Costs previously allocated to the materials science and agriculture businesses that did not meet the definition of expenses related to discontinued operations in accordance with ASC 205. Includes $111 million of tax expense related to the effects of U.S. Tax Reform. WILMINGTON, Del., Jan. 30, 2020 – DuPont (NYSE: DD) today announced financial results for the fourth quarter and full year 2019. Volumes declined primarily due to continued weakness in automotive and electronics markets with Europe and North America volumes down 8 percent and 6 percent, respectively. Significant Items Impacting Pro Forma Results for the Twelve Months Ended December 31, 2019, Less: Costs historically allocated to the materials science and agriculture businesses 8, Significant Items Impacting Pro Forma Results for the Twelve Months Ended December 31, 2018, Merger-related inventory step-up amortization 9, Net loss on divestitures and changes in joint venture ownership. 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. The pro forma adjustments are consistent with those identified and disclosed in the Company's Current Report on Form 8-K filed with the SEC on June 7, 2019. 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"). Today's conference is being recorded. In May 2019, the funds from the Term Loan Facilities were drawn, along with the issuance of approximately $1.4 billion in commercial paper (the "Funding CP Issuance" together with the 2018 Senior Notes and Term Loan Facilities, the "Financings"). Pro forma GAAP Income (Loss) from continuing operations totaled $(522) million, versus $237 million in the year-ago period. On June 1, 2019, DowDuPont Inc. ("DowDuPont") changed its registered name to DuPont de Nemours Inc. ("DuPont") (for certain events prior to June 1, 2019, the Company may be referred to as DowDuPont). DuPont (NYSE: DD) is a global innovation leader with technology-based materials, ingredients and solutions that help transform industries and everyday life. Restructuring and asset related charges - net; Merger-related inventory step-up amortization, Net loss on divestitures and changes in joint venture ownership 8, Provision for income taxes on continuing operations, Less: Costs historically allocated to the materials science and agriculture businesses 10, Cost of sales; Research and development expense; Selling, general and administrative expenses. Fourth quarter operating EBITDA for the segment was $293 million, a decrease of 9 percent from pro forma operating EBITDA of $321 million in the year-ago period, with volume gains in Interconnect Solutions more than offset by unfavorable mix. Good … 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. Includes a pretax charges of $74 million ($64 million net of tax benefit) related to tax indemnifications, primarily associated with an adjustment to a onetime transition tax liability required by the Tax Cuts and Jobs Act of 2017 and a $48 million charge which reflects a reduction in gross proceeds from lower withholding taxes related to a prior year legal settlement. Organic sales were up 3 percent versus prior year. DowDuPont 1Q 2019 Earnings May 2, 2019 08:00 AM ET Dow will also hold a conference call for the first quarter of 2019, at 9 a.m. "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. DuPont 4Q and Full Year 2019 Earnings Conference Call ... Discrete items are included in 2019 pro forma adjusted EPS given either their recurring nature to ongoing company performance or individually being below a threshold to be considered a significant item. Transportation & Industrial reported fourth quarter net sales of $1.2 billion, down 9 percent from the year-ago period. Organic sales were up 3 percent driven by 2 percent growth in volume and a 1 percent gain in price. 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. These risks are and will be more fully discussed in DuPont's current, quarterly and annual reports and other filings made with the U.S. Securities and Exchange Commission, in each case, as may be amended from time to time in future filings with the SEC. Management uses these measures internally for planning, forecasting and evaluating the performance of the Company, including allocating resources. However, Semiconductor Technologies volumes were up 1 percent sequentially. Filings & Reports; Events & Presentations; Stock & Dividend Information; Corporate Governance. DuPont expects adjusted earnings per share for full-year 2020 in the band of $3.17-$3.21. 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. Net sales for the quarter totaled $5.2 billion, down 5 percent versus the same quarter last year. Organic sales were up 1 percent with a 3 percent price improvement offset by a 2 percent decline in volume. 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. (1) Primarily reflects a net charge related to a joint venture in the Non-Core segment. On December 15, 2019, DuPont and IFF announced they had entered definitive agreements to combine DuPont’s Nutrition & Biosciences business with IFF in a transaction that would result in IFF issuing shares to DuPont shareholders, pending customary closing conditions, other approvals including regulatory and that of IFF’s shareholders. Analysts are encouraged to join the Company’s earnings conference call at 8 a.m. "Together we are creating a global leader in high-value ingredients and solutions for Food & Beverage, Home & Personal Care and Health & Wellness markets while creating tremendous opportunities for our employees and customers. 