8-KOther Events

EIDP, Inc. 8-K Report (Mar 24, 2003)

Filed March 24, 2003For Securities:CTA-PBCTA-PA

Summary

E. I. du Pont de Nemours and Company (DuPont) filed an 8-K on March 23, 2003, to disclose an earnings news release dated March 20, 2003. The company reaffirmed its outlook for first quarter 2003 earnings per share (EPS), indicating that performance from its Agriculture & Nutrition and Pharmaceuticals segments has been particularly strong. These positive results are offsetting higher costs for energy and raw materials in other business areas. DuPont expects first quarter 2003 EPS, before special items, to be roughly similar to the prior year's $.55 per share, with the First Call consensus estimate at $.52 per share. The company anticipates taking a $.05 per share charge related to a litigation settlement, which will impact reported EPS. Despite potential uncertainties from weather-dependent agricultural sales and current world events, management expressed confidence in meeting or modestly exceeding their original outlook.

Key Highlights

  • 1DuPont reaffirms its outlook for first quarter 2003 earnings per share.
  • 2Strong performance in Agriculture & Nutrition and Pharmaceuticals segments is driving results.
  • 3Higher energy and raw material costs are being offset by segment strength.
  • 4Expected first quarter 2003 EPS (before special items) is similar to the prior year's $.55, with consensus at $.52.
  • 5A $.05 per share charge is anticipated due to a litigation settlement, impacting reported EPS.
  • 6Management is confident in meeting or modestly exceeding the original outlook, despite uncertainties.

Frequently Asked Questions

DuPont is reaffirming its outlook for first quarter 2003 earnings per share (EPS) to be roughly similar to the prior year's $.55 per share (before special items), with the consensus estimate at $.52 per share. The company expects to meet or modestly exceed this outlook.

The company's performance is being positively impacted by better-than-expected results from its Agriculture & Nutrition and Pharmaceuticals segments. These strengths are helping to offset increases in energy and raw material costs affecting other business units.

Yes, DuPont expects to record a charge of approximately $.05 per share in the first quarter of 2003 related to a recent litigation settlement. This charge will reduce the reported EPS for the quarter.

Potential uncertainties include the weather-dependent nature of agricultural sales in the Northern Hemisphere and broader current world events, which add a dimension of unpredictability to the market environment.