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DowDuPont (DWDP) reported Q3 2018 revenues of $20.12 billion, an increase of 10.0% over its pro forma revenues of $18.29 billion in Q3 2017. Analysts expected DWDP to report revenues of ~$20.21 billion. The revenue growth is significant considering the divestitures that Dow Chemical and DuPont made to facilitate the merger.
Air Products and Chemicals (APD) is expected to report revenues of $2.31 billion in the fourth quarter of the fiscal year, which represents a ~4.9% increase from to the fourth quarter of 2017, when it reported revenues of $2.20 billion. Can APD keep up its upward trend for the fourth quarter?
International Flavors and Fragrances (IFF) is expected to report an adjusted EPS of $1.54 in the third quarter—an increase of ~4.8% over its adjusted EPS of $1.47 in the third quarter of 2017. International Flavors and Fragrances’ adjusted EPS growth is expected to be driven by higher revenues, a better effective tax rate, and the expected increase in other income. International Flavors and Fragrances’ SG&A expenses for third-quarter are expected to be at $148.71, which represents 16.6% of the expected revenues.
The 13F filings on June 30 indicated that institutional investors own 70.8% of DowDuPont’s (DWDP) outstanding shares. A total of 1,922 institutions hold DowDuPont. Among the institutions, 814 increased their positions on DowDuPont, 878 reduced their positions, and 230 maintained their positions. Although more institutions sold DowDuPont, institutions bought more than the number of shares sold.
DowDuPont's Q3 Earnings: What Can Investors Expect? Dow Chemical and DuPont have divested several businesses to facilitate the merger. DowDuPont’s projected revenue growth is expected to be driven by improvements in all of its reporting segments.
On October 24, W.R. Grace (GRA) announced its regular quarterly dividend. GRA declared a dividend of $0.24 per share, implying dividend growth of 14.30% on a year-over-year basis.
LyondellBasell (LYB) is expected to report an adjusted EPS of $2.69 in the third quarter, which implies an 11.6% increase on a YoY (year-over-year) basis. In the third quarter of 2017, LyondellBasell reported an adjusted EPS of $2.41. LyondellBasell’s projected adjusted EPS growth is expected to be driven by higher revenue growth, share repurchases, improved SG&A (selling, general, and administrative) expenses as a percentage of sales and an improved cost of goods sold as a percentage of sales.
On October 22, the FTC (Federal Trade Commission) provided conditional approval of the merger of Praxair (PX) and Linde AG. It said the two companies can’t combine their commercial operations until certain US-based assets are divested. Linde is expected to complete the divestiture by January 29, 2019.
PPG Industries’ (PPG) Industrial Coatings segment is the company’s second reporting segment. It represented 40% of PPG’s total revenue in Q3 2018 compared to 39.4% in Q3 2017. It reported revenue of $1.53 billion, an increase of 2.8% over Q3 2017 with reported revenue of $1.49 billion.
Although it’s a meager revenue growth, PPG had a trend reversal for third-quarter revenues. On the other hand, the slowdown in some of its business and unfavorable foreign currency had an adverse impact on PPG’s revenue. The acquisition will complement its automotive refinishing business and could help improve its revenue growth.
Industrial gases groups Praxair and Linde won U.S. antitrust approval for their $86 billion merger on Monday, clearing the last hurdle for the deal in the nick of time. Shares in Linde jumped 4 percent, while Praxair shares were up 2.4 percent at 1335 GMT. The U.S. Federal Trade Commission said on Monday that the companies would have to divest assets in nine industrial gases product markets in United States as part of a settlement that resolves antitrust charges.