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. Productivity and pricing gains were more than offset by unfavorable mix and lower volume. 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. 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. DuPont Investors - Starting June 1, 2019. Organic sales were up 1 percent. Our employees apply diverse science and expertise to help customers advance their best ideas and deliver essential innovations in key markets including electronics, transportation, construction, water, health and wellness, food and worker safety. Effective as of 5:00 p.m. on April 1, 2019, DowDuPont completed the separation of its materials science business into a separate and independent public company by way of a distribution of Dow Inc. ("Dow") through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Dow's common stock, par value $0.01 per share (the "Dow Common Stock"), to holders of DowDuPont's common stock, par value $0.01 per share (the "DowDuPont Common Stock"), as of the close of business on March 21, 2019 (the "Dow Distribution"). DuPont de Nemours, Inc. DD is scheduled to come up with its third-quarter 2019 results before the opening bell on Oct 31. See the historical U.S. GAAP Consolidated Statements of Operations. 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. Today's conference is being recorded. Local price increased across all businesses and in all regions, led by the Safety and Water Solutions businesses. The Company expects costs associated with the intended separation of the Nutrition & Biosciences business to be significant; however, the Company is unable to estimate such costs because there are many factors that could affect the amount and timing of these expenses. See page 7 for further discussion. Forward-looking statements are not guarantees of future results. Organic sales were down 9 percent driven by 15 percent volume declines offset by 6 percent pricing gains. DuPont Logo (PRNewsfoto/DuPont) Full year 2019 pro forma GAAP EPS from continuing operations of $(0.74); pro forma adjusted EPS of $3.80. Throughout this filing, except as otherwise noted by the context, the terms "DuPont" or "the Company" used herein mean DuPont de Nemours, Inc. and its consolidated subsidiaries. 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 … Certain pro forma adjustments were made to illustrate the estimated effects of the Transactions, assuming that the Transactions had occurred on January 1, 2018. 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 DuPont's consolidated financial condition, results of operations, credit rating or liquidity. For the year, Electronics & Imaging net sales of $3.6 billion and pro forma operating EBITDA of $1.1 billion were down 2 percent and 5 percent, respectively, from the year-ago period. WILMINGTON, Del., Aug. 1, 2019 – DuPont (NYSE: DD) today announced financial results for the second quarter of 2019 and raised its full year guidance for pro forma adjusted EPS to a range of $3.75 to $3.85. Volume gains in Health & Biosciences were led by strength in food enzymes and animal nutrition partially offset by continued market-driven softness in biorefineries and probiotics in North America. Refer to pages 17 and 18 for additional detail on the pro forma adjustments included in the pro forma Consolidated Statements of Operations. Full year 2019 pro forma operating EBITDA margins were up 10 bps from the prior year more than offsetting a 50 bps headwind from lower equity affiliate income. DuPont narrowed its adjusted earnings per share guidance to the range of $3.77-$3.82 for 2019. Fourth quarter operating EBITDA for the segment was $323 million, a decrease of 2 percent from pro forma operating EBITDA of $330 million in the year-ago period. Reconciliations for these non-GAAP measures to U.S. GAAP are provided in the Selected Financial Information and Non-GAAP Measures starting on page 13 and on the Investors section of the Company's website. The slide presentation that accompanies the conference call will be posted on the DuPont’s Investor Relations Events and Presentations page. Pro forma operating EBITDA(1) of $5.6 billion was down 4 percent versus the prior year primarily driven by weakness in automotive and electronic markets, reduced equity affiliate income and currency headwinds partially offset by strong pricing discipline and continued cost savings. 