SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported) September 7, 2000
E. I. du Pont de Nemours and Company
(Exact Name of Registrant as Specified in Its Charter)
Delaware 1-815 51-0014090
(State or Other Jurisdiction (Commission (I.R.S Employer
of Incorporation) File Number) Identification No.)
1007 Market Street
Wilmington, Delaware 19898
(Address of principal executive offices)
Registrant's telephone number, including area code: (302) 774-1000
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Item 5. Other Events
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In connection with Debt and/or Equity Securities that may be offered
on a delayed or continuous basis under Registration Statements on Form S-3
(No. 33-53327, No. 33-61339, No. 33-60069 and No. 333-86363), the registrant
hereby files the following press release.
Contact: Clif Webb
302-774-4005
[email protected]
DuPont Revises 2000 Earnings Per Share Growth to 10-14 Percent:
Cites Energy Costs and Currency
WILMINGTON, Del., Sept. 7, 2000 -- Citing substantially higher-than-
forecast increases in energy and raw materials costs, DuPont today announced
it has revised its full-year 2000 earnings per share (EPS) outlook to $2.85 -
$2.95 per share, before one-time items, 10-14 percent higher than the $2.58
earned last year. This revised outlook compares to the current First Call
consensus estimate of $3.01.
In July the company reaffirmed its full year 2000 earnings per share
growth target despite the anticipated second half impact of high raw materials
costs, a weak Euro versus the U.S. dollar and some slowing in the U.S.
economy. Since that time, raw materials prices have sharply increased, with
oil and U.S. natural gas increasing by more than 20 and 30 percent, respec-
tively. The Euro continues to weaken versus the U.S. dollar, and volume
growth is slowing in some markets, particularly apparel. Changes in these
three factors since July, when the company announced second quarter earn-
ings, will negatively impact second half results by an estimated $250 -
$275 million, pre-tax, or 15-17 cents per share.
For the full year, the negative impact of higher raw material costs
and currency is expected to exceed $1 billion, pre-tax. Actions taken by the
company are expected to more than offset these negative factors, resulting in
the projected 10-14 percent growth in earnings per share, before one-time
items.
"Our employees have demonstrated tremendous resolve in responding to
very challenging economic conditions throughout the year and have aggressively
addressed the significant cost challenges we face," said DuPont Chairman and
CEO Charles O. Holliday, Jr. "The actions taken to improve pricing, control
spending and implement Six Sigma are benefiting the bottom line this year and
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will continue to do so in 2001. Assuming some improvement in energy costs,
modest strengthening of the Euro versus the dollar and reasonable economic
growth, we are confident we will achieve 10 percent-plus underlying EPS growth
in 2001."
DuPont is a science company, delivering science-based solutions that
make a difference in people's lives in food and nutrition; health care;
apparel; home and construction; electronics; and transportation. Founded in
1802, the company operates in 70 countries and has 94,000 employees.
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 DuPont's filings with the Securities
and Exchange Commission, particularly its latest annual report on Form 10-K,
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, regula-
tions, 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, and seasonality of sales of
agricultural products.
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9/7/00
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
E. I. DU PONT DE NEMOURS AND COMPANY
(Registrant)
/s/ D. B. Smith
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D. B. Smith
Assistant Controller
September 7, 2000
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