Reaffirms 2011 EPS Outlook
NEW YORK, June. 7, 2011 - DuPont Chair and CEO Ellen Kullman told investors at the JPMorgan Diversified Industries Conference to expect attractive long-term growth from DuPont through product and process innovation, selective investment in attractive areas, broad-based growth, especially in developing markets, and a relentless focus on productivity. Kullman also reaffirmed DuPont’s 2011 earnings per share (EPS) outlook in the range of $3.65 to $3.85 per share, excluding the impact of Danisco. As previously announced, the Danisco acquisition could reduce 2011 earnings by $.30-$.45 per share on a reported basis.
“We believe DuPont is uniquely positioned to tackle big global challenges that offer the opportunity for significant top-line growth and value creation,” said Kullman. “The recent acquisition of Danisco is a perfect fit with our growth strategy around feeding a growing population, decreasing dependence on fossil fuels and protecting people and the environment.
“We will leverage Danisco’s world-leading capabilities in enzymes and fermentation, with DuPont’s strengths in biomass processing and microbial engineering. This combination results in a powerful, integrated set of tools to create the next generation of cost-effective biofuels and biobased materials,” said Kullman. “Simply put, our vision is to start with renewable raw materials and create differentiated products with excellent environmental profiles and superior economics for our customers.”
Kullman indicated that DuPont continues to focus on market-driven science to meet market needs. In 2010, 31 percent of the company’s sales came from products that were introduced within the past 4 years, “We have made innovation and productivity a part of our DNA at DuPont,” Kullman said. “We are currently in the midst of a $1 billion initiative both in fixed cost productivity and working capital productivity. We are well on our way to delivering our 2011 targets of $300 million for each.
“Our businesses are delivering strong results, building on the momentum from 2010 and first quarter 2011,” said Kullman. “We expect our resource investments, coupled with innovative product offerings and market demands aligned with the megatrends, will enrich the company’s mix of high-growth, high-value offerings. Based on current expectations for long-term sales growth, the high-growth business segments will shift from 48 percent of the portfolio in 2010 to 57 percent by 2015.”
DuPont (www.dupont.com) 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 90 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 documents filed with the Securities and Exchange Commission by DuPont, particularly its latest annual report on Form 10-K and quarterly report on Form 10-Q, 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, including inflation, interest and foreign currency exchange rates, of countries in which the company does business; competitive pressures; successful integration of structural changes, including restructuring plans, acquisitions, divestitures and alliances; cost of raw materials, research and development of new products, including regulatory approval and market acceptance; seasonality of sales of agricultural products; and severe weather events that cause business interruptions, including plant and power outages, or disruptions in supplier and customer operations. The company undertakes no duty to update any forward-looking statements as a result of future developments or new information.
# # #