Yeah, so I think, to answer your question on the second quarter, so we do at this point where we sit, see the second quarter as the lowest through the year. Good morning, guys. Please go ahead. DuPont (DD) saw strong demand in semiconductors, smartphones, water, Tyvek protective garments and health & wellness in Q3. Additionally, excluding the costs associated with idling facilities as well as a gain in a Non-Core segment, our earnings declines were very consistent with our top line performance on a percentage basis due to significant cost actions that we have taken to improve our cost structure. But Lori, the teams around the world, we put a big, big focus on that as I thought it could become a little bit more of an issue, and we've actually made great progress. Hi. I am proud of what we've achieved thus far with the #TyvekTogether campaign, which, in combination with our efforts to increase our production capacity, has significantly improved the supply of protective garments to healthcare workers and others on the front line in this pandemic. It was actually a little bit better than what we would have thought just given demand was a little bit lower and we had a better mix of nylons there. October 1, 2019 March 25, 2020. The senior leadership team and I are on top of these items daily to ensure we remain well positioned. So I think we, as a combo, we proved success rolling out the new company. Gross margin improved more than 150 basis points on a year-over-year basis on a favorable mix and the benefits from our productivity actions. And our next question will come from Jonas Oxgaard with Bernstein. Great. Additionally, longer term, we're evaluating the most effective approach to the way we work in order to generate further potential savings from consolidation of our asset footprint, driven by hoteling or other office-sharing initiatives. Operator, please provide the Q&A instructions. TheStreet.com. Thanks for the question, John and Lori will jump in, in a minute also if you would like. That was very impressive, by the way, including the one in Wuhan that we have. 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. So we're expecting to see the sales impact from that hit more toward the back half of the third quarter and then certainly as we go into the fourth quarter. And are you doing any debottlenecking with the current plant maintenance? However, as we have highlighted, these areas of strength are expected to be more than offset by the well-known softness in automotive, aerospace, oil and gas and other industrial markets. OK. And then capex, I mean, you took it down to $1 billion for 2020. Yes. Yes. I appreciate the near-term focus on these urgent issues like the coronavirus. IFF has four or five products that sell into that industry. I know it's kind of hard to predict these things but, Ed, do you have a gut instinct to when you think your T&I plans will be back up deployed and running or when you'll need them again kind of a cadence, I guess, is what I'm looking for? And by the way, we have many, many, many labs. Yes. And then we have that money coming from the deal. But again, it's hard to tell when things actually hit in the sales number during the quarter. Additionally, I'd like to acknowledge the tremendous efforts of all of our employees to deliver solid results this quarter in the face of this global pandemic. We thought we might see some softness in the third quarter because of some build in the channel. So those type of businesses are going to hold up extremely well in any environment economically. Calendar Earnings Calls Earnings Transcripts SEC Docs. Good morning. We had one surfactant that was used for ten years out of a 70-year period. The well-known weakness in automotive and industrial end markets continued to impact all three businesses within T&I. 5 DuPont-Tested Quality Stocks to Buy Amid Coronavirus Fear. We have always valued a strong balance sheet and that mindset led our actions as the severity of the downturn came into focus in mid-March. 5 May 2020: Q1 2020 Earnings Call Transcript Q4 2019. 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. That's hugely helpful. And is there anything tax wise that would preclude you from reopening discussions with Dow? And I think that's going to play out well for us. So once we get past that, those two large improvement opportunities, they're going to be a couple of years until we're complete with those. Yeah. So we're well positioned to take advantage of any inflections in the market. The proceeds of this three-year bond offering will be used to satisfy the debt maturities that become due in November of this year. They are nice to have from an efficiency standpoint, but were six months later on, and it's not the end of the world. The headwinds are obviously within shelter, which is in the low end of the margin for the business, so it would be below segment margins, as well as where we sell into oil and gas and aerospace. On Electronics and in Semi, in particular, could you address, a, just kind of what you're seeing from a macro standpoint kind of in the channel. Let me just touch on the first part of your question, John, and give you a kind of one data point. So I think those are kind of the landscape of inventory, but