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March 1 (yourpetrochemicalnews) --
DuPont Senior Vice President and Chief Financial Officer Nicholas C. Fanandakis
said the company is emerging stronger from the global economic crisis after
taking a number of actions in 2009 to better position it for sustainable growth.
Fanandakis made his remarks at the Morgan Stanley Basic Materials
Conference.
"Under very difficult conditions, our work in 2009 redefined the company and
repositioned it for sustainable growth," said Fanandakis. "We used the downturn
to change the course of the company. Our focus is on delivering superior growth
for our shareholders through customer-driven and science-based solutions,
carefully prioritized investments, industry-leading productivity and strict
accountability."
Fanandakis said DuPont took several swift actions in 2009 which resulted
in:
-- realigning the company to support the commitment to
customers, sustainable growth and delivering revenue and earnings growth through
market-driven science;
-- maintaining its R&D investment at
$1.4 billion during the economic crisis and introduced more than 1,400 new
products - up 60 percent over 2008;
-- delivering $1.1 billion
in fixed cost productivity and $1 billion in working capital
productivity;
-- delivering $3.4 billion in free cash flow.
Fanandakis reaffirmed the company's commitment to deliver about 20 percent
compound annual earnings growth for the 2009-2012 period. By executing on
priorities, DuPont expects to generate about 10 percent top-line compound annual
growth for the 2009-2012 period. The company also plans to capture $1 billion in
fixed cost productivity and $1 billion in working capital productivity gains
during the 2010-2012 timeframe. Additionally, Fanandakis reaffirmed the
company's 2010 earnings per share guidance at a range of $2.15-2.45.
DuPont is a science-based products and services company. Founded in 1802,
DuPont puts science to work by creating sustainable solutions essential to a
better, safer, healthier life for people everywhere. Operating in more than 70
countries, DuPont offers a wide range of innovative products and services for
markets including agriculture and food; building and construction;
communications; and transportation.
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