$DD sees 1Q17 operating earnings to increase about 8% YoverY, driven by benefits from cost savings and the impact of the change in timing for seed deliveries, primarily related to the southern U.S. route-to-market change in Agriculture. These benefits are anticipated to be partially offset by the expected reduction in planted corn acres in the U.S.
$DD expects the merger with $DOW to close in 1H17. For 1Q17, $DD expects GAAP earnings to decrease about 18% from last year. The company's GAAP earnings include an expected charge of about $0.15 per share for transaction costs associated with the planned merger with $DOW.
$DD's sales for 4Q16 declined 2% YoverY, as a 1% benefit from currency was offset by a 2% decrease in local price and 1% decline in volume. Volume declined as growth in Performance Materials, Electronics & Communications and Industrial Biosciences was more than offset by declines in Agriculture, on timing of 4Q seed sales.
$DD swung to a 4Q16 profit from a loss last year, driven by lower expenses despite a decline in sales. Net income was $263MM or $0.30 per share compared to a loss of $256MM or $0.29 per share last year. Net sales fell to $5.21Bil from $5.3Bil. Non-GAAP EPS increased to $0.51 from $0.27.
$PNFP announced a proposed underwritten public offering of common shares to raise aggregate gross proceeds of $175MM. $PNFP plans to use proceeds to pay related fees and expenses; provide capital support for the growth of Pinnacle Bank, including in connection with its proposed acquisition of BNC Bancorp; and for other general corporate purposes.