DowDuPont gibt Ergebnisse des zweiten Quartals 2018 bekannt

  • GAAP-Gewinn pro Aktie aus dem laufenden Geschäftsbetrieb bei 0,76 Dollar, Pro Forma bereinigtes EPS steigt um 41 Prozent auf 1,37 Dollar
  • Nettogewinn nach GAAP aus dem laufenden Geschäftsbetrieb bei 1,8 Milliarden Dollar, Operatives EBITDA steigt um 29 Prozent auf 5,7 Milliarden Dollar
  • Nettoumsätze steigen um 17 Prozent auf 24,2 Milliarden Dollar; steigende Verkaufsvolumina und lokale Preise in allen Divisionen und in allen Regionen
  • Kosteneinsparungen aus Synergien > 375 Millionen Dollar, Einsparungsziel um mehr als 15 Prozent gesteigert auf 1,4 Milliarden Dollar im Vergleich zum Vorjahr
  • Erwartetes Wachstum des operativen EBITDA in allen drei Divisionen im dritten Quartal: Agriculture im mittleren 20-Prozent-Bereich, Materials Science im hohen einstelligen Prozentbereich; Specialty Products im mittleren 10-Prozent-Bereich

Highlights des zweiten Quartals

  • Der GAAP-Gewinn pro Aktie aus dem laufenden Geschäftsbetrieb betrug 0,76 Dollar. Das Pro Forma bereinigte1 EPS stieg um 41 Prozent auf 1,37 Dollar, verglichen mit Pro Forma angepassten1 Gewinnen pro Aktie von 0,97 Dollar im Vorjahreszeitraum. Die bereinigten Gewinne pro Aktie schließen signifikante Faktoren in den Gesamtnettoaufwendungen des Quartals von 0,50 Dollar pro Aktie aus sowie 0,11 Dollar pro Aktie für Abschreibungen von immateriellen Vermögenswerten aus DuPont.
  • Die Nettoumsätze stiegen um 17 Prozent auf 24,2 Milliarden Dollar, mit Zuwächsen im zweistelligen Bereich in allen Divisionen und Gewinnen in allen Regionen. Die Pro Forma Nettogewinne des Vorjahreszeitraumes lagen bei 20,7 Milliarden Dollar. Die Division Agriculture steigerte den Umsatz um 25 Prozent. Sie erholte sich von wetterbedingten Verzögerungen aus dem 1. Quartal und profitierte von örtlichen Preissteigerungen. Die Division Materials Science steigerte den Umsatz um 18 Prozent mit Zuwächsen im zweistelligen Bereich in allen Segmenten und in allen Regionen. Die Specialty Products Division steigerte den Umsatz um 10 Prozent, mit Gewinnen in den meisten Segmenten und in allen Regionen.
  • Das Verkaufsvolumen stieg im Vergleich zum Vorjahreszeitraum Pro Forma um 10 Prozent mit Gewinnen in allen Divisionen und in allen Regionen, angeführt von Zuwächsen im zweistelligen Bereich in den USA und Kanada sowie im Asiatisch-Pazifischen Raum. Das Verkaufsvolumen bei Agriculture stieg um 20 Prozent, primär bedingt durch eine Erholung von wetterbedingten Verzögerungen im ersten Quartal. Die Volumina bei Materials Science und Specialty Products stiegen jeweils um 10 Prozent und 4 Prozent, beide Divisionen mit Gewinnen in allen Segmenten und Regionen.
  • Der lokale Preis stieg auf einer pro-forma Basis um 4 Prozent, mit Zuwächsen in allen Divisionen und in allen Regionen, angeführt von einem 5-prozentigen Anstieg bei Materials Science und einem 4-prozentigen Anstieg bei Agriculture.
  • Das operative EBITDA1 stieg gegenüber dem Vorjahr auf auf einer pro-forma Basis um 29 Prozent auf 5,7 Milliarden Dollar. Agriculture erreichte ein Wachstum des operativen EBITDA um 45 Prozent. Specialty Products erzielte ein Wachstum des operativen EBITDA um 23 Prozent und Materials Science erreichte ein Wachstum im operativen EBITDA um 22 Prozent.
  • Treiber beim operativen EBITDA in diesem Quartal waren Verkaufsvolumen sowie Erträge durch lokale Preise, Währungseffekte, Kostensynergien, niedrigere Pensions-/OPEB-Kosten2 und höhere Kapitalgewinne.
  • DowDuPont erzielte im ersten Quartal Ersparnisse aus Kostensynergien in Höhe von mehr als 375 Millionen Dollar und erreichte seit dem Vollzug der Fusion kumulierte Ersparnisse von nahezu 900 Millionen Dollar. Das Unternehmen erwartet, 2018 Einsparungen von 1,4 Milliarden Dollar im Vergleich zum Vorjahreszeitraum zu erzielen, ein Anstieg um mehr als 15 Prozent gegenüber dem ursprünglichen Ziel.
  • Der Cashflow aus dem operativen Geschäft betrug 2,1 Milliarden Dollar, bedingt durch gestiegene Cash-Erträge.
  • Das Unternehmen schüttete in dem Quartal durch Dividenden (0,9 Milliarden Dollar) und Aktienrückkäufe (1 Milliarde Dollar) nahezu 2 Milliarden Dollar an Anteilseigner aus. Seit dem Vollzug der Fusion hat DowDuPont 5,6 Milliarden Dollar an Anteilseigner ausgeschüttet.

