Learnings from the Earnings – Who’s Up? Who’s Down?

DowDuPont

The Top Line. Net sales were even with the year-ago period at $20.1 billion, as price and volume gains were offset by currency. Volume grew 1 percent from the year-ago period. Cash flow from operations in the quarter was $5.1 billion. GAAP Net Income from Continuing Operations totaled $513 million. Operating EBITDA was $3.9 billion, flat with the year-ago period.

The Big Highlights. Pro forma sales rose 8 percent with gains in every geography. They delivered a 13 percent increase in operating EBITDA and raised cost synergy expectation by 20 percent to $3.6 billion. Nutrition & Biosciences reported net sales of $1.6 billion, up 3 percent from the year-ago period. Transportation & Advanced Polymers reported net sales of $1.3 billion, up 2 percent from the year-ago period. Performance Materials & Coatings reported net sales of $2.2 billion, down 1 percent from the year-ago period. Industrial Intermediates & Infrastructure reported net sales of $3.7 billion, up 4 percent from net sales of $3.6 billion in the year-ago period. Packaging & Specialty Plastics reported net sales of $5.9 billion, down 4 percent from net sales of $6.1 billion in the year-ago period. Safety & Construction reported net sales of $1.3 billion, up 4 percent from the year-ago period.

“In our first full year as a merged company, we delivered consistently strong results,” said Ed Breen, chief executive officer of DowDuPont. “We remain on track for the separation of the new Dow on April 1, followed by Corteva from the new DuPont on June 1. We are excited about launching these three global companies, each set to be an industry leader with the right capital structure and now better positioned to serve customers, compete in their end markets and focus on their innovation priorities. We’ve also put in place strong leadership teams who are singularly focused on capitalizing on their competitive advantages and delivering on their substantial growth and cost synergy opportunities to create value both now and over the long-term.”

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