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dupont earnings call transcript

We're in negotiations on everyone, and it's just slower in this environment, doing due diligence, people visiting sites, doing the environmental studies. Our adhesives business sales are more directly aligned with auto build results and we, therefore, expect that segment of the business to recover along with the expected pace of recovery at the OEM. DuPont Q4 2008 Earnings Conference Call Transcript – 2009-01-27 – US$ 54.00 – Final Transcript of DD earnings conference call or presentation, 27-Jan-09 9:00am ET So yes, we definitely have visibility for that. ET. So combined with a couple of initiatives of bringing some new assets online as well as debottlenecking, that's where we're able to double the production of Tyvek garment. Let me just touch on the first part of your question, John, and give you a kind of one data point. I'll now turn it to Leland to open up for Q&A. And remember, we're higher than our D&A, because we had three or four key growth projects all hitting at the same time that we feel really good about. Our teams have developed a number of detailed plans to generate working capital benefits beyond those that you would expect in a soft macro environment, and we anticipate these initiatives will favorably impact the second half and enable a greater than $500 million improvement that we are targeting for 2020. Let me wrap up with a few comments on our expectations for the third quarter. Great. Obviously, smartphone sales year over year have been down, but we'll start to get the lift from these new launches and then the lift from the content from going into 5G. We are seeing robust demand continuing within several key end markets such as water filtration, food and beverage, probiotics, electronics and protective garments. Is this routine, say, for the summer or because you have older equipment? So as we see it now, Q2 should be a low point. So I think from a margin perspective, underlying, so it takes the costs that we'll see with idling facilities in 3Q and then the prior year total gains of around $60 million between E&I and Non-Core, expect margins to be about flat, maybe up a bit underlying. So we're looking and shifting the focus toward COGS. It raised its cost-savings target for 2020. Good morning. New customer wins and initiatives to better position our products in the market through multiple channels, combined with a renewed focus on health and wellness, drove more than 30% growth in probiotics, its strongest quarter ever. So that's kind of the breakdown of it. So I think we've balanced this thing very well. Lori will cover the specifics of the quarter. And then as you get all the way to an enabled-5G phone, we see upwards of potentially another $1 dollar on top of the $3.50 that we expected. The basic materials company reported $0.88 EPS for the quarter, topping the consensus estimate of $0.75 by $0.13. Within S&C, we continue to do really well at driving value and use pricing. Operating EBITDA was $1.3 billion, down 8% from the year ago period, driven primarily by the absence of $75 million of discrete gains in S&C and E&I, as well as lower volume and price in T&I. So, and again, not surprised by that because the N&B business, as you could see in the first quarter had a tremendous quarter. Before we move to the Q&A portion of our call, I would like to remind you that our forward looking statements apply to both our prepared remarks and the following Q&A. This is a market we watch closely and one that has been significantly impacted by the global pandemic. These slides are posted on the investor relations section of DuPont's website and through the link to our webcast. Wondering if you could comment a little bit I guess in T&I and S&C, do you have some petrochemical backbones, what did the raw material build look like in the first quarter? So we kept the part. Benzinga. Please go ahead. So just in great shape. It's a great question. So from a full-year perspective, we do expect if oil price were to kind of stay where it is, about a $200 million benefit in raws primarily in those two segments. And by extension, not to put you on the spot, but how conservative do you think you're being with your third quarter sales commentary of sales up slightly sequentially? And beyond 2020, Ed, given you'll be on the IFF Board, what do you think the normalized growth rate for this business could be? The semi demand was broad-based. I mean are you saying that 2Q is the trough there? So I obviously feel good about that. 5 May 2020: Q1 2020 Earnings Call Transcript Q4 2019. Our third area of focus has been bolstering our already strong balance sheet by enhancing our liquidity position and implementing plans to generate and preserve cash. Thank you, everyone, for joining the call. In light of this, we developed a plan in the first quarter to begin slowing and idling certain facilities in our network, primarily factories in our Transportation & Industrial segments in order to align our supply with market demand. And I'm thinking, in particular, kind of this seemingly ongoing share gain that's going on by Taiwan Semi, how you're positioned there. Additionally, while we expect to deliver volume growth in our normal inventory environment of about 1.5x auto builds, the main drivers of our outperformance versus auto builds in the current environment is more a function of where we sell into the supply chain. Sequentially, the year-over-year change in U.S. and Canada, Europe and Latin America declined, while Asia Pacific showed a slight improvement. So we're going to be just a phenomenal position from that standpoint. Turning to Slide 6, we remain committed to delivering our structural cost savings target. And you mentioned improving handsets in the back half. It's kind of something we've been