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DuPont Reports Fourth Quarter and Full Year 2019 Results

Tuesday, February 4, 2020/ Editor -  

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  • 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

WILMINGTON, Del., February 3, 2020– DuPont (NYSE: DD) today announced financial results for the fourth quarter and full year 2019.

“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. “We mitigated these headwinds through pricing and cost actions while continuing to strengthen our position in key growth areas such as water and 5G through continued innovation and investment.”

“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. “We continue to strategically reduce spending and are taking actions to consolidate our asset footprint. These steps will ensure that our costs are right-sized for the future organization and better position us for growth.”

Full Year 2019 Results

Full year net sales totaled $21.5 billion, down 5 percent versus 2018. On an organic basis, net sales were down 2 percent with 2 percent higher price being more than offset by 4 percent lower volume primarily from the macro conditions in automotive and electronic end markets.

Pro forma GAAP Income (Loss) from continuing operations totaled $(522) million, versus $237 million in the year-ago period. 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.  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.

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.  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.

Fourth Quarter 2019 Results

Net sales for the quarter totaled $5.2 billion, down 5 percent versus the same quarter last year. On an organic basis, net sales were down 2 percent with 1 percent higher price being more than offset by 3 percent lower volume. 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.

GAAP Income from continuing operations totaled $191 million, versus pro forma GAAP Income from continuing operations of $310 million in the year-ago period. Operating EBITDA(1) was $1.4 billion, down 14 percent versus pro forma operating EBITDA in the prior year driven by lower nylon pricing and reduced equity affiliate income from customer settlements in the Hemlock Semiconductor joint venture.  These headwinds were partially offset by higher pricing in segments outside of T&I and cost savings.

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. 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.

“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. “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.  In addition, we continue to bolster our portfolio through the recently announced strategic acquisitions in the high growth water space.”

“I remain focused on this aspect of DuPont’s value creation opportunity, working closely with the Board to assess opportunities to unlock shareholder value through portfolio refinement and differentiated investment,” Breen stated.

 


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