DuPont CFO Addresses Bank of America Merrill Lynch U.S. Basic Materials Conference Fanandakis Highlights Company's Growth Potential and 2014 Macroeconomic Expectations
WILMINGTON, Del., Dec. 10, 2013 /PRNewswire/ -- Today, Executive Vice President and Chief Financial Officer Nicholas C. Fanandakis addressed the Bank of America Merrill Lynch U.S. Basic Materials Conference, where he reviewed DuPont's strategy for capitalizing on significant growth opportunities. Fanandakis also presented DuPont's expectations for global macroeconomy in 2014.
"DuPont today is a stronger company with distinct competitive advantages that position us to capitalize on the enormous potential of our science, proven research and development engine, broad global reach and deep market penetration," Fanandakis said, noting that last year sales from new products generated a record $10 billion of revenues or nearly one-third of total sales for the company.
"We serve markets where the increasing demand for more and healthier food, renewably sourced materials and fuels, and advanced industrial materials is creating substantial growth opportunities with less cyclicality. To leverage these growth opportunities, we have redeployed capital and resources and have significantly lowered our cost structure and working capital levels."
Fanandakis said the company's strategy has enabled DuPont to outperform its peers and the broader market by delivering superior results and increasing shareholder value. Total shareholder return nearly doubled in the past five years and the company returned nearly 5 percent of capital to its shareholders, he added.
Fanandakis also shared with investors DuPont's expectations for 2014 macroeconomic growth in various regions of the world. He said that DuPont expects improvement in global growth and anticipates GDP to be up 3 percent. Industrial production likewise is expected to be higher than in 2013, increasing nearly 4 percent, as Europe and Japan recover from recessions and growth strengthens in China. Fanandakis also noted that growth in Latin America is expected to be up only slightly next year.
"Most of the improvement we believe will come from the United States and Europe, and global economic improvement will be positive for DuPont in established and emerging markets," Fanandakis said.
DuPont (NYSE: DD) has been bringing world-class science and engineering to the global marketplace in the form of innovative products, materials, and services since 1802. The company believes that by collaborating with customers, governments, NGOs, and thought leaders we can help find solutions to such global challenges as providing enough healthy food for people everywhere, decreasing dependence on fossil fuels, and protecting life and the environment. For additional information about DuPont and its commitment to inclusive innovation, please visit http://www.dupont.com.
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