DuPont de Nemours Inc (NYSE:DD) Q2 2015 Earnings Conference Call - Final Transcript

Jul 28, 2015 • 09:00 am ET


DuPont de Nemours Inc (NYSE:DD) Q2 2015 Earnings Conference Call - Final Transcript


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Welcome to the DuPont Second Quarter 2015 Conference Call. My name is John. I will be your operator for today's call. [Operator Instructions].

And I would 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 second quarter 2015 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.

During the course of this conference call, we will make forward-looking statements. I direct you to Slide 1 for our disclaimers. All statements that address expectations or projections about the future are forward-looking statements. Although they reflect our current expectations, these statements are not guarantees of future performance, but involve a number of risks and assumptions. We urge you to review DuPont's SEC filings for a discussion of some of the factors that could cause actual results to differ materially. We will also refer to non-GAAP measures and request that you review the reconciliation to GAAP statements provided with our earnings news release and today's slides posted on our website.

For today's agenda, Ellen will provide opening remarks and speak briefly about our results for the quarter. Nick will review our second quarter financial performance as well as our outlook for 2015. I will provide business segment insights and Ellen will provide concluding remarks followed by your questions.

With that introduction, it's now my pleasure to turn the call over to Ellen.

Ellen Kullman

Thank you, Greg and good morning everyone. This is our first earnings call since we completed the separation of our Performance Chemicals segment on July 1. That business is now officially a separate entity known as The Chemours Company and we have caused a key threshold to become the next-generation DuPont.

Separating Chemours has been an essential and perhaps the most difficult step in our ongoing transformation to a higher growth, higher value company with a more stable and consistent earnings profile. This profile was evident already in the results delivered by the ongoing post-spin businesses over the past six years. As you know, this quarter also saw continued impact of challenging industry-wide conditions in agricultural markets and ongoing currency headwinds.

As we look ahead, our priorities are clear. First, we will continue to drive productivity and reduce cost as we enhance efficiency and simplification. Second, by pairing our streamlined business structure with our innovation, science and applications expertise, I am confident we can accelerate sales and margin growth and extend or build leadership positions in attractive markets that benefit from long-term macro trends. And third, we will maintain our disciplined approach to capital allocation to deliver value to shareholders. Our successful execution of these priorities will make us even stronger, better able to withstand the kind of macro and industry challenges we currently face.

Nick will now walk us