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DWDP

DowDuPont

$39.20

-0.04 (-0.10%)

07:04
04/18/19
04/18
07:04
04/18/19
07:04

DowDuPont provides update on Q1 performance

DowDuPont is providing expected divisional results for the first quarter. The company expects to report total company results in line with the guidance provided on March 28 and is now providing additional detail regarding expected results at the division level: Specialty Products anticipates reporting better than expected results; Materials Science results are expected to be in line with its updated guidance; and Agriculture is expected to report results that are lower than its updated guidance, due to the longer than expected impact of severe weather-related conditions. Agriculture: On March 28, the Agriculture Division reported on the effects of March flooding in the Midwestern U.S., which created transportation disruptions that halted farming operations and severely delayed seed deliveries into the early part of April. Less than 50% of planned seed deliveries in the last 5 days of the quarter occurred, resulting in a greater than anticipated impact on first quarter performance. In this peak delivery period, under normal circumstances and based on history, the division would expect one day of U.S. seed sales to generate about ~$25M-$35M in operating EBITDA. The division expects to record net sales of $3.4B and operating EBITDA of about $665M, down 11% and 25% versus the same quarter last year, respectively. For the first half of 2019, the division anticipates net sales to be down low-single digits percent and operating EBITDA to be 3%-5% below the same period last year. Deliveries are on track with current expectations and the revised first half guidance reflects the possibility of reduced planted acres overall, lower than anticipated corn acres, and continued delays to the start of the planting season due to additional weather events. The division confirms full year guidance of organic sales up low-single digits percent and operating EBITDA of about $2.8B. The division expects to overcome the first half decline through realization of price and volume opportunities on high demand products and new product launches and accelerated cost synergy delivery, resulting in an improvement in second half performance versus prior year. Specialty Products: The division expects to record net sales of $5.4B and operating EBITDA of $1.6B, down 3% and flat, respectively, with the prior year period. The division had previously expected both net sales and operating EBITDA to be down low-single digits percent. Materials Science: The division expects to record results that are in line with its updated guidance - net sales of $10.8B and operating EBITDA of $1.9B, down 10% and 24%, respectively, from the prior year period.

  • 02

    May

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    May

DWDP DowDuPont
$39.20

-0.04 (-0.10%)

04/08/19
RHCO
04/08/19
NO CHANGE
Target $41
RHCO
Hold
DowDuPont price target lowered to $41 from $57 at SunTrust
SunTrust analyst James Sheehan lowered his price target on DowDuPont to $41 to reflect the impact of its Material Science spin into Dow Inc. The analyst also keeps his Hold rating on the shares, stating that while he is positive on the optionality of the company's portfolio and the prospects for improved ROIC, he expects DowDuPont shares to trade rangebound ahead of its Agriculture Division and until there is better visibility of a macro recovery.
04/16/19
RBCM
04/16/19
DOWNGRADE
RBCM
Sector Perform
DowDuPont downgraded to Sector Perform from Outperform at RBC Capital
04/16/19
04/16/19
DOWNGRADE
Target $40

Sector Perform
DowDuPont downgraded to Sector Perform at RBC Capital on Dow spinoff impact
As previously reported, RBC Capital analyst Arun Viswanathan downgraded DowDuPont to Sector Perform from Outperform and lowered his price target to $40 from $61, citing the impact of the company's spinoff of Dow on April 2nd. The analyst believes that DowDuPont's focus on its Specialty division opens it to the economic macro concerns in Europe and China. Viswanathan also points to the continued weakness in the company's Agriculture segment following the March floods in the Midwest as well as the separation costs related to the Dow spin and Corteva spin in June 2019, stating that DowDuPont looks "fairly priced at the current levels" given its two remaining divisions.
04/16/19
04/16/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. HollyFrontier (HFC) downgraded to Sell from Neutral at Goldman Sachs with analyst Neil Mehta saying he now sees a less attractive crude differential environment given a narrower Brent-WTI and WTI-WCS spread forecast in 2019 and 2020. 2. BP (BP) downgraded to Outperform from Top Pick at RBC Capital with analyst Biraj Borkhataria citing valuation. 3. Cisco (CSCO) downgraded to Buy from Conviction Buy at Goldman Sachs with analyst Rod Hall saying Cisco has executed well on rolling out its Catalyst 9000 products that have driven "solid" double digit growth in campus switching revenues. 4. DowDuPont (DWDP) downgraded to Sector Perform from Outperform at RBC Capital with analyst Arun Viswanathan citing the impact of the company's spinoff of Dow on April 2nd. 5. EOG Resources (EOG) and EQT Corporation (EQT) downgraded to Neutral from Buy at MKM Partners. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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TD

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16:30
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Options
Preliminary option volume of 15.7M today »

Preliminary option volume…

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