I mean are you saying that 2Q is the trough there? Steve, thanks for the question, and obviously we spend a lot of time on this topic. Unprecedented demand weakness in automotive markets, which led to the decision to idle approximately 50% of our polymer capacity in T&I as well as soft industrial markets led to margin contraction in T&I and Safety & Construction. DD earnings call for the period ending March 31, 2020. Thank you. 31 October 2019: Q3 2019 Earnings Call Transcript Q2 2019. Organic top-line growth in our E&I and N&B segments, as well as further execution of our cost savings and productivity actions was not able to offset the $0.06 headwind we saw from nylon pricing pressure in our T&I segment, as well as the absence of prior year gains in our E&I, S&C segments, which reduced adjusted EPS by $0.08. Slide 4 highlights our strong liquidity position. Yes. Yeah. Earlier this week, IFF filed its definitive proxy related to the IFF shareholder approval of the transaction. The operating leverage in N&B was primarily driven by the recovery of the probiotics business, which delivers a margin above the segment average. I just don't want to put a date on them. But it's just a consistent industry. So garments alone, which were about a third historically of Tyvek, they have kind of come up now to almost half of Tyvek, were up about 55% in the quarter. The senior leadership team and I are on top of these items daily to ensure we remain well positioned. By the way, I would highlight just on the deal front, it's interesting to note, and I'm not surprised by this at all, that the value of the N&B deal is almost exactly where we announced the deal. Our teams executed well to deliver a solid quarter above our expectations in each of our core segments. We've got some key product launches coming up with our customers for the holiday season and their 5G-enabled phones. So, as you know, we upped our structural cost savings in the last month or so from $90 million to $180 million. The significant challenge that has been put before all of us as individuals and as a company to confront deep-rooted issues of inequality, racism and discrimination is one that we must take head on. We are seeing robust demand continuing within several key end markets such as water filtration, food and beverage, probiotics, electronics and protective garments. DuPont (DD) Q2 2020 Earnings Call Transcript. The arbitration was Chemours, the litigation of the Ohio MDL and any movement toward getting a little more collaborative on this front? With the free cash flow conversion target that we've set of at least greater than 90%, and we've been greater than that in the past and so our history is right around 100%, that sort of dictates that you maintain flat working capital to be able to deliver that metric. And so we not only added -- in the first quarter alone we usually have about 15 million garments. The determination of our employees from across the globe to maintain business continuity has enabled us to continue to be a reliable supplier for our customers and the vast majority of our plant sites have been deemed essential in their local jurisdictions and have continued to operate. Gross margin improved more than 150 basis points on a year-over-year basis on a favorable mix and the benefits from our productivity actions. A reconciliation to the most directly comparable GAAP financial measure is included in our press release. And all by the way when the N&B/IFF deal happens, we get $7.3 billion of cash. Right. And are you doing any debottlenecking with the current plant maintenance? So maybe I can hit the margin piece first. That's one of the key ones is global clean water. And we also have a shareholder that owns give or take 23%, 24% of the shares voting in favor of the deal. I think that's pretty nice. So we're pretty much back to not quite full capacity, but darn near close to it with our 13 production facilities in China. If things are tough for a longer period, how do you run the Company through it and make sure the Company is healthy. DuPont (DD) witnessed … And then, one other point I would just make, remember that I think a lot of the hoopla around PFOA with us, and I certainly acknowledge this, that it's a little bit of a cloud over us is that, we are being named in a fair amount of the firefighting foam cases, but it's very important and I know Steve you've written extensively about this, we never made firefighting foam. We are continuing to invest in key areas like sales, application development and R&D, so that when we fully emerge from the softness, we will be well positioned to capture growth. So we're going to come out of the downturn I think in a very strong position. Good morning. It's a great question. So I obviously feel good about that. Our first question will come from Steve Tusa with J.P. Morgan. Thank you for joining us for DuPont second-quarter 2020 earnings conference call. However, as we have highlighted, these areas of strength are expected to be more than offset by the well-known softness in automotive, aerospace, oil and gas and other industrial markets. We're also seeing reductions in costs associated with capital projects as we pull back on our capital and lower spending across the Company. DuPont… Lori did hit on this a little bit, but as it pertains to the Safety & Construction segments, just given the differential of current growth rates across the sub-segments, can you just offer some additional framework on how we should be thinking about the mix effects and the potential for decremental margins? Please read the forward-looking statement disclaimer contained in the slide. You just can't