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MarketScreener Homepage  >  Equities  >  Nyse  >  Caterpillar Inc.    CAT

CATERPILLAR INC.

(CAT)
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DuPont Replaces CEO Amid Struggle to Expand Sales -- 2nd Update

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02/18/2020 | 05:04pm EST

By Austen Hufford

DuPont de Nemours Inc. said Tuesday that it is bringing back as its chief executive Edward D. Breen, an architect of the megamerger and spinoff from Dow Inc. that left a smaller industrial-materials maker struggling to generate sales growth.

DuPont said its board had decided to remove Chief Executive Marc Doyle and Chief Financial Officer Jeanmarie Desmond less than a year after they assumed those roles. Mr. Breen, the company's executive chairman, was named CEO, and Lori D. Koch, previously head of investor relations, became financial chief.

For Mr. Breen, the return to the helm at DuPont is an attempt to fix what appears to be the most troubled of the three companies spun out of a merger that defined his career.

"We did not meet our own expectations," Mr. Breen said in a written statement. "We need to accelerate operational improvement."

Dow Chemical Co. and DuPont Co. agreed to a $120 billion merger in late 2015, setting plans to combine and then split into three separate companies. In addition to DuPont, the materials-science business is now called Dow Inc. and the agriculture business is known as Corteva Inc.

Before joining DuPont in 2015, Mr. Breen spent a decade at the top of Tyco International PLC, where he broke apart what was once one of the largest U.S. conglomerates.

When Mr. Breen came to DuPont, it was under pressure from Nelson Peltz's Trian Fund Management LP to break up. Mr. Breen brought Trian into deal talks with Dow to ensure the activist fund approved of the merger.

DuPont's shares have underperformed the other two companies spun out of the merger since June 2019, when the last of those, Corteva, began trading publicly. DuPont's shares, which rose 0.6% on Tuesday, are off about 30% over that time. Dow is off 0.2% since June 2019, while Corteva is up 27%.

DuPont, whose array of products includes fibers for bulletproof vests and wraps for homes under construction, said last month that sales fell 5% in 2019. The company said it expects demand to remain weak this year for materials including nylon, one of its main products.

DuPont's missteps come during a broader slowdown in U.S. manufacturing and global trade. Other major manufacturing companies, including 3M Co. and Caterpillar Inc., have reported slowdowns in key markets in the U.S. and abroad.

DuPont said in December that it would spin off its nutrition business and combine it with International Flavors & Fragrances Inc. to make a top supplier of ingredients to food makers.

Write to Austen Hufford at austen.hufford@wsj.com

 

Stocks mentioned in the article
ChangeLast1st jan.
3M COMPANY -1.32% 158.88 Delayed Quote.-9.94%
CATERPILLAR INC. -1.02% 136.58 Delayed Quote.-7.52%
DOW INC 0.00%End-of-day quote.0.00%
DUPONT DE NEMOURS, INC. 0.64% 53.44 Delayed Quote.-16.76%
INTERNATIONAL FLAVORS & FRAGRANCES INC. -0.76% 134.84 Delayed Quote.4.51%
JOHNSON CONTROLS INTERNATIONAL PLC 0.07% 41.99 Delayed Quote.3.07%
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Financials (USD)
Sales 2020 49 632 M
EBIT 2020 7 005 M
Net income 2020 4 998 M
Debt 2020 30 719 M
Yield 2020 3,09%
P/E ratio 2020 14,7x
P/E ratio 2021 13,3x
EV / Sales2020 2,14x
EV / Sales2021 2,08x
Capitalization 75 482 M
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Mean consensus HOLD
Number of Analysts 27
Average target price 149,63  $
Last Close Price 136,58  $
Spread / Highest target 52,3%
Spread / Average Target 9,55%
Spread / Lowest Target -26,8%
EPS Revisions
Managers
NameTitle
Donald James Umpleby Chairman & Chief Executive Officer
Andrew Robert John Bonfield Chief Financial Officer
Julie A. Lagacy Chief Information Officer & Vice President
William A. Osborn Independent Director
Edward Barry Rust Independent Director
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