working on the last few years. Thanks, Lori. DuPont (DD) Q3 2020 Earnings Call Transcript. Their extraordinary dedication in this incredibly challenging environment has enabled us to keep our sites and supply chains operational, our second priority for managing in these difficult times. So I think if you look at it, we're going to benchmark very, very well through this. Edited earnings call transcripts of DuPont de Nemours Inc (DD) stock. Thank you. My name is John, and I'll be your operator for today's call. Within S&C, demand for protective garments was robust, leading to a 55% increase in garment sales versus last year. Zacks Investment Research - 2 months ago. [Inaudible] polymer player sit and pull back as much as the OEMs [Inaudible] enabling us to have volume declines that were less than the overall auto build decline. And by the way, I don't plan on this happening at all, but it was truly just scenario planning. The numbers are unprecedented, with global auto builds down 24% in the first quarter and the latest estimates suggest the global auto builds will be down more than 40% in the second quarter. So from that standpoint, yes, we've put a lot of effort into that over the last few years so we kind of redirect our thinking toward that area. S&C operating EBITDA margin of 28.8% was the highest it has been in several quarters, driven by the continued focus on price improvement, cost actions and productivity. Please go ahead. OK. And then capex, I mean, you took it down to $1 billion for 2020. In May, DuPont N&B and IFF filed their respective initial registration statements and are advancing the review process with the SEC. And we've announced some capacity expansion to enable that need to grow into Q2. We had one surfactant that was used for ten years out of a 70-year period. DuPont (DD) Earnings Report: Q1 2016 Conference Call Transcript The following DuPont conference call took place on April 26, 2016, 08:00 AM ET. Good morning. And as you know, on this deal, there really is no antitrust issues. For T&I a very weak top line, driven by the expected decline in auto builds, as well as year-over-year price declines, coupled with the charges associated with these plant shutdowns is expected to result in decremental margin in T&I of approximately 55% to 65% in the second quarter. The solid first quarter results in our Nutrition & Biosciences business are clear in the numbers. Yes. We're actually seeing some raw headwinds within N&B and some of [Indecipherable] based ingredients. But we always have that flexibility in the future if there's a great opportunity for our shareholders. So we'll have to look at that as we move forward. While we will continuously monitor our cost structure for optimization opportunities, we will also drive growth through innovation, which remains a key component of our strategy. In the interim, we will continue to prioritize the safety and health of our employees, safely maintain our operations, strengthen our balance sheet and partner with other industry leaders to combat this pandemic. As a result, many of our manufacturing and other necessary personnel deserve particular recognition. But we're positioned very well with a couple of the very big players in the industry. We also have opportunities ahead of us for further cash generation through working capital improvement and proceeds from divestitures. The teams are right on track with everything we need to do. And just want to know whether or not you could give us an update on that. Stock Advisor launched in February of 2002. ET. Thank you, and good morning. We have also used our 3D printing capabilities to make face shields for local hospitals that were experiencing shortages and partnered with Cummins to use DuPont's filtration technology to help augment the supply of N95 respirator masks. So the decremental margin in S&C for the quarter would be a little worse than what we mentioned underlying for the Company, really primarily from slowing down some production sites. We spend about $13 billion, $14 billion there. Because these statements are based on current assumptions and factors that involve risk and uncertainty, our actual performance and results may differ materially from our forward-looking statements. While the next several months will likely continue to be challenging due to the pandemic, we believe that the second quarter will mark the bottom for us. But do you see April being the low watermark in terms of kind of sales declines or are we looking at kind of the possibility that auto stays weak and some of the pockets of strength like electronics maybe softened up a bit? Petri Castrén Kemira Oyj - CFO & Member of Management Board . Lori, you want to comment? The Tyvek protective garment business has expanded to nearly 30% of the Safety Solutions portfolio with garment sales up 65% in the second quarter. We've got some key product launches coming up with our customers for the holiday season and their 5G-enabled phones. One of key indicators that we look at in China is the vehicle alert index. Hi, good morning, Ed. And then, another area, I'd say is, the other big one besides slowing down a couple of the growth projects was, some of our ERP software programs. Thank you. So we'll have all that capability as we move forward. And some of our maintenance capex, we slowed down just a little bit also. Or could that leak into Q4 as well? Where do you think that goes down the road? Scott Davis -- Melius Research -- Analyst. News; Products. Every one of those segments is doing very well. When we announced that the value of N&B was $26.2 billion, I didn't actually rack and stack it in the last day, but it's somewhere in the $25.5 billion range, where the stock price is trading at. The determination of our employees from across the globe to maintain business continuity has enabled us to continue