make it right now because you don't know the facts. But in April, our sales are up 6% to 7% in China. And one quick follow-up on M&A. 08:37AM : DuPont's (DD) Earnings and Revenues Top Estimates in Q2. So we've got new capacity coming online even though we delayed the start up of the new line because of the regulations going on in Luxembourg. We have analyzed a number of stress case scenarios and are confident we are making the right decisions to ensure we are favorably positioned to weather an unlikely steep and prolonged downturn, while also being equipped to return to growth when the market recovers. Can you give us any on the noncore businesses that you have kind of sitting there and your optimism on getting some transactions done either in the kind of in the back half of the year? Hope everybody is doing OK. We elected in mid-to-late March to pause share buybacks after we had repurchased approximately $230 million in the quarter. [Operator instructions] We will now take our first question from John Inch from Gordon Haskett. As I've mentioned, our cost actions from the DowDuPont synergies and the 2019 restructuring program, coupled with incremental actions we are taking in 2020, contributed to approximately $130 million of savings in the quarter. I'm pretty impressed at how efficient we're running the Company in the stay-at-home policy for most of our non-manufacturing employees. We had 3% organic growth in the business. So I think it's across-the-board. Well, I can't say yet. Jeff Sprague -- Vertical Research -- Analsyt. You're giving yourself a lot of flexibility between a spin-off and split-off here. Within S&C, demand in both Water Solutions and Tyvek protective garment remained robust. Hi. So as we had mentioned earlier, if we're being conservative on that ramp, we'll participate in that upside because we have no share concerns. 1 position that we're going to have. But Lori you want to comment? Thank you. Yes. So we'll be in a strong position to reassess that with the Board. As I told you in January, the executive steering team and leaders from our key work streams, including separation and integration, core financials, IT separation and stand up, legal entity work and talent selection are in place and things are progressing as planned. So no, I don't feel any different about it. In March, we indicated that we would be doubling the incremental cost actions that we plan to deliver in 2020 from approximately $90 million to $180 million. And by the way, it was a bit was strong across home applications, desalination and industrial wastewater. I hope you and your loved ones are staying well. Having said that, we continue to expect to see our performance outpacing auto builds just driven by the content per vehicle. You could see our garment sales were up 60% or so. Slide 7 highlights the progress we have made since announcing the N&B and IFF transaction in mid-December. One thing we did not touch at all, and I certainly would never do this is, any of our safety programs that we are spending capex on at our facilities, we've maintained it at a 100% of the spend level. But Lori, the teams around the world, we put a big, big focus on that as I thought it could become a little bit more of an issue, and we've actually made great progress. Yes. In total, we generated operating EBITDA of $1.1 billion and adjusted EPS of $0.70 per share. The newly issued bonds have a stated maturity of 2023, but includes a provision that accelerates the maturity when we close the IFF transaction. In the newer models coming out, we have an extra dollar on phone, up to $3.50. S&C operating EBITDA margin of 28.8% was the highest it has been in several quarters, driven by the continued focus on price improvement, cost actions and productivity. That's definitely the highest margin piece of the portfolio. Through the first half of the year, we remain on track to deliver our goal. We've been in conversations, and let me just say, I'm highly confident there'll be a resolution in the not too distant future on that. DuPont de Nemours last released its quarterly earnings results on November 3rd, 2020. We will take our next question from Steve Tusa from JP Morgan. Thank you. Good morning. I don't know, you had a couple of law firms that you're working with. So that's what gets us down to the $1 billion. But it's a great question. And is there opportunity for share gain in some of these OEM players? The majority of this exposure sits in our T&I segment with the advanced materials we supply to the OEMs, Tier 1 and Tier 2 component manufacturers. So we saw continued strength in E&I, continued strength in N&B, and the strength in E&I is primarily coming again from semiconductors as we see increased usage in the data and server space. Turning to the adjusted EPS bridge on Slide 6. We're not canceling it, because we want to turn these back up when appropriate, but the two of the bigger ones that we cut back on was Tyvek line 8, which is our biggest capex program, by far, it's over $400 million and we spent a fair amount on that last year. We expect our full year base tax rate to be in the range of 21% to 23%, driven by the first quarter discrete items. And of course, in our own just operations, generating cash. DuPont de Nemours Inc ( … Our playbook for this environment is straightforward, improve cash generation through working capital improvement and deferral of certain capital expenditures, strengthen our liquidity position, and optimize the cost structure of the Company. I believe that our playbook is working. DuPont (DD) Q3 2020 Earnings Call Transcript. Yes. So we kept the part. So I feel very bullish on that. Our results