reports
- Atlantic Equities Research
Materials: Dropping Coverage
Effective immediately we are discontinuing coverage of Air Products (APD), CF Industries (CF), DowDuPont (DWDP), LyondellBasell (LYB), Mosaic (MOS), Nutrien (NTR) and Praxair (PX) following the departure of the sector analyst. Going forward, investors should not rely on our previously published notes, ratings, price targets or estimates for the above companies as they will not be updated following the discontinuation of coverage.
- Seth Goldstein
- CFA
Weather Delays and Reduced Supply Highlight Our 1Q Earnings Takeaways ...
Unfavorable weather weighed on first-quarter results for many of the agriculture companies we cover, as a delayed start to the U.S. planting season reduced sales across every crop input category. While seed sales should bounce back in the second quarter, we expect less total nitrogen and crop chemicals will be used in 2018 as the late start reduces midseason applications. However, stronger potash demand outside of North America should more than offset stagnant or slightly reduced demand in North...
LPGA, Dow Partner to Bring New Team Competition to Michigan’s Great ...
MIDLAND, Mich.--(BUSINESS WIRE)-- The Ladies Professional Golf Association (LPGA) and The Dow Chemical Company (Dow) announced today a new official LPGA Tour event coming to Michigan’s Great Lakes Bay Region next summer. The Dow Great Lakes Bay Invitational, a 72-hole team event, will debut at Midland Country Club from July 17-20, 2019. The partnership between Dow and the LPGA is initially for five years. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180510005803/en/ ...
- Seth Goldstein
- CFA
DowDuPont's completed merger should add value to shareholders.
DowDuPont reported first-quarter EBITDA of $4.9 billion, up 6% year on year on a pro forma basis. Strong growth in many of the materials science and specialty products segments was partially offset by lower profits in the agriculture segment from delayed U.S. farmer planting. Having increased our near-term profit outlook, our fair value estimate rises to $64 per share from $63. Our long-term outlook and narrow moat are intact. In the agriculture segment, EBITDA fell 29% to $891 million from the ...
DowDuPont Reports First Quarter 2018 Results
MIDLAND, Mich. & WILMINGTON, Del.--(BUSINESS WIRE)-- DowDuPont (NYSE: DWDP): First Quarter Financial Highlights GAAP earnings per share from continuing operations was $0.47. Adjusted earnings1 per share increased 7 percent to $1.12, compared with pro forma adjusted earnings per share in the year-ago period of $1.05. Adjusted earnings per share excludes significant items in the quarter totaling net charges of $0.54 per share, as well as an $0.11 per share charge for DuPont amortization of intangible...
Dow Places 50th on the 2018 Top 50 Companies For Diversity List
MIDLAND, Mich.--(BUSINESS WIRE)-- The Dow Chemical Company has earned 50th place on the 2018 Top 50 Companies For Diversity list from DiversityInc. The DiversityInc Top 50 list, issued yearly since 2001, recognizes the nation’s top companies for diversity and inclusion management. This is the first year Dow has earned a spot on the list which was announced at DiversityInc’s marquee event held in New York City on Tuesday, May 1. “It is a true honor for Dow to be recognized for the progress we’ve made in driving an inclusive cu...
DowDuPontâ„¢ Declares Quarterly Dividend of 38 Cents per Share
MIDLAND, Mich. & WILMINGTON, Del.--(BUSINESS WIRE)-- DowDuPont™ (NYSE: DWDP) has declared a dividend of 38 cents per share, payable June 15, 2018, to shareholders of record on May 31, 2018. This marks the third cash dividend issued by DowDuPont. Prior to merger close, Dow and DuPont had paid shareholders cash dividends every quarter since 1912 and 1904, respectively. About DowDuPont DowDuPont (NYSE: DWDP) is a holding company comprised of The Dow Chemical Company and DuPont with the intent to form strong, in...
Dow Joins Catalyst CEO Champions For Change and Pledges to Accelerate ...
MIDLAND, Mich.--(BUSINESS WIRE)-- The Dow Chemical Company has joined the Catalyst CEO Champions For Change – a transformational diversity and inclusion initiative launched by Catalyst, a global thought leader and partner in accelerating the progress of women at work for more than 50 years. “At Dow we’re honored to be a Catalyst CEO Champions of Change Company. As we build and evolve for the future we must reflect the world we compete in today and will compete in tomorrow,” said Jim Fitterling, chief executive officer-elect f...
Dow Earns Four 2018 Edison Awards for Breakthrough Technologies
MIDLAND, Mich.--(BUSINESS WIRE)-- Four breakthrough technologies from The Dow Chemical Company (Dow) were recognized with prestigious Edison Awards on April 11, 2018. Selected from thousands of nominees, the winners were announced at the annual Edison Awards Gala in New York City. EA-4600 LV Hot Melt RTV Translucent silicone technology and Dow Performance Silicones Moldable Optical Silicone each earned silver Edison Awards. Dow’s EVOLV3D™ Universal Support Material received a bronze award. A bronze Edison Award also went to Blue4est® ...
Dow, Keep America Beautiful to Award $100,000 in 2018 Hefty® EnergyBa...
MIDLAND, Mich.--(BUSINESS WIRE)-- The Dow Chemical Company is again teaming up with national nonprofit and longstanding partner Keep America Beautiful to award a total of $100,000 in grants for organizations to establish Hefty® EnergyBag™ programs in their communities. The Hefty® EnergyBag™ program offers an innovative approach to diverting plastics that cannot be recycled, such as chip bags and juice pouches, from landfills and converting the materials into valuable energy resources. The 2018 grant program buil...
- Seth Goldstein
- CFA
Increasing Our FVE for Chemicals Producers on Revised Long-Term Outloo...