Zitat des CEO

„Wir haben im zweiten Quartal erneut starke Ergebnisse erzielt, darunter Zuwächse im zweistelligen Bereich bei Umsatz und operativem EBITDA“, sagte Ed Breen, Chief Executive Officer von DowDuPont. „Wachstum bei Verkaufsvolumen und Erträge aus lokalen Preisen sowie eine Ausweitung der operativen Gewinnmarge waren die wesentlichen Highlights. Das spiegelt einen klaren Fokus der Geschäftsbereiche auf die Umsetzung wider. Unsere neuen Produkteinführungen kommen bei unseren Kunden gut an und führen zu einer starken Nachfrage in all unseren Zielmärkten. Diese Indikatoren zeigen, dass unsere drei Divisionen den Markt und die Anteilseigner bewegen. Wir haben eine hohe Dynamik und unsere Mitarbeiter sehen der Zukunft unserer drei beabsichtigten branchenführenden Unternehmen mit Enthusiasmus entgegen – Corteva, Dow und DuPont.”

Outlook

 „Der wirtschaftliche Aufschwung und unser damit verbundenes Geschäftswachstum werden nach wie vor von einer breiten Konsumkraft getragen“, betonte Howard Ungerleider, Chief Financial Officer von DowDuPont. „Leitindikatoren wie Produktionsleistung, Beschäftigung, Löhne und Verbraucherausgaben sind größtenteils weiterhin zuträglich und unterstützen die weltweit gestiegene Konjunktur. Wir sehen leichten Gegenwind, insbesondere Währungsschwankungen, vor allem bei Agriculture, sowie gestiegene Rohstoffpreise in allen drei Divisionen. Vorausblickend erwarten wir nach wie vor Zuwachsraten über dem Marktwachstum über weite Bereiche unseres Portfolios hinweg, begünstigt durch unsere Innovationen, Wachstumsinvestitionen, räumliche Reichweite und führende Marktpositionen. Wir erwarten, dass die Nettoumsätze im dritten Quartal um mehr als 10 Prozent steigen und das operative EBITDA um mehr als 12 Prozent im Vergleich zum Vorjahreszeitraum.“

Conference Call

Das Unternehmen hat die Ergebnisse des zweiten Quartals am Donnerstag, den 2. August 2018, in einem Conference Call mit Investoren diskutiert. Die Präsentation aus dem Conference Call sowie eine Aufzeichnung des englischsprachigen Webcast sind auf der Website des Unternehmens unter www.dow-dupont.com verfügbar.

Über DowDuPont

DowDuPont (NYSE: DWDP) ist die Dachgesellschaft (Holding) der Unternehmen The Dow Chemical Company und DuPont. Das Ziel von DowDuPont ist die Gründung von drei starken, unabhängigen und börsennotierten Unternehmen in den Bereichen Agriculture, Materials Science und Specialty Products. Als führende Unternehmen in ihren jeweiligen Branchen erfüllen diese die Anforderungen ihrer Kunden durch wirksame und wissenschaftlich fundierte Innovationen und tragen zu Lösungen für globale Herausforderungen bei. Weitere Informationen finden Sie unter www.dow-dupont.com.

Kontakt:

Investors:

Greg Friedman
greg.friedman@dupont.com
+1 302-774-4994 

Neal Sheorey
nrsheorey@dow.com
+1 989-636-6347

Media:

Rachelle Schikorra
ryschikorra@dow.com
+1 989-638-4090

Dan Turner
daniel.a.turner@dupont.com
+1 302-996-8372

(1) Adjusted earnings per share, Pro forma adjusted earnings per share, Operating EBITDA and Pro forma operating EBITDA are non-GAAP measures.. First quarter 2017 information is on a pro forma basis and was determined in accordance with Article 11 of Regulation S-X.

(2) Pension/OPEB (other post employment benefit plans) costs include all components of net periodic benefit cost from continuing operations. 


Cautionary Statement About Forward-Looking Statements

 

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. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “target,” and similar expressions and variations or negatives of these words.
 