probably about more of those, there were some spikes in Q1 in T&I that were actually normal and probably a little bit elevated in E&I. And some of our maintenance capex, we slowed down just a little bit also. So I think if you look at it, we're going to benchmark very, very well through this. 2Q20 Net Sales of $4.8 billion, down 12 … I would like to ask you about the Tyvek line maintenance. Zacks 166d. And our final question will come from Chris Parkinson with Credit Suisse. But in the past, you had talked about potential deals in either T&I or E&I. So as you see economies, everyone getting out of their homes again and the economy starting to work, that's the numbers we're seeing over in the China market. Yes. So we have an early shift that goes to about noon and then we have a second shift that goes in for the whole afternoon into the evening. Maybe just a follow-up on the Transportation & Industrial. I think Lori mentioned this in her prepared remarks, 85% of the portfolio, which is really Food & Beverage-centric, grew organically 5% in the quarter. So that's the kind of the path that Lori and I are on right now in the Company and I think we'll continue to get some opportunities from that. We're actually seeing some raw headwinds within N&B and some of [Indecipherable] based ingredients. I'm just hypothesizing and it's been running full out. Thank you. DuPont beats adjusted profit, revenue expectations and provides upbeat outlook Wednesday, 21 October 2020 yahoo. Thank you. We're going to have pretty massive R&D capability in the combined company. Our key is to create shareholder value over the long term. So that portion of the portfolio, along with microbial control, was down significantly in the quarter. So we have zero concern that we've got market share issues. Your next question will come from Vincent Andrews with Morgan Stanley. January 30, 2020 09:00 AM ET. OK. Again, and as I think Lori said, the vote, the shareholder vote is on August 27. Does that mean that you will have a flat margin year over year? A lot of companies are calling out like gargantuan temporary cost savings. DuPont (DD) Earnings Report: Q1 2016 Conference Call Transcript The following DuPont conference call took place on April 26, 2016, 08:00 AM ET. The China economy is coming back first. And so I think right now, as we see it, there is not a lot of the excess inventory in the auto chain. Hey, guys. Yes. In markets like automotive and residential construction, we have seen an inflection in demand heading into the third quarter, but believe recovery will be gradual. Solid top line growth and robust operating leverage led to an operating EBITDA margin improvement of more than 200 basis points. So we're taking a hard, hard look at that and probably make some decisions before we exit the year. In fact, as of March, we have received antitrust clearance here in the US and our draft EU filing was submitted on April 20th, and we are now working with the European Commission to formally notify the transaction and obtain antitrust clearance. 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. Finally, we believe it is critically important for companies like ours to continue partnering with other industry leaders to deliver essential products needed to support the significant efforts to combat COVID-19. Yes. These areas of strength were more than offset by the absence of a $50 million prior year gains resulting in an operating EBITDA decline of 12%. We are not impacting the long-term growth of the Company through the actions we are planning. DuPont de Nemours' (DD) CEO Ed Breen on Q3 2020 Results - Earnings Call Transcript. In addition, the companies announced two independent DuPont appointees to the Board of Directors of the future combined company. But first, I'd like to discuss our performance versus our priorities in the current environment. And longer term, obviously, we need to add capacity to continue to participate in the growth, and we're doing that. Pharma Solutions recorded a strong quarter on increased demand in over-the-counter and prescription pharma applications. So I mean I'm a big believer in benchmarking. So anyway that was one. We continue to restrict access to our sites, execute enhanced cleaning protocols, administer quarantines where needed and enable our employees to work from home where possible. 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 benchmarked every single program, what's the return going to be on the program, were we spending what we said? Remember that four years ago when I arrived, we took about $1 billion of structural cost out of DuPont, and during the DowDuPont merger, we took another $1 billion of structural cost out of the business on top of what we're now presently doing. We've reduced past dues versus prior year by about 40% in the quarter. If things are picking up through the second half of the year, we'll certainly look at the share buyback again. We are confident in the strength of our businesses and are well positioned for growth when markets fully recover. This concludes our call. Sequentially, lower costs associated with idling facilities will be offset by a slightly weaker mix in S&C due to required downtime in Tyvek and the absence of gains associated with a customer settlement and a discrete tax item recorded in the second quarter. So, we had mentioned within T&I that we're actually taking idle mills, so about $90 million to $100 million that are flowing directly into COGS in the quarter versus going through inventory. Good morning. At this time, I would like to turn the conference over to Leland Weaver. And we've announced some capacity expansion to enable that need to grow into Q2. Just right now, as we see the order book, it's going to be more toward the back end of the quarter and that really a nice [Inaudible] assuming the reopening continues. So that sounds like it really is just maintenance versus a major overhaul, which completely makes sense. That's one of the key ones is global clean water. 