DUPONT LOWERS ITS EARNINGS FORECAST DUE TO COOL, WET PLANTING SEASON.
Source: DuPont news release
At the Deutsche Bank Global Industrial and Basic Materials conference today, DuPont (NYSE: DD) Executive Vice President and Chief Financial Officer Nicholas C. Fanandakis reported that DuPont’s goal is to generate superior shareholder returns and increase the value of the company by aggressively advancing its three strategic priorities:
•Extending its leadership in high-value, science-driven segments of the agriculture-to-food value chains;
•Strengthening and growing DuPont’s leading position as a provider of differentiated, high-value advanced materials, and;
•Developing world-leading industrial biotechnology capabilities that create transformational, new bio-based businesses.
“Our strategic priorities are clear and we are aggressively advancing them to continue delivering shareholder value,” Fanandakis said. “We are on track with our three operational priorities: increasing return on innovation, expanding our global reach and continuing to deliver significant productivity gains.
“We are leveraging our science capabilities across businesses and markets to address some of the world’s most pressing challenges. Science is the growth engine of DuPont. Our integrated science gives us an advantage unlike any other company to deliver value to customers and shareholders,” Fanandakis said.
Fanandakis also addressed current business conditions. “Unseasonably cool, wet weather across North America and Europe is impacting our Agriculture and Nutrition & Health segments’ second-quarter revenues and costs. March to May 2013 has been the wettest spring in nearly 120 years across the farm belt states of Iowa, Illinois and Indiana,” Fanandakis said.
As a result, the company expects its first half operating EPS to be about 10 percent below last year versus the 7-9 percent lower year-over-year outlook communicated April 23. For the full-year 2013, DuPont expects operating EPS to be at the low end of its previously issued guidance range of $3.85 – $4.05 per share, based on anticipated improvement in global industrial market demand. DuPont will report its second-quarter financial results on July 23.