On December 11, 2015, The Dow Chemical Company (“Dow”) and E. I. du Pont de Nemours and Company (“DuPont”) entered into an Agreement and Plan of Merger, as amended on March 31, 2017, (the “Merger Agreement”) under which the companies would combine in an all-stock merger of equals transaction (the “Merger”). Effective August 31, 2017, the Merger was completed and each of Dow and DuPont became subsidiaries of DowDuPont (Dow and DuPont, and their respective subsidiaries, collectively referred to as the "Subsidiaries").
 

Forward-looking statements by their nature address matters that are, to varying degrees, uncertain, including the intended separation, subject to approval of the Company’s Board of Directors and customary closing conditions of DowDuPont’s agriculture, materials science and specialty products businesses in one or more tax-efficient transactions on anticipated terms (the “Intended Business Separations”). Forward-looking statements are not guarantees of future performance and are based on certain assumptions and expectations of future events which may not be realized. Forward-looking statements also involve risks and uncertainties, many of which are beyond the Company’s control. Some of the important factors that could cause DowDuPont’s, Dow’s or DuPont’s actual results to differ materially from those projected in any such forward-looking statements include, but are not limited to: (i) costs to achieve and achieving the successful integration of the respective agriculture, materials science and specialty products businesses of Dow and DuPont, anticipated tax treatment, unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, productivity actions, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies for the management, expansion and growth of the combined operations; (ii) costs to achieve and achievement of the anticipated synergies by the combined agriculture, materials science and specialty products businesses; (iii) risks associated with the Intended Business Separations, including conditions which could delay, prevent or otherwise adversely affect the proposed transactions, including possible issues or delays in obtaining required regulatory approvals or clearances related to the Intended Business Separations, associated costs, disruptions in the financial markets or other potential barriers; (iv) disruptions or business uncertainty, including from the Intended Business Separations, could adversely impact DowDuPont’s business (either directly or as conducted by and through Dow or DuPont), or financial performance and its ability to retain and hire key personnel; (v) uncertainty as to the long-term value of DowDuPont common stock; and (vi) risks to DowDuPont’s, Dow’s and DuPont’s business, operations and results of operations from: the availability of and fluctuations in the cost of feedstocks and energy; balance of supply and demand and the impact of balance on prices; 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 trade disputes and retaliatory actions; business or supply disruptions; 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 the Company, adversely impact demand or production; ability to discover, develop and protect new technologies and to protect and enforce the Company’s intellectual property rights; failure to effectively manage acquisitions, divestitures, alliances, joint ventures and other portfolio changes; 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. These risks are and will be more fully discussed in the current, quarterly and annual reports filed with the U. S. Securities and Exchange Commission by DowDuPont. While the list of factors presented here is, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. 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 DowDuPont’s, Dow’s or DuPont’s consolidated financial condition, results of operations, credit rating or liquidity. None of DowDuPont, Dow or DuPont assumes any obligation to publicly provide revisions or updates to any forward-looking statements whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. 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 I, Item 1A) of DowDuPont’s 2017 annual report on Form 10-K.
 

Discussion of segment revenue, operating EBITDA and price/volume metrics on a divisional basis for Agriculture is based on the results of the Agriculture segment; for Materials Science is based on the combined results of the Performance Materials & Coatings, Industrial & Infrastructure, and Packaging & Specialty Plastics segments; and for Specialty Products is based on the combined results of the Electronics & Imaging, Nutrition & Biosciences, Transportation & Advanced Polymers, and Safety & Construction segments. The segment disclosures have been presented in this manner for informational purposes only and should not be viewed as an indication of each division’s current or future operating results on a standalone basis assuming completion of the Intended Business Separations.
 

The Dow Diamond, DuPont Oval logo, DuPont™, the DowDuPont logo and all products, unless otherwise noted, denoted with ™, ℠ or ® are trademarks, service marks or registered trademarks of The Dow Chemical Company, E. I. du Pont de Nemours and Company, DowDuPont Inc. or their affiliates.
 

Merger of Equals
 

Effective August 31, 2017, pursuant to the merger of equals transaction contemplated by the Agreement and Plan of Merger, dated as of December 11, 2015, as amended on March 31, 2017 (the "Merger Agreement"), The Dow Chemical Company ("Dow") and E. I. du Pont de Nemours & Company ("DuPont") each merged with subsidiaries of DowDuPont Inc. ("DowDuPont" or the "Company") and, as a result, Dow and DuPont became subsidiaries of DowDuPont Inc. (the "Merger"). Dow was determined to be the accounting acquirer in the Merger and, as a result, the historical financial statements of Dow, prepared under U.S. generally accepted accounting principles ("U.S. GAAP"), for the periods prior to the Merger are considered to be the historical financial statements of DowDuPont.
 

