NEW YORK - At the Credit Suisse Chemicals & Ag Conference today, DuPont confirmed its seed business, Pioneer Hi-Bred, will deliver another year of positive financial performance, including North America share gains in corn and soybeans.
Based on USDA data, Pioneer added a solid 1 point share gain in North American corn and 4 points share gain in soybean, further demonstrating the value of Pioneer® genetics and services. These results mark multiple years of share gains in both crops.
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“New and loyal customers see the value of our innovative products and that is why we continue to see success,” said Paul E. Schickler, president, Pioneer Hi-Bred, a DuPont business. “Our ‘right product, right acre strategy’ is winning and we are pulling ahead of the competition.”
As the 2011 harvest begins, Pioneer is confident in product performance as well as supply, said Schickler. “While 2011 has been a challenging growing season, Pioneer runs excellent supply chain management processes and expects full availability for the 2012 planting season. This is just another example of actions to ensure the highest level of service and support for our growers,” he said.
“Based on what we are observing and hearing from farmers, we think our momentum will continue in 2012,” said Schickler. “This year, growers planted nearly 4 million acres with Optimum AcreMax 1 and Optimum AcreMax RW products which will support increased penetration next year.”
In addition, the recent approval of new products, Optimum AcreMax and Optimum AcreMax Xtra, expands the company’s offerings of new insect protection solutions to benefit U.S. corn growers and continue to deliver value.
“The delivery of these new products demonstrates our commitment to bring innovation to market,” said Schickler. “We are proud to lead the industry by offering the broadest choice of integrated refuge solutions to farmers.”
Looking to the future, the company plans to leverage new research facilities and resources to expand routes to global markets. As the world’s demand continues to increase, Pioneer has responded through expansions, collaborations and through investments in local resources to work side-by-side with farmers.
Last December, DuPont announced its expectations to deliver sales at a compounded annual growth rate of 8 to 10 percent from 2010-15 and increase pre-tax operating margins in the range of 19 to 21 percent 2010 through 2015 for the Agriculture & Nutrition reporting segment, which included the seed, crop protection and nutrition and health businesses. In the aggregate, those expectations remain unchanged for these businesses. The preceding segment information does not reflect the recent Danisco acquisition either on a pro-forma or forward-looking basis.
Market share growth is based on current USDA acreage estimates. Final USDA acreage assumptions for 2011 are issued in January 2012.
Pioneer Hi-Bred, a DuPont business headquartered in Des Moines, Iowa, is the world’s leading developer and supplier of advanced plant genetics, providing high-quality seeds to farmers in more than 90 countries. Pioneer provides agronomic support and services to help increase farmer productivity and profitability and strives to develop sustainable agricultural systems for people everywhere. Science with Service Delivering Success™.
DuPont (NYSE: DD) has been bringing world-class science and engineering to the global marketplace in the form of innovative products, materials, and services since 1802. The company believes that by collaborating with customers, governments, NGOs, and thought leaders we can help find solutions to such global challenges as providing enough healthy food for people everywhere, decreasing dependence on fossil fuels, and protecting life and the environment.
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 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; seasonality of sales of agricultural products; and severe weather events that cause business interruptions, including plant and power outages, or disruptions in supplier and customer operations. The company undertakes no duty to update any forward-looking statements as a result of future developments or new information.
