7 miljard in dezelfde periode vorig jaar. De omzet van de Agriculture divisie nam toe met 25 procent, die toe te schrijven was aan het herstel van de vertraging die het zaaiseizoen in het eerste kwartaal had opgelopen ten gevolge van het weer en aan de stijging van lokale prijzen. De omzet van de Materials Science divisie groeide met 18 procent, waarbij alle segmenten en alle regio’s winsten met dubbele cijfers lieten zien. De omzet van de Specialty Products divisie nam met 10 procent toe, met winst in de meeste segmenten en alle regio’s.
  • Pro forma nam het volume met 10 procent toe, vergeleken met dezelfde periode vorig jaar, alle divisies en alle regio’s lieten een stijging zien, aangevoerd door stijgingen die in de dubbele cijfers liepen in de VS & Canada en in de regio Azië/Grote Oceaan. Het volume van Agriculture nam met 20 procent toe, hoofdzakelijk door herstel van de vertraging die het zaaiseizoen het eerste kwartaal had opgelopen door het weer. Het volume van Materials Science en Specialty Products nam met respectievelijk 10 procent en 4 procent toe, beide lieten stijgingen zien in alle segmenten en regio’s.
  • De pro forma lokale prijzen stegen met 4 procent, met stijgingen in alle divisies en alle regio’s, aangevoerd door een stijging van 5 procent in Materials Science en een stijging van 4 procent in Agriculture.
  • Ten opzichte van dezelfde periode vorig jaar groeide het pro forma bedrijfsresultaat voor afschrijvingen (EBITDA1) met 29 procent naar $ 5,7 miljard. Agriculture boekte een stijging van 45 procent van het bedrijfsresultaat voor afschrijvingen. Specialty Products leverde een stijging van 23 procent van het bedrijfsresultaat voor afschrijvingen. Materials Science boekte een stijging van 22 procent van het bedrijfsresultaat voor afschrijvingen.
  • De stijging van het bedrijfsresultaat voor afschrijvingen in dit kwartaal was onder meer te danken aan stijging van het volume en de lokale prijzen, kostensynergie, koersvoordeel, lagere kosten voor pensioenen en ontslagregelingen2 en hogere vermogenswinst.
  • DowDuPont behaalde dit kwartaal ruim $ 375 miljoen aan besparingen door kostensynergie, waardoor de cumulatieve besparingen sinds de fusie bijna $ 900 miljoen bereiken. De onderneming verwacht nu dat de besparingen $ 1,4 miljard op jaarbasis zullen bedragen in 2018, en dat ligt ruim 15 procent boven het eerder gestelde doel.
  • De kasstroom uit de bedrijfsactiviteiten bedroeg $ 2,1 miljard, aangestuurd door de toegenomen onderliggende winsten.
  • De onderneming heeft dit kwartaal bijna $ 2 miljard aan de aandeelhouders uitgekeerd door middel van dividend ($ 0,9 miljard) en door het terugkopen van aandelen ($ 1 miljard). Sinds de fusie is aangegaan heeft DowDuPont $ 5,6 miljard aan de aandeelhouders uitgekeerd.

Commentaar van de CEO

“We hebben het tweede kwartaal wederom sterke resultaten neergezet, waaronder stijgingen met dubbele cijfers in de omzet en in het bedrijfsresultaat voor afschrijvingen,” zei Ed Breen, chief executive officer van DowDuPont. “Groei van het volume, hogere lokale prijzen en een grotere operationele marge vormden de belangrijkste punten en zij weerspiegelen een heldere focus van de businesses op de uitvoering. Onze nieuw gelanceerde producten spreken de klanten aan en dat heeft een sterke vraag tot gevolg in ieder van de door ons beoogde eindmarkten. Dit zijn indicatoren dat onze drie divisies een verschil maken op de markt en voor de aandeelhouders. We hebben een geweldig momentum en onze medewerkers zijn enthousiast over de toekomst van de door ons beoogde, toonaangevende ondernemingen – Corteva, Dow en DuPont.”