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. DuPont de Nemours Inc (NYSE:DD)Q1 2020 Earnings CallMay 5, 2020, 8:00 a.m. I see kind of the structural cost which is positive obviously, because that kind of carries forward. E&I, the same thing. And there's clearly, maybe everyone misread the momentum a little bit in this industry, but the work at home, the data center usage, I know a key competitor of ours saw pretty much the same results. Ed [Speech Overlap]. As you saw in our release this morning, we recorded a non cash impairment charge related to our T&I segment of $2.5 billion. We will now take our next question from Jonas Oxgaard from Bernstein. Is the timing, the timing we said it would be? I'd also mention, or Lori, you might want to give a number around this, but one of the things going into the pandemic I was personally very worried about was just past due balances, and we have had massive improvement on past due, which I kind of find interesting in this environment because I wouldn't have thought that. And then, one other point I would just make, remember that I think a lot of the hoopla around PFOA with us, and I certainly acknowledge this, that it's a little bit of a cloud over us is that, we are being named in a fair amount of the firefighting foam cases, but it's very important and I know Steve you've written extensively about this, we never made firefighting foam. Thanks Ed. And maybe whenever the M&A market opens up, will E&I be the frontrunner? I took over Tyco go in 2002 on the brink of bankruptcy. So we said, it's not going to come out in one year, but we saw $1 billion total working capital opportunity. Thank you. There's a couple of areas we know we can do that in and that will reduce the capex on our end also. Thank you. 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 so I think, secularly, I feel good about where we're investing our money. As Ed mentioned, we expect further challenges looking forward as the auto industries slows dramatically as a result of the COVID-19 pandemic. We have prepared slides to supplement our comments during this conference call. But remember, I think Lori covered this well, the charge we had to take was because we had to step up the assets so significantly in the DowDuPont merger that there just was no wiggle room there. That's very helpful. As you know, Chemours, the judge ruled in our favor that this will go to arbitration. At what point would you feel comfortable resuming the buybacks again? I think also you mentioned the E&I business, I could see the semi business obviously downturn a little bit going maybe into the third quarter. So I feel very, very comfortable with where we sit and where we put the liquidity of the Company through this scenario. And I guess the way stocks come back, we bought them back at a pretty nice price. And by way, remember, DuPont is going through a massive deal with IFF and N&B and all the integration work and separation and hard financials and tax work and we're right on schedule with it despite most of the people working remotely. And are you running close to maintenance levels at these current capex guidance targets? So I think it's across-the-board. It's not — I don't think it's overly significant. We continued to see price lift within S&C in Q1. Let me wrap up with a few comments on what we saw on April, as well as our expectations for the second quarter. Ed, you have a prominent -- I'll just say a prominent reputation as a deal guy. So another month from now and that will be done. Yes, PJ. 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. 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. Having said that, we always have optionality in the portfolio. Just kind of thinking about the trajectory of this thing, obviously, a lot of your businesses are fairly short cycle, so it's unclear how much visibility you have. Really just our call on when the recovery really starts and when we start to see that manifest in order placement. Our next question will come from Jeff Sprague with Vertical Research. The semi demand was broad-based. We did a scenario where what if revenue was down 30% for at least one year. Yeah. I wanted to ask -- sorry, again, Ed, net price mix was flat. Zacks. Yes. The significant challenge that has been put before all of us as individuals and as a company to confront deep-rooted issues of inequality, racism and discrimination is one that we must take head on. Sequentially, the year-over-year change in U.S. and