Dupont Outlook for 2009
The company expects that global macroeconomic conditions for first quarter 2009 will be similar to fourth quarter 2008, with very weak demand in most of the company’s key markets, excluding agriculture. Earnings growth for the Agriculture & Nutrition segment is expected to be more than offset by lower earnings in the other segments. DuPont expects first quarter 2009 earnings to be in the range of USD .50 to USD .70 per share.
For 2009, the company’s earnings outlook is a range of USD 2.00 to USD 2.50 per share, anticipating that the current global recession will continue in 2009. While favorable conditions in global agriculture markets are expected in 2009, lower demand for non-agriculture products and the impact of currency is expected to limit the company’s revenue growth. The company expects to continue an appropriate level of spending for high-growth, high-margin businesses, including seed products and photovoltaics.
“We are acutely focused on executing with a sense of urgency across the company,” Ellen said. “To enhance our strong financial position, we implemented additional cash-generating actions during the fourth quarter, including reduced spending and restructuring to better align capital expenditures and costs with lower global demand. For 2009, we will deliver about USD 730 million in fixed cost reductions and about USD 1 billion in reduced working capital, and we will capitalize on opportunities that emerge in the current environment.”
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