E. I. du Pont de Nemours and Company (NYSE:DD) Q4 2014 Earnings Conference Call - Final Transcript

Jan 27, 2015 • 09:00 am ET


E. I. du Pont de Nemours and Company (NYSE:DD) Q4 2014 Earnings Conference Call - Final Transcript


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Welcome to the DuPont Fourth Quarter 2015 Conference Call. My name is John, and I'll be your operator for today's call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session. Please note that this conference is being recorded. I will now turn the call over to Greg Friedman, Vice President of Investor Relations. Greg, you may begin.

Greg Friedman

Thank you, John. Good morning everyone and welcome. Thank you for joining us to cover DuPont's fourth quarter and full year 2014 performance. Joining me are Ellen Kullman, Chair and CEO and Nick Fanandakis, Executive Vice President and CFO. The slides for today's presentation and corresponding segment commentary can be found on our website along with our news release.

(Forward-Looking Cautionary Statements)

For today's agenda, Ellen will speak briefly about our accomplishments over the last year and our growth strategy going forward. Nick will review our fourth quarter and full year 2014 financial performance, as well as our 2015 outlook. I will provide business segment insides and Ellen will speak again with concluding remarks followed by your question.

As you know, Trian Fund Management DuPont stock and proposed a plan to break up the company, a spin upon spin. Our Board of Directors and Management are unanimous in their belief that the plan we are pursuing, we'll continue to deliver superior value for all DuPont shareholders. But January 8, Trian announced that it has nominated for individuals for elections of the company's Board of Directors at our 2015 annual meeting of shareholders.

As we said at the time with that announcement, the Corporate Governance Committee of the DuPont or will review Trian's Canada at present as recommended it's late of director nominees, and the company's definitive proxy statement. In the meantime, we remain focused on continuing to execute our transformative strategic plan, which has already delivered and continues to those drive superior value for shareholders.

We looks forward to ongoing discussion and engagement with our shareholders and as always appreciate their views and perspectives. Please note that the subject of today's call as the company's fourth quarter earnings. We will now be taking questions on the topic of Trian's plan or slate. With that introduction, I direct you to slide number two, and it's now my pleasure to turn the call over to Ellen.

Ellen Kullman

Thank you, Greg, and good morning everyone. DuPont made important progress on our strategic plan in 2014. And we're looking ahead with excitement to a year of continued transformation that will enhance our prospects for the future. Our fourth quarter results reflect our continued focus on execution with volume and margin improvements in almost every segment and operating EPS, increasing 20% year-over-year despite market and macro challenges.

We achieved several significant milestones in 2014. This includes the ongoing refinement of our portfolio with tenants strategic portfolio actions during the year. And our Form-10 filing in December reflecting steady progress towards the mid-year spin-off utmost. We initiated our redefined program last July and