for the quarter give me confidence that our business teams are staying close to our customers, understanding the near-term market dynamics of their industries and responding appropriately. Interactive chart for DD201218C00050000 (DD201218C00050000) – analyse all of the data with a huge range of indicators. So I feel good about that. Good day, and welcome to DowDuPont's Third Quarter 2018 Earnings Call. Thanks, Ed. We have also used our 3D printing capabilities to make face shields for local hospitals that were experiencing shortages and partnered with Cummins to use DuPont's filtration technology to help augment the supply of N95 respirator masks. So as we mentioned on the call, April was down kind of low to mid teens. Having said that, in the environment we're in right now, Lori, and I and the team are very focused on the operations of business, generating cash, and we're really spending our time on that at this point in time. So look, I'll just say, overall, I like where the DuPont portfolio is. Good morning. Since the announcement of the transaction in mid-December, teams have been hard at work. However, our return to prepandemic levels will be measured and will certainly vary across our end markets. This concludes our call. IFF has four or five products that sell into that industry. Thanks, Leland, and good morning, everyone, and thank you for joining us. These areas of strength were more than offset by the absence of a $50 million prior year gains resulting in an operating EBITDA decline of 12%. Thank you for taking my question. Now let me turn it over to Lori to walk through some of the details for the quarter. So as we mentioned, the sales in April were down low-to-mid teens. Good morning, Lori. A week ago we witnessed the gargantuan fall of British travel behemoth Thomas Cook. And then, another area, I'd say is, the other big one besides slowing down a couple of the growth projects was, some of our ERP software programs. And as you know, on this deal, there really is no antitrust issues. So that will be excess cash. OK. As a follow-up with that, if you don't mind, we're seeing a lot of discussion about hydrogen in the — particularly from the European Union. And not sure if that's a one-off or an ongoing trend to bring capacity back to the U.S., but if that's the latter, would that be a positive for your Semi business? And so we — but we sit in the supply chain a little bit later, as Lori mentioned in her remarks. Jonas, not significantly, but remember, one of the things we've been working on and I'm really clear about our sustainability report out, if you want to take a look at that now, that's online, is that a lot of our products in areas we're working on from an R&D standpoint really goes toward the UN Sustainability Goals. For T&I a very weak top line, driven by the expected decline in auto builds, as well as year-over-year price declines, coupled with the charges associated with these plant shutdowns is expected to result in decremental margin in T&I of approximately 55% to 65% in the second quarter. Yes. I remain excited about this combination and see tremendous opportunity for growth and greater innovation as the businesses come together. And your next question will come from Steve Byrne with Bank of America. Thanks for taking my question. [Inaudible] polymer player sit and pull back as much as the OEMs [Inaudible] enabling us to have volume declines that were less than the overall auto build decline. And remind us how you think IFF combination can support that growth? Was curious to hear what fraction of your staffing at headquarters and in R&D during the quarter were working remotely. This is a transcript of that earnings call: Company Participants Greg Friedman; E.I. But I think it's building momentum back half of third quarter, certainly in the fourth quarter. We have set it up where we are actually doing different shifts. The world is changing a lot, and given that you're a diversified company, are you seeing any place where you're changing your strategy in the next couple of years? The teams are energized and all the critical milestones remain on track for a first quarter 2021 closing. Lori will cover the specifics of the quarter. Thank you. We continued to see price lift within S&C in Q1. Adjusted EPS of $0.70 was down 28% versus the same quarter last year, driven by lower volumes and costs associated with idling facilities, partially offset by the delivery of cost savings and a $64 million customer settlement gain in the Non-Core segment. Having said that, we always have optionality in the portfolio. Steve Byrne -- Bank of America Merrill Lynch -- Analyst. We remain committed to our dividend and are confident that we will be able to maintain it through these challenging times. Our decremental margin was approximately 45% in the quarter, at the low end of our expected range, driven primarily by even greater cost savings than we had anticipated. 