We’re increasing our fair value estimates for Celanese, DowDuPont, and Eastman after revising our long-term outlook for each company. Our Celanese fair value increases to $88 per share from $68. Our DowDuPont fair value increases to $63 per share from $54, and our Eastman fair value increases to $91 per share from $77. We’ve increased our margin outlook for the three chemicals producers to reflect a higher ratio between U.S. natural gas prices and Brent oil prices. All three firms benefit fr...
- Seth Goldstein
- CFA
DowDuPont's completed merger should add value to shareholders.
DowDuPont announced that Executive Chairman Andrew Liveris will be stepping down in early April, then retiring from the board of directors in early July. Liveris, who began his career at Dow Chemical in 1976, was Dow’s CEO from 2004 until the merger with DuPont closed. Jeff Fettig will take over as the executive chairman of Dow DuPont. He had served on Dow Chemical’s board since 2003 and became a co-lead independent director of DowDuPont when the merger closed last year. DowDuPont also annou...
DowDuPontâ„¢ Recommends Rejection of TRC Capital’s “Mini-Tenderâ€...
MIDLAND, Mich. & WILMINGTON, Del.--(BUSINESS WIRE)-- DowDuPont™ (NYSE:DWDP) today announced that it has been notified of an unsolicited “mini-tender" offer by TRC Capital Corporation to purchase up to 2 million shares, or approximately 0.09 percent of outstanding shares, of DowDuPont Inc.’s common stock at $60.25 per share, which was approximately 4.46 percent below the closing share price of DowDuPont’s common stock on March 23, 2018 ($63.06), the last trading day prior to the date of TRC Capital’s mini-tender offer, and approximatel...
Dow Announces Judges for 2018 30th Awards for Packaging Innovation
MIDLAND, Mich.--(BUSINESS WIRE)-- The Dow Chemical Company (Dow) today announced the panel of international judges who will select the winners of the 2018 30th Awards for Packaging Innovation. The 15 judges represent a global perspective across the fields of design, engineering, retail, converting and academia, from organizations including Amazon, Bemis, Mintel and P&G. The judges, who form the largest-ever panel for the event, will come from around the globe to gather in Houston in late May and share their expertise a...
Protein Science to Advance Through LenioBio and Dow AgroSciences Licen...
INDIANAPOLIS & DUSSELDORF, Germany--(BUSINESS WIRE)-- Proteins are the building blocks of science and the speed, quality and efficiency of protein production research is being advanced through an agreement between Dow AgroSciences LLC, and life sciences startup LenioBio. Today the companies announce an exclusive license to enable LenioBio to utilize Dow AgroSciences’ proprietary eukaryotic cell-free protein expression technology. LenioBio will market the innovation to biopharmaceutical developers under the brand name ALiCE™. ...
DowDuPont to Participate in J.P. Morgan Aviation, Transportation and I...
MIDLAND, Mich.--(BUSINESS WIRE)-- Howard Ungerleider, Chief Financial Officer, DowDuPont (NYSE: DWDP), will participate in a fireside chat at J.P. Morgan’s 2018 Aviation, Transportation and Industrials Conference on March 15 at 8:00 a.m. ET. DowDuPont invites investors to join the live webcast of the fireside chat through its website. A replay will also be available on the Company’s website within 24 hours following the webcast. About DowDuPont DowDuPont (NYSE: DWDP) is a holding company compri...
Materials Science Company (to be called Dow) Announces Senior Leadersh...
MIDLAND, Mich.--(BUSINESS WIRE)-- The Materials Science Division of DowDuPont (NYSE: DWDP), today announced that the Materials Advisory Committee of the DowDuPont Board of Directors, intends to appoint Jim Fitterling, currently Chief Operating Officer for the Materials Science Division of DowDuPont, and President and Chief Operating Officer of The Dow Chemical Company, to the role of Chief Executive Officer of the intended Materials Science Company to be called Dow, as announced on Feb. 26, 2018, upon intended separation of the...
Andrew N. Liveris to Transition Out of DowDuPont Executive Chairman Ro...
MIDLAND, Mich.--(BUSINESS WIRE)-- DowDuPont (NYSE: DWDP) today announced that Andrew N. Liveris will be transitioning out of the role as Executive Chairman, and then retiring as the Materials Science Division of the company progresses on its succession process. Mr. Liveris has informed the Board that he will no longer serve as Executive Chairman of DowDuPont effective April 1, 2018, and Jeff Fettig, current co-Lead Independent Director for DowDuPont, will serve as a non-employee Executive Chairman of the Board of DowDuPont. Liveris wi...
Dow Achieves 2018 Top Employer Accolades across the Globe
MIDLAND, Mich.--(BUSINESS WIRE)-- The Dow Chemical Company is proud to announce that it has been officially certified by the Top Employers Institute for its exceptional employee offerings. Dow received 2018 certification as a Top Employer in the following locations: Canada, China, Egypt, Germany, Ghana, India, Kenya, Mexico, Netherlands, Nigeria, Russia, Saudi Arabia, South Africa, Sweden, Switzerland, United Arab Emirates, and United States. The company has also been recognized as an overall Top Employer for North America, Eur...
DowDuPont Announces Brand Names for the Three Independent Companies It...
MIDLAND, Mich. & WILMINGTON, Del.--(BUSINESS WIRE)-- DowDuPont™ (NYSE:DWDP) today announced the corporate brand names that each of its divisions plans to assume once they are separated as independent companies as intended. While certain product names will change at separation, many products within each intended company will continue be sold under their current, widely known brand names. Ed Breen, chief executive officer of DowDuPont, said, “Our selection of these company names is a major milestone in the process of creating ...
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