Vooruitzichten

“De brede consumentenkracht blijft de economische uitbreiding en daarmee onze onderliggende businessgroei voortstuwen,” zegt Howard Ungerleider, chief financial officer van DowDuPont. “Belangrijke indicatoren, zoals industriële productie, werkgelegenheid, lonen en consumentenuitgaven blijven hoofdzakelijk constructief en dat ondersteunt de toegenomen wereldwijde economische activiteit. We zien een lichte tegenwind, vooral door de schommelingen in de koersen, met name in Agriculture, en door hogere grondstoffenprijzen binnen alle drie de divisies. Vooruitkijkend verwachten we nog steeds bovengemiddelde groei over praktisch de gehele DowDuPont portefeuille, aangezet door onze innovaties, groei-investeringen, geografisch bereik en leidende marktposities. We verwachten dat de netto-omzet in het derde kwartaal meer dan 10 procent hoger zal zijn en dat het bedrijfsresultaat voor afschrijvingen ruim 12 procent hoger zal zijn dan dezelfde periode vorig jaar.”

Conferentiegesprek

De onderneming zal vandaag om 8.00 AM ET een live webcast verzorgen van het conferentiegesprek over de resultaten van het tweede kwartaal. Hierbij worden de resultaten, de vooruitzichten en andere zaken besproken met investeerders. De presentatie die bij het conferentiegesprek hoort wordt op de DowDuPont Investor Relations “events and presentations page” geplaatst. Op deze investor events and presentations pagina van www.dow-dupont.com kunt u de webcast ook nog terugkijken.

About DowDuPont™

DowDuPont (NYSE: DWDP) is a holding company comprised of The Dow Chemical Company and DuPont with the intent to form strong, independent, publicly traded companies in agriculture, materials science and specialty products sectors that will lead their respective industries through productive, science-based innovation to meet the needs of customers and help solve global challenges. For more information, please visit us at www.dow-dupont.com.

Contact Information:

Investors:

Greg Friedman
greg.friedman@dupont.com
+1 302-774-4994 

Neal Sheorey
nrsheorey@dow.com
+1 989-636-6347


Media:

Rachelle Schikorra
ryschikorra@dow.com
+1 989-638-4090

Dan Turner
daniel.a.turner@dupont.com
+1 302-996-8372 

(1) Adjusted earnings per share, Pro forma adjusted earnings per share, Operating EBITDA and Pro forma operating EBITDA are non-GAAP measures.. First quarter 2017 information is on a pro forma basis and was determined in accordance with Article 11 of Regulation S-X.
(2) Pension/OPEB (other post employment benefit plans) costs include all components of net periodic benefit cost from continuing operations. 
 

Cautionary Statement About Forward-Looking Statements

 

This communication contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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.
 

On December 11, 2015, The Dow Chemical Company (“Dow”) and E. I. du Pont de Nemours and Company (“DuPont”) entered into an Agreement and Plan of Merger, as amended on March 31, 2017, (the “Merger Agreement”) under which the companies would combine in an all-stock merger of equals transaction (the “Merger”). Effective August 31, 2017, the Merger was completed and each of Dow and DuPont became subsidiaries of DowDuPont (Dow and DuPont, and their respective subsidiaries, collectively referred to as the "Subsidiaries").
 

