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DuPont 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 four 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 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.