DuPont Is Emerging Stronger From Global Economic Crisis

CFO Fanandakis: DuPont Well-Positioned for Growth After Round of Actions

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Feb 26, 2010, 12:01 ET

NEW YORK, Feb. 26 /PRNewswire-FirstCall/ -- DuPont (NYSE: DD) Senior Vice President and Chief Financial Officer Nicholas C. Fanandakis said the company is emerging stronger from the global economic crisis after taking a number of actions in 2009 to better position it for sustainable growth. Fanandakis made his remarks at the Morgan Stanley Basic Materials Conference.

"Under very difficult conditions, our work in 2009 redefined the company and repositioned it for sustainable growth," said Fanandakis. "We used the downturn to change the course of the company. Our focus is on delivering superior growth for our shareholders through customer-driven and science-based solutions, carefully prioritized investments, industry-leading productivity and strict accountability."

Fanandakis said DuPont took several swift actions in 2009 which resulted in:

realigning the company to support the commitment to customers, sustainable growth and delivering revenue and earnings growth through market-driven science;
maintaining its R&D investment at $1.4 billion during the economic crisis and introduced more than 1,400 new products – up 60 percent over 2008;
delivering $1.1 billion in fixed cost productivity and $1 billion in working capital productivity;
delivering $3.4 billion in free cash flow.

Fanandakis reaffirmed the company's commitment to deliver about 20 percent compound annual earnings growth for the 2009-2012 period. By executing on priorities, DuPont expects to generate about 10 percent top-line compound annual growth for the 2009-2012 period. The company also plans to capture $1 billion in fixed cost productivity and $1 billion in working capital productivity gains during the 2010-2012 timeframe. Additionally, Fanandakis reaffirmed the company's 2010 earnings per share guidance at a range of $2.15-2.45.

DuPont 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 70 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. The company does not undertake to update any forward-looking statements as a result of future developments or new information. 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 DuPont's filings with the Securities and Exchange Commission, particularly its latest annual report on Form 10-K, 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 of countries in which the company does business; competitive pressures; successful integration of structural changes, including acquisitions, divestitures and alliances; research and development of new products, including regulatory approval and market acceptance, and seasonality of sales of agricultural products.

SOURCE DuPont