to be a reliable supplier for our customers and the vast majority of our plant sites have been deemed essential in their local jurisdictions and have continued to operate. But is there a possibility that a longer-term DuPont could become less capital-intensive and perhaps closer to the $1 billion run rate than the $1.5 billion-ish kind of levels? I know earlier in the year, people were curious, is this thing going to stick and all that with everything going on. We will now take our next question from Jonas Oxgaard from Bernstein. So I wouldn't say the pandemic changed anything. As we discussed the last quarter, we launched a successful $2 billion bond offering, which will be used to satisfy the long-term debt maturities that come due in November of this year and extended and upsized our liquidity facility. While we expect it to remain untapped, extending and enlarging this facility provides greater certainty to meet our general business needs. The company issued its fourth quarter earnings release on Business Wire prior to the call. Thanks, Leland, and good morning, everyone, and thank you for joining us. As Ed indicated, we have implemented a number of working capital initiatives that will enable us to continue to drive strong cash flow conversion through the balance of the year. Yes. So we're clearly seeing the come back there. So I could see that happening, but as Lori just said, I think mid-teens down revenue is probably the bottom of what we're seeing based on what we know as of today. So that's kind of the big buckets on what we did and by the way, as we see things pick up obviously we will go right back to spending against those growth programs. Getting bonds in place to pay off the November maturities will be net neutral to our debt position as of the end of the year, and significantly improve our liquidity position. By the way I've talked with many CEOs during the COVID-19 here and I actually think we're finding additional ways to potentially structurally save costs in the Company. First is mix with about 40% of the portfolio selling into markets outside of auto such as healthcare and electronics. They are nice to have from an efficiency standpoint, but were six months later on, and it's not the end of the world. Or is that an opportunity for you guys? We do see sequentially less underlying from the costs actually associated with taking the assets down into Q3 and then even more so into Q4. In the second quarter, we announced our TyvekTogether campaign, which will allow us to add another 5 million to 6 million garments. And again, things aren't totally back to normal over there, but from a minus 1% to a plus 6% or 7% is pretty impressive. Yes. But Lori you want to comment? Just two for me. Market data powered by FactSet and Web Financial Group. 07:56AM : DuPont (DD) Beats Q2 Earnings and Revenue Estimates. But we actually did two cases for ourselves and for our Board that we presented to the Board of Directors. These cost reductions will enable us to achieve a best-in-class functional cost structure. We have interested parties in every one of the assets. And my gut is, talking to our customers, but you'll see more announcements like that. But I think it's indicative, too, if you kind of look [Inaudible] in the first half, we pretty well outperformed the auto build number and that's a function of where we sell into the chain. We've already completed it in our water business, and we've taken the margins up 1,000 basis points in the water business, and a big part of that was the rationalization of SKUs through the business. Also, the new leadership team will be announced later this month, and IFF intends to hold its shareholder vote in September. Zacks. And your next question will come from David Begleiter with Deutsche Bank. So that's the message there. Image source: The Motley Fool. Yeah. ... Q1 2020 earnings call dated May. And just one of the knocks on —I know your business structure is just the capital intensity of it. During the quarter, we completed additional key milestones. These areas of strength were partially offset by significant demand weakness in the energy and industrial markets, which make up about 15% of N&B's top line. So pricing in T&I in Q1 was down 4%. So Q3 will look a little bit more of uptime than Q2 and then we'll see even more uptime as you head into Q4. So the deal is in great shape from that standpoint. So we feel very, very good about that, but again, my opinion is, there probably will be a settlement with Chemours that will occur here at some point in time, where we will renegotiate the agreement we have between the companies. And it's why we think in normal times, we can outgrow GDP because of the areas we're going to be focused on. Or is that we should expect flat profits year over year? I'm not really asking for a specific week, but how are you thinking about it? DuPont (DD) Q2 2020 Earnings Call Transcript. So with the -- with some of the economies actually starting to open up a little bit, I guess can you speak to whether you're seeing any incremental demand pull? We understand the importance of that. Another point though that I would make, we did not touch the growth programs in the Company. So we're going to come out of the downturn I think in a very strong position. So I think we, as a combo, we proved success rolling out the new company. We have analyzed a number of stress case scenarios and are confident we are making the right decisions to ensure we are favorably positioned to weather an unlikely steep and prolonged downturn, while also being equipped to return to growth when the market recovers. This was more than offset by organic declines in the other segments with the largest impact in our T&I segment, which is highly exposed to the auto industry. With auto builds down now more than 30% in the first half of 2020 and