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. The June 2019 divestiture of the Natural Colors business reduced operating EBITDA by about 1 percent. Some of the important factors that could cause DuPont's actual results to differ materially from those projected in any such forward-looking statements include, but are not limited to: (i) the parties’ ability to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed transaction with IFF; changes in relevant tax and other laws, (ii) failure to obtain necessary regulatory approvals, approval, if required, of IFF’s shareholders, anticipated tax treatment or any required financing or to satisfy any of the other conditions to the proposed transaction, (iii) the possibility that unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies that could impact the value, timing or pursuit of the proposed transaction, (iv) risks and costs and pursuit and/or implementation of the separation of the N&B Business, including timing anticipated to complete the separation, any changes to the configuration of businesses included in the separation if implemented,  (v) risks and costs related to the Dow Distribution and the Corteva Distribution (together, the “Distributions”) including (a) with respect to achieving all expected benefits from the Distributions;   (b) the incurrence of significant costs in connection with the Distributions, including costs to service debt incurred by the Company to establish the relative credit profiles of Corteva, Dow and DuPont and increased costs related to supply, service and other arrangements that, prior to the Dow Distribution, were between entities under the common control of DuPont; (c) indemnification of certain legacy liabilities of E. I. du Pont de Nemours and Company ("Historical EID") in connection with the Corteva Distribution; and (d) potential liability arising from fraudulent conveyance and similar laws in connection with the Distributions; (vi) failure to effectively manage acquisitions, divestitures, alliances, joint ventures and other portfolio changes, including meeting conditions under the Letter Agreement entered in connection with the Corteva Distribution, related to the transfer of certain levels of assets and businesses; (vii) uncertainty as to the long-term value of DuPont common stock; (viii) potential inability or reduced access to the capital markets or increased cost of borrowings, including as a result of a credit rating downgrade and (ix) other risks to DuPont's business, operations and results of operations including from: 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 tariffs, trade disputes and retaliatory actions; impairment of goodwill or intangible assets; the availability of and fluctuations in the cost of energy and raw materials; business or supply disruption, including in connection with the Distributions; 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 DuPont, adversely impact demand or production; ability to discover, develop and protect new technologies and to protect and enforce DuPont's intellectual property rights; 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. 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. "For this year, we expect full year sales between $21.5 and $22.0 billion resulting in organic sales which are slightly up versus prior year," said Jeanmarie Desmond, Chief Financial Officer of DuPont. ET. And at this time, I would like to turn the conference over to, Lori Koch. Electronics & Imaging reported fourth quarter net sales of $937 million, up 3 percent from the year-ago period. "Our full year results demonstrate our ability to offset challenging global macro conditions by focusing on the levers within our control," said Marc Doyle, DuPont Chief Executive Officer. DuPont (ticker: DD) shares are down 5% year to date, worse than the 15% change of the Dow Jones Industrial Average over the same span.. 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. These events include, among others, the impact of portfolio changes, including asset sales, mergers, acquisitions, and divestitures; contingent liabilities related to litigation, environmental and indemnifications matters; impairments and discrete tax items. In addition, immediately following the Corteva Distribution, on June 1, 2019, DuPont completed a 1-for-3 reverse stock split (the "Reverse Stock Split") and as a result, DuPont common stockholders now hold one share of common stock of DuPont for every three shares held prior to the Reverse Stock Split. For the year, Transportation & Industrial net sales of $5.0 billion and pro forma operating EBITDA of $1.3 billion were down 9 percent and 14 percent, respectively, from the year-ago period. Good day and welcome to the DuPont Third Quarter 2019 Earnings Call. 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 II, Item 1A) of DuPont's Quarterly Report on Form 10-Q for the period ended September 30, 2019 and its subsequent reports on Form 10-Q, 10-K and Form 8-K. 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. On April 1, 2019, the company completed the separation of its materials science business into a separate and independent public company by way of a pro rata dividend-in-kind of all the then outstanding stock of Dow Inc.  (the "Dow Distribution"). These headwinds were partially offset by higher pricing in segments outside of T&I and cost savings. Filings & Reports; Events & Presentations; Stock & Dividend Information; Corporate Governance. 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. DuPont de Nemours, Inc. 2019 Q4 - Results - Earnings Call Presentation Jan. 30, 2020 • 2 Comments DuPont de Nemours, Inc. (DD) CEO Marc Doyle on Q3 2019 Results - Earnings Call Transcript DowDuPont will release its full financial results for the first quarter of 2019 on May 2. 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