1Q 2019 RESULTS FOR MATERIALS SCIENCE DIVISION OF …
1Q 2019 RESULTS FOR MATERIALS SCIENCE DIVISION OF DOWDUPONT
May 2, 2019
AGENDA
Quarterly Highlights Segment Results Financial Overview Outlook
2
1Q 2019 HIGHLIGHTS
Net sales of $10.8B, in-line with guidance
Volume grew 1%; excluding H&E, volume up 3% Local price declined 9%; currency decreased sales by 2%
Op. EBITDA of $1.9B, in-line with guidance Delivered >$125MM of YoY cost synergy savings
$1.365B cost synergy run-rate Eliminated first $40MM of stranded costs
Announced initial shareholder return plans, including $3B open share repurchase program and 2Q dividend of $0.70 per share
Successfully separated from DWDP; began trading as independent company
3
PERFORMANCE MATERIALS & COATINGS
Financial Performance Snapshot Net Sales ($MM) Op. EBITDA ($MM) Op. EBITDA Margin (%)
1Q19 $2,255
$481 21.3%
1Q18 $2,304
$586 25.4%
B/(W) $(49) (2)% $(105) (18)%
(410) bps
Net Sales by Business
Consumer Solutions
Coatings & Perf. Monomers
Variances vs. SQLY
Local
Op.
Sales Price FX Volume EBIT
Performance Materials & Coatings -2% ? -3% +1%
$
Net Sales by Geographic Region
U.S. & Canada
EMEA
Consumer Solutions
-
#$
#
$
Coatings & Perf. Monomers
$ $$
$
$
LAA
Silicones growth more than offset by lower prices for siloxanes
APAC 4
INDUSTRIAL INTERMEDIATES & INFRASTRUCTURE
Financial Performance Snapshot Net Sales ($MM) Op. EBITDA ($MM) Op. EBITDA Margin (%) Op. EBITDA ex. Eq. Earn. ($MM) Op. EBITDA Margin ex. Eq. Earn. (%)
1Q19 $3,402
$448 13.2% $496 14.6%
1Q18 $3,715
$654 17.6% $505 13.6%
B/(W)
$(313)
(8)%
$(206) (31)%
(440) bps
$(9)
(2)%
100 bps
Variances vs. SQLY
Local
Op.
Sales Price FX Volume EBIT
Ind. Intermediates & Infrastructure -8% -11% -3% +6%
$
Net Sales by Business
Industrial Solutions
Polyurethanes & CAV
Net Sales by Geographic Region
U.S. & Canada
EMEA
Industrial Solutions Polyurethanes & CAV
$ $$
#
$
$ $$
#
$
LAA
APAC
Profit decline driven by compressed margins for MEG and isocyanates
5
PACKAGING & SPECIALTY PLASTICS
Financial Performance Snapshot Net Sales ($MM) Op. EBITDA ($MM) Op. EBITDA Margin (%) Op. EBITDA ex. Eq. Earn. ($MM) Op. EBITDA Margin ex. Eq. Earn. (%)
1Q19 $5,110
$993 19.4% $955 18.7%
1Q18 $6,010 $1,301 21.6% $1,242 20.7%
B/(W) $(900) (15)% $(308) (24)%
(220) Bps $(287) (23)%
(200) bps
Net Sales by Business
Packaging and Specialty Plastics
Hydrocarbons & Energy
Packaging & Specialty Plastics
Variances vs. SQLY
Local
Op.
Sales Price FX Volume EBIT
-15% -11% -2% -2%
$
Net Sales by Geographic Region
U.S. & Canada
EMEA
Packaging and Specialty Plastics Hydrocarbons & Energy
$ $$
#
$
$ $$
$
n/a
LAA
APAC
Contributions from cost synergies and USGC growth projects more than offset by PE margin compression
6
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