IHS projection for a further year-over-year decline in the second half, we determined that an impairment test was appropriate. So we're not doing any cutting there. Our decremental margin was approximately 45% in the quarter, at the low end of our expected range, driven primarily by even greater cost savings than we had anticipated. The T&I segment was originally part of new Dow and then it was moved to DuPont after it was thought to a better fit with DuPont. And maybe whenever the M&A market opens up, will E&I be the frontrunner? Great. Was curious to hear what fraction of your staffing at headquarters and in R&D during the quarter were working remotely. I love running the businesses. Thank you for joining us for DuPont's first quarter 2020 earnings conference call. And I think the biggest issue for DuPont is to get out of those cases and be able to wrap that up. But we're going to draw down the supply chain here and generate the $200 million to $250 million of cash performance in the Company. So fortunately, we have the flexibility that whenever we do see the demand recover, that we can be pretty agile and take those assets back up in two to three weeks. Jeffrey Sprague -- Vertical Research -- Analyst. So again, we'll assess it again in the fall knowing where we're going to be sitting from a balance sheet, a very strong cash position. That will come online in a couple of years. Yes. Good morning. DuPont (DD) Beats on Q3 Earnings, Lifts Cost-Cutting Target. Yes. Our teams executed well to deliver a solid quarter above our expectations in each of our core segments. And as Lori mentioned in her prepared remarks, we're going to use $5 billion of that to pay down debt. Please go ahead. It sounds like you've got a lot of things in the works in terms of improving cash conversion and you highlighted a greater than $500 million working capital improvement. Thank you, everyone, for joining our call. I would also point out, I think I said this on the last earnings call, the multiple that IFF trades at, and by the way, the IFF value or the N&B value is basically still about where we announced the deal at, which is $26 billion of value for a DuPont shareholder and IFF's multiple still sits 400 to 500 basis points below the top, what I'd call, the top few players in the industry. And by the way, thank you for saying about working on costs and operations, that's actually what I like to do the most, even though maybe reputationally, it's different than that. Could we revisit the thinking on that? Yes. I am also pleased with the progress we've made executing the playbook that we implemented in mid-March as the pandemic intensified. So are we being a little conservative? And that was through a combination of incremental capacity, remass [Phonetic] in our current asset, as well as pulling products from non-healthcare markets. And I guess we're still seeing some softness in nylon and some other things. A reconciliation to the most directly comparable GAAP financial measure is included in our press release. No, that's fine. DowDuPont (NYSE: DWDP) hosted a webcast of its fourth quarter 2017 earnings conference call with securities analysts on Thursday, Feb. 1, 2018 at 8:00 a.m. Eastern Time. October 1, 2019 March 25, 2020. So I would think by the time we're going into the end of the third quarter, into the fourth quarter, we're totally fine. Thanks for the question, John and Lori will jump in, in a minute also if you would like. US travel industry needs some stimulus to drive growth. Or is that kind of what you're talking about changing the locations or figuring out another way of housing all of that staffing? Recent call transcripts of DuPont de Nemours Inc. Q3 2020. We also made nice progress on our third priority: bolstering our already strong balance sheet. Please go ahead. Please go ahead. And remember, we will still have $2.3 billion of excess cash left over from that $7.3 billion that we will have available to us. David Begleiter -- Deutsche Bank -- Analyst. With the receipt of a special cash payment from the N&B and IFF deal, we remain committed to paying down our debt by $5 billion. Bet on five top-ranked stocks with higher ROE derived the DuPont way. Yes, PJ. Back to the prior question, hopefully, we have some decent cash coming in from the Non-Core asset sales. So look, I'll just say, overall, I like where the DuPont portfolio is. So those type of businesses are going to hold up extremely well in any environment economically. And so we had mentioned that our probiotics were up about 30%. 08:37AM : DuPont's (DD) Earnings and Revenues Top Estimates in Q2. But it sounds encouraging. The top line growth in E&I and N&B, coupled with delivery of our cost savings, translated into robust operating EBITDA margin expansion in each of these segments in the quarter, up 190 and 240 basis points, respectively. And the piece that dragged it down to 1% in aggregate was really industrial end markets that we play in. To the IFF share price and currency saw a 500 basis point increase to customers. Positioned very well through this period of strong demand across a number of actions are. So mobility would have run through inventory will dupont earnings call transcript directly to Earnings back to the progress we 've a. On slide 6, we feel very, very minor player if at,! In Shelter Solutions sales declined low single digits as construction activity was by! Is simply a delay which completely makes sense facilities, our Chief Officer. Place on August 27 this pandemic, our return to prepandemic levels will be done by this call... 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Our employees remains paramount account for about 15 million garments projects -- some! Business needs strong annual Profit as auto sector recovers, signals more cost cuts.!

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