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"Our focus is on delivering superior growth for our shareholders through customer-driven and science-based solutions, carefully prioritized investments, industry-leading productivity, and strict accountability," Kullman said. "By acting on our commitments to shareholders over the past 12 months, DuPont is meeting the economic recovery as a stronger, faster and more agile global competitor. We are well-positioned to outperform the rate at which markets recover and improve."
By executing on its priorities, DuPont expects to generate about 10 percent top-line compound annual growth for the 2009-2012 period. The company also plans to capture $1 billion in fixed cost productivity and $1 billion in working capital productivity gains during the 2010-2012 timeframe.
DuPont expects to deliver, on average, 20 percent earnings per share growth, from 2009 estimated full-year earnings on a year-over-year basis through 2012. The company said that it expects to grow earnings in 2010 -- despite anticipated declines in pharmaceutical royalties after patents expire in 2010 -- to a range of $2.10 to $2.40 per share. DuPont also reaffirmed its full year 2009 earnings outlook of $1.95 to $2.05 per share, excluding significant items which are estimated to be $0.15 per share for full-year 2009 or $1.80 to $1.90 per share on a reported basis.*
The company plans to capitalize on global growth opportunities by sharply focusing its innovation pipelines on four megatrends to: meet the increasing demand for food productivity; protect people and the environment; decrease dependence on fossil fuels; and capitalize on the growth of emerging markets where about one-third of DuPont's sales are currently generated.
In addition, DuPont is strengthening its alignment with customers and markets; driving disciplined scientific innovation directly from market needs; increasing transparency and accountability for results with a simplified organization; and continuing its intense focus on productivity.
"DuPont's leadership in market-driven science uniquely positions the company to capitalize on four global trends that will define the coming years," Kullman said. "We will accomplish this by driving responsibility and accountability ever-closer to our customers and regions, providing greater transparency to our progress and results, and maintaining an intense commitment to constantly improving productivity."
At the meeting with investors, DuPont leaders described differentiated actions the company's business segments are taking which are expected to contribute to the company's 2009-2012 growth objectives by:
-- Agriculture & Nutrition (Pioneer Hi-Bred, Crop Protection, Nutrition &
Health) - Generating more than $2 billion in top-line growth through
2012 by growing North America corn and soy volumes and market share;
extending international seed markets leadership; launching innovative
crop protection products; capitalizing on emerging food and nutrition
opportunities; and continuing investments in product and technology
innovations.
-- Electronics & Communications - Improving margins and delivering top-line
growth by leveraging established leadership position in fast-growth
segments - like photovoltaics and displays; introducing key products and
capitalizing on recovery opportunities; and providing operational
discipline with a lean business structure.
-- Performance Coatings - Restoring pre-tax operating margins to low double
digits by 2012 by delivering $300 million in fixed and variable cost
productivity, while expanding and leveraging its leadership in refinish
products and growing the portfolio in emerging markets.
-- Performance Materials (Performance Polymers and Packaging & Industrial
Polymers) - Focusing on earnings growth and cash generation by
capitalizing on recovery opportunities; providing application extensions
in emerging markets; delivering light-weight and renewably-sourced
materials to meet escalating global demands; and continuing intense
focus on productivity.
-- Safety & Protection (Protection Technologies, Building Innovations,
Safety Resources) - Generating 12-16 percent annual revenue growth
through launching new science-based products; including lighter weight
and next generation advanced materials; expanding emerging markets
presence; and increasing market share with a leaner cost structure and
streamlined organization.
-- Performance Chemicals (Chemicals & Fluoroproducts, Titanium
Technologies) - Delivering top-quartile performance among peers by
driving industry-leading cost productivity improvement; accelerating
globalization to capture emerging markets growth; and targeting
innovations in sustainable technologies and selective high-growth
markets. The company has merged two businesses in this segment, DuPont
Chemical Solutions Enterprise and DuPont Fluoroproducts, into a single
powerhouse unit named DuPont Chemicals & Fluoroproducts - accelerating
growth by expanding global market access, leveraging DuPont's
unparalleled science and chemistry leadership, and driving world-class
productivity for the chemical industry. The merger further streamlines
the company from 14 to 13 businesses.
"We are focused on achieving higher revenue and earnings growth rate for our company, and delivering increased value to our shareholders," Kullman said.
The presentations used by DuPont's leadership team during the meeting, the webcast recording and recast historical financial information based on the company's reporting structure as of Oct. 1 are available at www.dupont.com in the Investor Center.
DuPont is a science-based products and services company. Founded in 1802, DuPont puts science to work by creating sustainable solutions essential to a better, safer, healthier life for people everywhere. Operating in more than 70 countries, DuPont offers a wide range of innovative products and services for markets including agriculture and food; building and construction; communications; and transportation.
Forward-Looking Statements: This news release contains forward-looking statements based on management's current expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the company's strategy for growth, product development, market position, expected expenditures and financial results are forward-looking statements. Some of the forward-looking statements may be identified by words like "expects," "anticipates," "plans," "intends," "projects," "indicates," and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in DuPont's filings with the Securities and Exchange Commission, particularly its latest annual report on Form 10-K, as well as others, could cause results to differ materially from those stated. These factors include, but are not limited to changes in the laws, regulations, policies and economic conditions of countries in which the company does business; competitive pressures; successful integration of structural changes, including acquisitions, divestitures and alliances; research and development of new products, including regulatory approval and market acceptance, and seasonality of sales of agricultural products. The company undertakes no duty to update any forward-looking statements as a result of future developments or new information.
* Schedule B of the company's third quarter 2009 earnings news release contains a reconciliation of significant items.
SOURCE DuPont
http://www.dupont.com
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