DowDuPont beats by $0.03, reports revs in-line; raises cost synergy target; reaffirms FY18 EPS; announces new $3 bln buyback
- Reports Q3 (Sep) earnings of $0.74 per share, excluding non-recurring items, $0.03 better than the S&P Capital IQ Consensus of $0.71; revenues rose 31.1% year/year to $20.12 bln vs the $20.24 bln S&P Capital IQ Consensus, with double-digit gains in all segments and increases in all regions. Volume grew 6 percent, with gains in most segments and all regions. Local price rose 7 percent, with gains in all segments and all regions. Operating EBITDA rose 8 percent to $2.5 billion
- Announces New $3B Stock Buyback Program, Expected to be Complete by First Spin
- "Organic sales rose 10 percent, equally driven by volume and local price as customer demand remained strong. We delivered our year-over-year cost synergies and we are again raising our target, now to $3.6 billion. We are also reaffirming our full year 2018 EPS guidance provided in August with our second quarter earnings announcement. Each division is performing well, and we remain on track to complete the intended separations, beginning with Materials Science on April 1, followed by Agriculture and Specialty Products on June 1."
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