Forward-looking statements by their nature address matters that are, to varying degrees, uncertain, including the intended separation, subject to approval of the Company’s Board of Directors and customary closing conditions of DowDuPont’s agriculture, materials science and specialty products businesses in one or more tax-efficient transactions on anticipated terms (the “Intended Business Separations”). Forward-looking statements are not guarantees of future performance and are based on certain assumptions and expectations of future events which may not be realized. Forward-looking statements also involve risks and uncertainties, many of which are beyond the Company’s control. Some of the important factors that could cause DowDuPont’s, Dow’s or DuPont’s actual results to differ materially from those projected in any such forward-looking statements include, but are not limited to: (i) costs to achieve and achieving the successful integration of the respective agriculture, materials science and specialty products businesses of Dow and DuPont, anticipated tax treatment, unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, productivity actions, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies for the management, expansion and growth of the combined operations; (ii) costs to achieve and achievement of the anticipated synergies by the combined agriculture, materials science and specialty products businesses; (iii) risks associated with the Intended Business Separations, including conditions which could delay, prevent or otherwise adversely affect the proposed transactions, including possible issues or delays in obtaining required regulatory approvals or clearances related to the Intended Business Separations, associated costs, disruptions in the financial markets or other potential barriers; (iv) disruptions or business uncertainty, including from the Intended Business Separations, could adversely impact DowDuPont’s business (either directly or as conducted by and through Dow or DuPont), or financial performance and its ability to retain and hire key personnel; (v) uncertainty as to the long-term value of DowDuPont common stock; and (vi) risks to DowDuPont’s, Dow’s and DuPont’s business, operations and results of operations from: the availability of and fluctuations in the cost of feedstocks and energy; balance of supply and demand and the impact of balance on prices; failure to develop and market new products and optimally manage product life cycles; ability, cost and impact on business operations, including the supply chain, of responding to changes in market acceptance, rules, regulations and policies and failure to respond to such changes; outcome of significant litigation, environmental matters and other commitments and contingencies; failure to appropriately manage process safety and product stewardship issues; global economic and capital market conditions, including the continued availability of capital and financing, as well as inflation, interest and currency exchange rates; changes in political conditions, including trade disputes and retaliatory actions; business or supply disruptions; security threats, such as acts of sabotage, terrorism or war, natural disasters and weather events and patterns which could result in a significant operational event for the Company, adversely impact demand or production; ability to discover, develop and protect new technologies and to protect and enforce the Company’s intellectual property rights; failure to effectively manage acquisitions, divestitures, alliances, joint ventures and other portfolio changes; unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism or outbreak of war or hostilities, as well as management’s response to any of the aforementioned factors. These risks are and will be more fully discussed in the current, quarterly and annual reports filed with the U. S. Securities and Exchange Commission by DowDuPont. While the list of factors presented here is, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on DowDuPont’s, Dow’s or DuPont’s consolidated financial condition, results of operations, credit rating or liquidity. None of DowDuPont, Dow or DuPont assumes any 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. A detailed discussion of some of the significant risks and uncertainties which may cause results and events to differ materially from such forward-looking statements is included in the section titled “Risk Factors” (Part I, Item 1A) of DowDuPont’s 2017 annual report on Form 10-K.
 

Discussion of segment revenue, operating EBITDA and price/volume metrics on a divisional basis for Agriculture is based on the results of the Agriculture segment; for Materials Science is based on the combined results of the Performance Materials & Coatings, Industrial & Infrastructure, and Packaging & Specialty Plastics segments; and for Specialty Products is based on the combined results of the Electronics & Imaging, Nutrition & Biosciences, Transportation & Advanced Polymers, and Safety & Construction segments. The segment disclosures have been presented in this manner for informational purposes only and should not be viewed as an indication of each division’s current or future operating results on a standalone basis assuming completion of the Intended Business Separations.
 

The Dow Diamond, DuPont Oval logo, DuPont™, the DowDuPont logo and all products, unless otherwise noted, denoted with ™, ℠ or ® are trademarks, service marks or registered trademarks of The Dow Chemical Company, E. I. du Pont de Nemours and Company, DowDuPont Inc. or their affiliates.
 

Merger of Equals
 

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 "Merger Agreement"), The Dow Chemical Company ("Dow") and E. I. du Pont de Nemours & Company ("DuPont") each merged with subsidiaries of DowDuPont Inc. ("DowDuPont" or the "Company") and, as a result, Dow and DuPont became subsidiaries of DowDuPont Inc. (the "Merger"). Dow was determined to be the accounting acquirer in the Merger and, as a result, the historical financial statements of Dow, prepared under U.S. generally accepted accounting principles ("U.S. GAAP"), for the periods prior to the Merger are considered to be the historical financial statements of DowDuPont.
 

