SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 5(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported) July 3, 2001 (July 2, 2001)
E. I. du Pont de Nemours and Company
(Exact Name of Registrant as Specified in Its Charter)
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Delaware 1-815 51-0014090
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(State or Other Jurisdiction (Commission (I.R.S. Employer
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of Incorporation) File Number) Identification No.)
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1007 Market Street
Wilmington, Delaware 19898
(Address of principal executive offices)
Registrant's telephone number, including area code: (302) 774-1000
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Item 5. Other Events and Regulation FD Disclosure.
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The Registrant files, pursuant to Regulation FD, its news release dated
July 2, 2001, entitled "Global Economic Slowdown Affects DuPont Second Quarter
Earnings," a copy of which is below. This news release is also filed in
connection with Debt and/or Equity Securities that may be offered on a delayed
or continuous basis under Registration Statements on Form S-3 (No. 33-53327, No.
33-61339, No. 33-60069 and No. 333-86363).
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Contact: Clif Webb
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302-774-4005
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r-clifton.webb@usa.dupont.com
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Global Economic Slowdown Affects DuPont Second Quarter Earnings
WILMINGTON, Del., July 2, 2001 - DuPont said today that it estimates
earnings per share for the second quarter, before one-time items, to be between
$.35 and $.45. Earnings in the second quarter of 2000, before one-time items,
were $.90 per share.
"The global economic slowdown that has forced U.S. manufacturing capacity
utilization to levels equal to the 1982 recession is now expanding to Europe,
South America, and parts of Asia," said DuPont Chairman and Chief Executive
Officer Charles O. Holliday, Jr. "Demand is correspondingly weak across all
markets, and our customers have continued to draw down existing inventories or
delay purchasing until conditions improve."
Holliday also observed that "the strength of the U.S. dollar -- at its
highest point in 15 years -- presents huge competitive challenges for U.S.
exporters, many of whom are DuPont customers.
"DuPont has taken a number of significant actions to offset the effects of
the slowing economy and position its businesses to deliver sustainable earnings
growth. In April the company announced a restructuring plan to reduce its global
work force by 4 percent that will
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begin to yield cost reductions in the second half of 2001. In addition, DuPont
will hold capital expenditures for 2001 to $1.6 billion, down from previous
estimates of nearly $2 billion.
"Recent movements in long-leading economic indicators and in raw material
prices offer hope that an end to the spreading global downturn is in sight,"
said Holliday. "Despite that, we continue to take actions necessary to emerge
from these difficult times as a much stronger company."
During the quarter, the company broadly communicated its view of changing
macro economic trends which, combined with historically high costs of key raw
materials, were affecting financial performance. DuPont second quarter
performance reflects these external trends, a number of which worsened as the
quarter progressed.
DuPont will report its second quarter earnings on July 25 and will host a
live webcast of its conference call with securities analysts at 11:00 a.m. EDT
on www.dupont.com.
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DuPont is a science company, delivering science-based solutions that make a
difference in people's lives in food and nutrition; health care; apparel; home
and construction; electronics; and transportation. Founded in 1802, the company
operates in 70 countries and has 93,000 employees.
Forward-Looking Statements: This news release contains forward-looking
statements based on management's current expectations, estimates and
projections. All statements that address expectations or projections about the
future, including statements about the company's strategy for growth, product
development, market position, expected expenditures and financial results are
forward-looking statements. Some of the forward-looking statements may be
identified by words like "expects," "anticipates," "plans," "intends,"
"projects," "indicates," and similar expressions. These statements are not
guarantees of future performance and involve a number of risks, uncertainties
and assumptions. Many factors, including those discussed more fully elsewhere in
this release and in documents filed with the Securities and Exchange commission
by DuPont, particularly its latest annual report on Form 10-K and quarterly
report on Form 10-Q, as well as others, could cause results to differ materially
from those stated. These factors include, but are not limited to changes in the
laws, regulations, policies and economic conditions, including inflation,
interest and foreign currency exchange rates, of countries in
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which the company does business; competitive pressures; successful integration
of structural changes, including restructuring plans, acquisitions, divestitures
and alliances; cost of raw materials, research and development of new products,
including regulatory approval and market acceptance; and seasonality of sales of
agricultural products.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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E. I. DU PONT DE NEMOURS AND COMPANY
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(Registrant)
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/s/ D. B. Smith
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D. B. Smith
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Assistant Controller
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July 3, 2001
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