NEW YORK, Dec. 14, 2010 /PRNewswire-FirstCall/ -- DuPont (NYSE: DD) Chair and CEO Ellen Kullman told investors at the Bank of America Merrill Lynch Global Industries Conference that DuPont's market-driven science and disciplined execution will help grow revenues to $33-34 billion in 2011 from about $31 billion this year. The company also has set its 2011 earnings per share (EPS) outlook at a range of $3.30 to $3.60 per share.
From 2010 through 2015, DuPont expects to generate underlying EPS growth of about 12 percent compounded annually, excluding significant items, and annual top-line growth of about 7 percent.
"We effectively repositioned the company in 2009 and emerged stronger in 2010. We met or beat all our 2010 financial targets and expect to deliver 50 percent growth in underlying EPS for the year," Kullman said. "We're proud to pull forward our original 2012 EPS outlook range one year ahead of plan."
Kullman said science-powered innovation is critical to DuPont's success, and one R&D metric the company monitors is sales from new products. This year, DuPont is on track for 30 percent of sales, or about $9 billion, from products that were introduced within the past 4 years. Productivity also is core to DuPont's success, and the company is ahead of plan to deliver $400 million each in fixed cost and working capital productivity this year.
"We are committed to innovation, differential allocation of resources, and continued productivity to drive sustained growth and to help us meet the challenges - or megatrends - associated with dramatic population growth," said Kullman. "DuPont is uniquely positioned to work with customers, business partners, governments and public-private partnerships to help increase food production, reduce dependence on fossil fuels and protect people and the environment. And in doing so, we see opportunities for significant top-line growth and value creation."
Kullman highlighted for investors an array of new offerings that demonstrate both the power of DuPont innovation and the company's strong focus on helping customers address the megatrends. These products include Pioneer's Optimum® AcreMax™ 1 insect protection, the first-ever refuge-in-a-bag solution; Rynaxypyr®, the low-dose insecticide; Imprelis™ turf herbicide for land use management; next-generation photovoltaics products under the Solamet® and Tedlar® brands; Zytel® PLUS performance polymer with exceptional performance under extended exposure to heat and chemicals; Isceon®, a low global warming potential refrigerant; and Kevlar® AP and Kevlar® XP™, providing additional strength at lower weight. Kullman indicated that the company's Cooper River Kevlar® plant expansion will start-up in late 2011 with commercial production in 2012.
DuPont (www.dupont.com) 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 90 countries, DuPont offers a wide range of innovative products and services for markets including agriculture and food; building and construction; communications; and transportation.
Forward-Looking Statements: This news release contains forward-looking statements based on management's current expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the company's strategy for growth, product development, market position, expected expenditures and financial results are forward-looking statements. Some of the forward-looking statements may be identified by words like "expects," "anticipates," "plans," "intends," "projects," "indicates," and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in documents filed with the Securities and Exchange Commission by DuPont, particularly its latest annual report on Form 10-K and quarterly report on Form 10-Q, as well as others, could cause results to differ materially from those stated. These factors include, but are not limited to changes in the laws, regulations, policies and economic conditions, including inflation, interest and foreign currency exchange rates, of countries in which the company does business; competitive pressures; successful integration of structural changes, including restructuring plans, acquisitions, divestitures and alliances; cost of raw materials, research and development of new products, including regulatory approval and market acceptance; seasonality of sales of agricultural products; and severe weather events that cause business interruptions, including plant and power outages, or disruptions in supplier and customer operations. The company undertakes no duty to update any forward-looking statements as a result of future developments or new information.
The DuPont Oval Logo, DuPont™, The miracles of science™, Optimum® AcreMax™ 1, Rynaxypyr®, Imprelis™, Solamet®, Tedlar®, Zytel®, Kevlar® AP, Kevlar® XP and Isceon® are registered trademarks or trademarks of DuPont or its affiliates.