Unaudited Pro Forma Financial Information
 

In order to provide the most meaningful comparison of results of operations and results by segment, supplemental unaudited pro forma financial information has been included in the following financial schedules. The unaudited pro forma financial information is based on the historical consolidated financial statements and accompanying notes of both Dow and DuPont and has been prepared to illustrate the effects of the Merger, assuming the Merger had been consummated on January 1, 2016. For the three and six months ended June 30, 2017, pro forma adjustments have been made for (1) the preliminary purchase accounting impact, (2) accounting policy alignment, (3) the elimination of the effect of events that are directly attributable to the Merger Agreement (e.g., one-time transaction costs), (4) the elimination of the impact of transactions between Dow and DuPont, and (5) the elimination of the effect of consummated divestitures agreed to with certain regulatory agencies as a condition of approval for the Merger. The unaudited pro forma financial information was based on and should be read in conjunction with the separate historical financial statements and accompanying notes contained in each of the Dow and DuPont Quarterly Reports on Form 10-Q for the quarter ended June 30, 2017. The pro forma financial information was prepared in accordance with Article 11 of Regulation S-X. The results for the three and six months ended June 30, 2018, are presented on a U.S. GAAP basis.
 

The unaudited pro forma financial information has been presented for informational purposes only and is not necessarily indicative of what DowDuPont's results of operations actually would have been had the Merger been completed as of January 1, 2016, nor is it indicative of the future operating results of DowDuPont. The unaudited pro forma information does not reflect restructuring or integration activities or other costs following the Merger that may be incurred to achieve cost or growth synergies of DowDuPont. For further information on the unaudited pro forma financial information, please refer to the Company's Current Report on Form 8-K dated October 26, 2017.
 

Non-GAAP Financial Measures
 

This earnings release includes information that does not conform to U.S. GAAP and are considered non-GAAP measures. These measures include the Company's pro forma consolidated results and pro forma earnings per share on an adjusted basis. Management uses these measures internally for planning, forecasting and evaluating the performance of the Company's segments, including allocating resources. DowDuPont's management believes that these non-GAAP measures best reflect the ongoing performance of the Company during the periods presented and provide more relevant and meaningful information to investors as they provide insight with respect to ongoing operating results of the Company and a more useful comparison of year-over-year results. These non-GAAP measures supplement the Company's U.S. GAAP disclosures and should not be viewed as an alternative to U.S. GAAP measures of performance. Furthermore, such non-GAAP measures may not be consistent with similar measures provided or used by other companies. Non-GAAP measures included in this release are defined below. Reconciliations for these non-GAAP measures to U.S. GAAP are provided in the Selected Financial Information and Non-GAAP Measures starting on page 15. DowDuPont does not provide forward-looking U.S. GAAP financial measures or a reconciliation of forward-looking non-GAAP financial measures to the most comparable U.S. GAAP financial measures on a forward-looking basis because the Company is unable to predict with reasonable certainty the ultimate outcome of pending litigation, unusual gains and losses, foreign currency exchange gains or losses, potential future asset impairments and purchase accounting fair value adjustments, as well as discrete taxable events, without unreasonable effort. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP results for the guidance period.
 

Adjusted earnings per share is defined as "Earnings per common share from continuing operations - diluted" excluding the after-tax impact of significant items and the after-tax impact of amortization expense associated with DuPont's intangible assets. Pro forma adjusted earnings per share is defined as "Pro Forma earnings per common share from continuing operations - diluted" excluding the after-tax impact of pro forma significant items and the after-tax impact of pro forma amortization expense associated with DuPont's intangible assets. Although amortization of DuPont's intangible assets is excluded from these non-GAAP measures, management believes it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in amortization of additional intangible assets.
 

Operating EBITDA is defined as earnings (i.e., "Income from continuing operations before income taxes") before interest, depreciation, amortization and foreign exchange gains (losses), excluding the impact of significant items. Pro forma operating EBITDA is defined as pro forma earnings (i.e., "Pro Forma income from continuing operations before income taxes") before interest, depreciation, amortization and foreign exchange gains (losses), excluding the impact of significant items.
 

Discussion of segment revenue, operating EBITDA and price/volume metrics on a divisional basis for Agriculture is based on the results of the Agriculture segment; for Materials Science is based on the combined results of the Performance Materials & Coatings segment, the Industrial Intermediates & Infrastructure segment and the Packaging & Specialty Plastics segment; and for Specialty Products is based on the combined results of the Electronics & Imaging segment, the Nutrition & Biosciences segment, the Transportation & Advanced Polymers segment and the Safety & Construction segment. The Corporate segment is not included in the division metrics. The segment disclosures have been presented in this manner for informational purposes only and should not be viewed as an indication of each division’s current or future operating results on a standalone basis assuming completion of the Intended Business Separations.