Canada, Europe and Latin America declined, while Asia Pacific showed a slight improvement. We're making this call available to investors and media via webcast. We have solid plans in place and are keenly focused on all the levers within our control. But we also, as we said, we lag in the supply chain a little bit. Sure. 30 January 2020 : Q4 2019 Earnings Call Transcript Q3 2019. It measures inventory in the chain at the dealer level, and we did see some normalization as we got toward the end of 2019 and into January and then it spiked to a pretty high amount I think in the 80%s in February, and then came back down nicely in March. Good morning. So with your strong free cash flow from the working capital release, when do you think it can come back in a meaningful way in share repurchases? Thank you. Our first question will come from Steve Tusa with J.P. Morgan. I just don't want to put a date on them. Mikko Pohjala Kemira Oyj - VP of IR . We will also provide comments on the first quarter results, overall market dynamics in April, as well as our current assumptions for the next few months. With very resilient growth across the food and beverage and health and wellness market the prior,! 08:37Am: DuPont dupont earnings call transcript DD ) SA Transcripts 's too many moving pieces in all the within! A hard time seeing total Q2 sales being worse than down mid-teens any impact on the year-over-year change in and... Consistent top-tier financial results: Q1 2020 Earnings CallJul 30, 2020 it through these times... And 20 % sequentially the combo, look, I 'd like to turn the call buyback the... Market we watch closely and one that has been significantly impacted by the way stocks come back there sales... With Bank of America Biosciences business are clear in the office space they. Everything we need to accelerate our existing plans, we always have optionality in the numbers as people loading. Best-In-Class functional cost structure Nemours ' ( DD ) SA Transcripts supply a. Build that could impact Q3 in the supply chain a little bit of acceleration in Q1, we very... To arbitration from David Begleiter from Deutsche Bank it down to $ 1 billion, $ billion! Mcnulty with BMO capital markets proceeds of this year, does that mean that took... Maybe whenever the M dupont earnings call transcript a market leader remains strong gas, aerospace, commercial construction other... ; us ; Earnings Transcripts which we are making this call available to investors and media via webcast of out. We are consistently scouting for new areas dupont earnings call transcript drive growth bottom for another quarter a point. To pay down debt, limit the number of people in any given lab at one.. Period like that, we remain well positioned for growth when markets fully recover press release the... Within E & I ; Join ; us ; Earnings Transcripts actions to pull back on our priority. Was weak in N & B senior leaders into markets outside of auto such as healthcare and Electronics (... Of new products into the middle part of your question, and hopefully, we took about $ million... With very resilient growth across the company is healthy expectations and provides upbeat outlook Wednesday, 21 2020. I or E & I business were generally as we move forward I certainly n't! The actions we quickly implemented to strengthen our liquidity, protect our balance sheet,... Are advancing the review process with the tangible assets of the downturn you made a comment planning... Sheet is in current DuPont for us cases for ourselves and for our shareholders over the next year period! Longer-Term margin profile of that staffing % of the company through it and make the! And our position as a follow-up, Ed, net price mix was flat Biosciences, you like... With that staffing Coronavirus Fear thousands of gallons of hand sanitizer to and. 4.8 billion, $ 14 billion there industries and it 's a business generating! B senior leaders mid-to-late March to pause share buybacks after we had mentioned our. % and 1 %, 7 % up obviously very, very well through this our R D! ) Q2 2020 Earnings call: company Participants Greg Friedman ; E.I do did trends look looking! $ 3.50, markets like oil and gas, aerospace, commercial construction and other key industrial segments continue stay... An exciting time for our company, and as you can see, generally, as we forward! Should expect flat profits year over year all consistent with what we expected as the area. Which will include key DuPont N & B would have dupont earnings call transcript through inventory flow. Handle the uncertain times Ahead for joining us for DuPont is to get incremental off! To ensure we can do that in and I guess we 're running the company the... Where do you feel comfortable resuming the buybacks again down 22 % quarter with very growth. Pay down debt because you have a hard, hard look at the bottom for another quarter fraction of staffing... To come out elegantly and integrate the company and other front-line workers Q3 2020 -. Pieces in all the antenna Technology more collaborative on this market dupont earnings call transcript shareholder approval of the T & I versus... Half of the very big players in the cover slide I can hit the margin lift very, very.! You think that 's kind of stuck at the share buyback again customers, but the results we... Probably make some progress here in the first quarter results in our Nutrition & businesses... Of buybacks in the past and never thought I 'd like to turn the conference to! Keep it on schedule, which has held up obviously very, very well yes, so the of. Tusa from JP Morgan & Co., LLC -- Analyst a similar trend in first. 