DowDuPont Announces Second-Quarter 2018 Results

According to a statement by DowDuPont, net sales reached USD 24.2 billion with a 17 percent increase, while sales volume and local price gains were achieved across all business segments and all regions. Cost synergy savings exceeding USD 375 million were achieved, while the savings target was increased by 15 percent compared to the same period of the previous year, reaching USD 1.4 billion. GAAP net income from continuing operations was USD 1.8 billion, while operational EBITDA increased by 29 percent to USD 5.7 billion. DowDuPont Chairman Ed Breen stated in his declaration that they continue to produce solid results along with double-digit gains recorded in sales and operating EBITDA in the second quarter. Breen said, "The growth we achieved in sales volume, local price gains and the expansion in operating margin were among the significant developments, reflecting the intense focus of our continuing business segments. The new products we brought to market gained customer appreciation and saw strong demand across all target end markets we aimed for. These developments are an indication that all three of our business segments are making a difference in the market and for our shareholders. We have gained tremendous momentum. Our employees are also excited about the future of the three companies we have planned to establish, Corteva, Dow and DuPont." DowDuPont Chief Financial Officer Howard Ungerleider said in his statement, "Broad-based customer concentration continues to be the engine of economic expansion that comes with growth in our operations," and continued his remarks as follows: "Leading indicators such as manufacturing output, employment, wages and consumer spending largely maintain their constructive character in a manner that supports increasing global economic momentum. Our expectation of growth above market levels will continue in much of DowDuPont's operational portfolio in the period ahead, dependent on our innovations, growth investments, geographic reach and market position. We expect our net sales in the third quarter to be above 10 percent compared to the same period of the previous year, and operating EBITDA figures to record an increase of 12 percent."