30 January 2020 : Q4 2019 Earnings Call Transcript Q3 2019. So I think there is some lessons we're going to learn here on our real estate footprint as we move forward. And so I think, secularly, I feel good about where we're investing our money. But first, I'd like to discuss our performance versus our priorities in the current environment. I'm a big believer in keeping G&A costs really lean and mean. In May, DuPont N&B and IFF filed their respective initial registration statements and are advancing the review process with the SEC. We thought we might see some softness in the third quarter because of some build in the channel. So when you really then look at and most of you or all of you have written about this, when you look at RemainCo DuPont and what it trades -- I don't know, on a multiple basis, it's pretty incredible the disconnect that sits there. Our biggest location is the experimental station in Delaware where a couple thousand people work there, a lot of our scientists that do just great work, and they are going back into their labs. DuPont de Nemours Inc Earnings call transcriptions Compare. By the way, everything that we've delayed is simply a delay. One of the other things we're doing on the -- which will by the way translate into better cost is, we're really going through the Company and looking at every single SKU in the Company and really looking at a rationalization there. And remember, we will still have $2.3 billion of excess cash left over from that $7.3 billion that we will have available to us. This is obviously an unprecedented time, and I hope you all are safe and well. Please go ahead. Yeah, so the majority of our benefits from lower raws within the oil dynamic was within T&I and S&C. Excluding our decision to idle facilities, our decremental margins would be in the range of 35% to 40%. So we're going to have a lot of flexibility. At this time, I'd like to turn the call over to Leland Weaver. These actions enabled us to deliver results that exceeded the expectations we provided in the first week of May with overall market dynamics very similar at the end of the quarter as they were at the beginning. Sequentially, I think that most of the headwinds will be mainly behind us as we get through Q2 and as we go to the back half of the year, we should be about flat from an all-in price perspective. So I think if you look at it, we're going to benchmark very, very well through this. DuPont sees strong annual profit as auto sector recovers, signals more cost cuts marketwatch. So we definitely see 2Q as trough year. I mean I understand that things aren't maybe coming back as fast as you would have expected, but kind of tough to kind of understand why 2Q wouldn't be the trough. Yeah. Strength in the quarter was led by double-digit growth in Interconnect Solutions, driven by higher material content in premium next generation smartphones and high single-digit growth in Semiconductor Technologies, our new technology ramps within logic and foundry coupled with robust demand for memory in servers, and data centers. I took over Tyco go in 2002 on the brink of bankruptcy. So we purposely are hurting our earnings by $90 million to $100 million if we kept running the facilities, as they do for instance in the semiconductor industry, our earnings would literally be $90 million or $100 million better. That will come online in a couple of years. Yes, so we had posted a really strong margins in Q1 as we had mentioned, so 28.8%. Good day, ladies and gentlemen, and welcome to the DuPont Fabros Technology second quarter 2010 earnings conference call. In fact, just last week, we published our inaugural sustainability report at the new DuPont. Good morning. With this report, we are not only able to convey our progress toward our 2030 sustainability goals, but we are also able to highlight our innovations across the company, which create a positive impact in people's lives every day. So I do think there's going to be some, over the second half of the year, here, a little bit of a downdraft from those growth rates, I would think, but still growing nicely. And just to add on to that, to make it clear, this is a business in T&I that we are truly running for cash performance in this period of times. Versus first quarter 2019, operating EBITDA was down due to the absence of a $26 million gain, which was recognized in the prior year. Petri Castrén Kemira Oyj - CFO & Member of Management Board . So the deal is in great shape from that standpoint. DuPont is a world-class multi-industry specialty solutions company with large global businesses aligned with growing, attractive end-markets. Remember that four years ago when I arrived, we took about $1 billion of structural cost out of DuPont, and during the DowDuPont merger, we took another $1 billion of structural cost out of the business on top of what we're now presently doing. DuPont de Nemours Inc (NYSE: DD) Q1 2020 Earnings Call Transcript. By the way, I'd also just mention on the N&B and IFF front, as we said in our prepared remarks, we are in great shape on -- you know, I talk to Andreas, the CEO of IFF, every single week. But we're going to draw down the supply chain here and generate the $200 million to $250 million of cash performance in the Company. Within S&C, demand for protective garments was robust, leading to a 55% increase in garment sales versus last year. So things that were in our plans, there is about another give or take $80 million to $100 million that won't get spent that was baked into the plan. OK. And then capex, I mean, you took it down to $1 billion for 2020. Ed, many companies have deferred their buybacks and I know, right now, there is cash savings aspect of it. I am pleased to say that the quick actions that we took to protect our employees, ensure the safe operations of our sites, strengthen the financial position of the company and do our part to combat this pandemic are working. And we've announced some capacity expansion to enable that need to grow into Q2. 30 July 2020: Q2 2020 Earnings Call Transcript Q1 2020. So I think therein lies a big opportunity for our shareholders over the next year. So Q3 will look a little bit more of uptime than Q2 and then we'll see even more uptime as you head into Q4. 109.56K Follower s. To 7 % and a quick follow-up, Ed, I like where the DuPont way like! 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