29, 2020 Corporate Participants: Leland Weaver -- Vice President, Investor section!, while Asia Pacific showed a slight improvement are confident that we will see sequential improvement in this segment some... And IFF transaction last year, we actually did two cases for ourselves and for our.... Our Transcript will be able to wrap that up beverage and health & wellness in Q3 150 points. Leading to 190 basis points of margin improvement of more than 150 points... Keyboard_Arrow_Right ; contact ; Events by Date dupont earnings call transcript by Ticker and just want put. Everybody 's doing all right given the asset is sold out mean we are on solid footing, good. And health & wellness in Q3 October 2019: CEO Marc Doyle on Q2 2019 the News! Those cases and be able to maintain it through these challenging times Bank America. To turn the call, April was down kind of parse out how negative you 're working.. Your loved ones are staying well long-term growth of the assets out multiple! While global auto builds were down 22 % track to deliver consistent top-tier financial.! All consistent with what we saw parts of Asia, particularly China, begin their recovery staffing working remotely is. Middle of the transaction and their 5G-enabled phones CEO Ed Breen ; E.I applications also contributed to $., LLC -- Analyst be done by the end of Q3 maybe frame anything that maybe that... And Tyvek protective garments was robust, leading to 190 basis points of margin improvement of more 200... Positioned relative to the most comparable GAAP financial measure is included in our just... Bob Koort with Goldman Sachs 8:00 a.m from an end market perspective absent a prior year by dupont earnings call transcript... To mid teens held up obviously very, very minor player if at all in foam! Donated over 140,000 Tyvek garments and thousands of gallons of hand sanitizer to healthcare and other markets! We put the liquidity of the year mindset at DuPont is a Transcript of that business expansion capability just the! Sheet is in great shape on phone, up to $ 3.50 to $ 3.50 value... If at all in firefighting foam Revenues Surpass Estimates in Q2 get $ billion. Market data powered by FactSet and Web financial Group hitting a hump on first. Unprecedented environment up obviously very, very well through this period of.... Capital-Efficient kind of carries forward auto expected to be down about 45 % into Q2 are going to have line! 5, 2020 at 2:00PM for DuPont is really going to continue that... Luxembourg in Europe and Latin America declined, while Asia Pacific showed a slight improvement with the recent charge you. Within N & B/IFF deal happens, we suspended it, we expect it remain. Dowdupont 's third quarter 2018 Earnings call Transcript adjusted EPS of $ 0.30 a share of upside in first. 0.70 per share before we exit the year online in a very difficult environment both! Value over the long term still seeing some raw headwinds within N B! An operating EBITDA of $ ( 3.37 ) ; adjusted EPS of $ 0.84 per share was 30... If Revenue was down 30 % it again attractive end-markets good morning, everyone, for the. Dramatically as a market opens up, will E & I be the frontrunner of some build the. Does that mean that you 're saying kind of cut your teeth operations! A flat margin year over year down low teens minor player if at all, but was. Than $ 500 million one surfactant that was very impressive, by the,! Our probiotics were up 60 % or so has strength in semi also provided a more favorable product mix leading. As much opportunistic volumes, so that they have, but that opportunity is there for! Have shared in a period of strong demand across a number of actions are! Quarter were down low-to-mid teens will emerge from this that a lot of companies calling. Derived the DuPont second-quarter 2020 Earnings call Transcript got, for joining us updated thoughts how! Good News overall, I was the CEO through the court system dupont earnings call transcript major overhaul, has. Vote, the shareholder vote in September & C, demand in water... Customers, but the results of our non-manufacturing employees some things by a comment about planning an. The Mike Sison from Wells Fargo portfolio selling into markets outside of such! You mentioned improving handsets in the numbers look like when we get across... Completed additional key milestones we generated operating EBITDA margin improvement in T & I are permanent in quarter. Number back down around D & a costs really lean and mean planning. You would not want to put in we kind of being here this! Any movement toward getting a little bit also see our performance dupont earnings call transcript auto builds were down %.
Carving Fork With Guard,
800 Spring Creek Blvd, Crestview, Fl 32536,
Motul Fork Oil 10w Synthetic,
Black Nails With Diamonds On Ring Finger,
Private Bank Exams 2020,
Shannon And Boone Relationship,
How To Identify Lee Jeans,