Unaudited Pro Forma Financial Information
 

In order to provide the most meaningful comparison of results of operations and results by segment, supplemental unaudited pro forma financial information has been included in the following financial schedules. The unaudited pro forma financial information is based on the historical consolidated financial statements and accompanying notes of both Dow and DuPont and has been prepared to illustrate the effects of the Merger, assuming the Merger had been consummated on January 1, 2016. For the three and six months ended June 30, 2017, pro forma adjustments have been made for (1) the preliminary purchase accounting impact, (2) accounting policy alignment, (3) the elimination of the effect of events that are directly attributable to the Merger Agreement (e.g., one-time transaction costs), (4) the elimination of the impact of transactions between Dow and DuPont, and (5) the elimination of the effect of consummated divestitures agreed to with certain regulatory agencies as a condition of approval for the Merger. The unaudited pro forma financial information was based on and should be read in conjunction with the separate historical financial statements and accompanying notes contained in each of the Dow and DuPont Quarterly Reports on Form 10-Q for the quarter ended June 30, 2017. The pro forma financial information was prepared in accordance with Article 11 of Regulation S-X. The results for the three and six months ended June 30, 2018, are presented on a U.S. GAAP basis.
 

The unaudited pro forma financial information has been presented for informational purposes only and is not necessarily indicative of what DowDuPont's results of operations actually would have been had the Merger been completed as of January 1, 2016, nor is it indicative of the future operating results of DowDuPont. The unaudited pro forma information does not reflect restructuring or integration activities or other costs following the Merger that may be incurred to achieve cost or growth synergies of DowDuPont. For further information on the unaudited pro forma financial information, please refer to the Company's Current Report on Form 8-K dated October 26, 2017.
 

Non-GAAP Financial Measures
 

This earnings release includes information that does not conform to U.S. GAAP and are considered non-GAAP measures. These measures include the Company's pro forma consolidated results and pro forma earnings per share on an adjusted basis. Management uses these measures internally for planning, forecasting and evaluating the performance of the Company's segments, including allocating resources. DowDuPont's management believes that these non-GAAP measures best reflect the ongoing performance of the Company during the periods presented and provide more relevant and meaningful information to investors as they provide insight with respect to ongoing operating results of the Company and a more useful comparison of year-over-year results. These non-GAAP measures supplement the Company's U.S. GAAP disclosures and should not be viewed as an alternative to U.S. GAAP measures of performance. Furthermore, such non-GAAP measures may not be consistent with similar measures provided or used by other companies. Non-GAAP measures included in this release are defined below. Reconciliations for these non-GAAP measures to U.S. GAAP are provided in the Selected Financial Information and Non-GAAP Measures starting on page 15. DowDuPont does not provide forward-looking U.S. GAAP financial measures or a reconciliation of forward-looking non-GAAP financial measures to the most comparable U.S. GAAP financial measures on a forward-looking basis because the Company is unable to predict with reasonable certainty the ultimate outcome of pending litigation, unusual gains and losses, foreign currency exchange gains or losses, potential future asset impairments and purchase accounting fair value adjustments, as well as discrete taxable events, without unreasonable effort. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP results for the guidance period.
 

Adjusted earnings per share is defined as "Earnings per common share from continuing operations - diluted" excluding the after-tax impact of significant items and the after-tax impact of amortization expense associated with DuPont's intangible assets. Pro forma adjusted earnings per share is defined as "Pro Forma earnings per common share from continuing operations - diluted" excluding the after-tax impact of pro forma significant items and the after-tax impact of pro forma amortization expense associated with DuPont's intangible assets. Although amortization of DuPont's intangible assets is excluded from these non-GAAP measures, management believes it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in amortization of additional intangible assets.
 

Operating EBITDA is defined as earnings (i.e., "Income from continuing operations before income taxes") before interest, depreciation, amortization and foreign exchange gains (losses), excluding the impact of significant items. Pro forma operating EBITDA is defined as pro forma earnings (i.e., "Pro Forma income from continuing operations before income taxes") before interest, depreciation, amortization and foreign exchange gains (losses), excluding the impact of significant items.
 

Discussion of segment revenue, operating EBITDA and price/volume metrics on a divisional basis for Agriculture is based on the results of the Agriculture segment; for Materials Science is based on the combined results of the Performance Materials & Coatings segment, the Industrial Intermediates & Infrastructure segment and the Packaging & Specialty Plastics segment; and for Specialty Products is based on the combined results of the Electronics & Imaging segment, the Nutrition & Biosciences segment, the Transportation & Advanced Polymers segment and the Safety & Construction segment. The Corporate segment is not included in the division metrics. The segment disclosures have been presented in this manner for informational purposes only and should not be viewed as an indication of each division’s current or future operating results on a standalone basis assuming completion of the Intended Business Separations.