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GAAP Diluted EPS of $0.32; Pro Forma Adjusted EPS Increases 10% to $0.55
GAAP Net Income of $514MM; Pro Forma Operating EBITDA Grows 7% to $3.2B
GAAP Net Sales of $15.4B; Pro Forma Net Sales Increase 8% to $18.3B, with Gains in Most Segments and Geographies
GAAP Volume Up 5%, Local Price Up 4%; Pro Forma Volume Up 4%, Local Price Up 3%
DowDuPont reported GAAP diluted earnings1 per share of $0.32. Pro forma adjusted earnings2 per share of $0.55 increased 10 percent compared to the year-ago period. Pro forma adjusted earnings per share excludes significant items in the quarter, which totaled charges of $0.37 per share, as well as $0.08 per share for DuPont amortization of intangible assets.
GAAP net sales increased 23 percent. Pro forma net sales increased to $18.3 billion, up 8 percent versus the year-ago period, led by gains in the Materials Science segments Industrial Intermediates & Infrastructure (16 percent), Packaging & Specialty Plastics and Performance Materials & Coatings (8 percent each), and the Specialty Products segments Transportation & Advanced Polymers (9 percent) and Safety & Construction (6 percent). Sales rose double-digits in Europe, Middle East and Africa (EMEA) (16 percent) and in Asia Pacific (10 percent). Sales in North America grew 4 percent, while sales in Latin America declined driven by weakness in Agriculture due to expected lower corn area and a delayed start to the summer season in Brazil.
Pro forma volume grew 4 percent, reflecting consumer-led demand in packaging, electronics, transportation, oil and gas, building and construction, and consumer care end-markets. Volume grew in almost all operating segments, led by Electronics & Imaging (13 percent), as well as Packaging & Specialty Plastics and Safety & Construction (6 percent each). Regional volume gains were led by Asia Pacific (10 percent) and EMEA (5 percent).
Pro forma local price rose 3 percent, led by Industrial Intermediates & Infrastructure (12 percent), Performance Materials & Coatings (6 percent), and Transportation & Advanced Polymers (3 percent). Pro forma local price increased in all geographies except Latin America.
Pro forma operating EBITDA3 increased 7 percent to $3.2 billion, driven by volume and price gains; higher equity earnings; and lower pension/OPEB costs4 due to purchase accounting. These gains more than offset higher feedstock costs, weak conditions in agriculture markets, the unfavorable impact of hurricanes, and startup costs related to new assets on the U.S. Gulf Coast.
In millions, except per share amounts
Three Months Ended September 30
Nine Months Ended September 30
GAAP Net Sales
GAAP Net Income5
GAAP Diluted EPS
Pro Forma Net Sales
Pro Forma Net Income5
Pro Forma Operating EBITDA
Pro Forma Adjusted EPS
GAAP diluted earnings per share reflects three months of Dow earnings and one month of DuPont earnings. This compares with GAAP earnings per share of $0.63 year-over-year.
Pro forma information before adjustments for significant items and DuPont intangible asset amortization was determined in accordance with Article 11 of Regulation S-X and is discussed to increase comparability to the prior year pre-merger operating results by adjusting for the merger of Dow and DuPont. Pro forma information is reconciled to the most comparable GAAP results in the attached tables. 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. See the financial information at the end of the release for a description of the significant items, as well as a reconciliation of ‘Pro forma earnings per common share from continuing operations - diluted” to “Pro forma adjusted earnings per common share from continuing operations - diluted.”
Pro forma operating EBITDA is defined as 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. A reconciliation of "Pro Forma income from continuing operations, net of tax” to “Pro Forma Operating EBITDA” is provided in the financial schedules at the end of the release.
Pension/OPEB (other post employment benefit plans) costs include all components of net periodic benefit cost from continuing operations.
Net income available for DowDuPont Inc. common stockholders.
The following information was filed by Dowdupont Inc. (DWDP) on Thursday, November 2, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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