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DuPont Takes Aggressive Actions to Strengthen Competitiveness and Increase Cash Flow
Date:12/4/2008

Company Provides Fourth Quarter 2008 and Full Year 2009 Earnings Guidance

WILMINGTON, Del., Dec. 4 /PRNewswire-FirstCall/ --DuPont, (NYSE: DD) today announced further actions to address current market challenges and strengthen the company's competitiveness in 2009, including continued focus on maximizing cash flow, and provided earnings guidance for the fourth quarter 2008 and the full year 2009.

A steep global decline in construction and motor vehicle sales and consumer spending has resulted in declining industrial production, intensified by inventory reductions across most supply chains. These conditions have precipitated a sharp downturn in demand during the fourth quarter.

"We have taken immediate and aggressive actions to maximize cash flow by reducing cost, working capital and capital expenditures in response to current market challenges," said DuPont Chairman and CEO Charles O. Holliday, Jr. "We will build on our strong financial and market positions and continue prudent financial discipline in navigating through this challenging economic environment. We are providing 2009 earnings guidance and underlying assumptions in our effort to be as transparent as possible with respect to the current and expected impact of the global recession. We are, however, realistic about the potential for further change and we will adjust actions as conditions warrant."

Summary

  • Full-year 2008 free cash flow is expected to be about $1.3 billion, as planned, with working capital improvements offsetting earnings decline. Free cash flow will increase to about $2.5 billion in 2009, reflecting a planned $1 billion net working capital reduction and a 10 to 20 percent reduction in capital spending.
  • DuPont is taking acti
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SOURCE DuPont
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