19.10.2018 04:47:10
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DowDuPont To Take $4.6 Bln Impairment Charge On Agriculture Unit
(RTTNews) - DowDuPont Inc. (DWDP) said that it is taking a $4.6 billion impairment charge, related to goodwill and other assets of its agriculture reporting unit.
DWDP closed Thursday's trading at $58.58, down $0.99 or 1.66 percent. In the after-hours, the stock further dropped $1.47 or 2.51 percent.
In response to market activity following the disclosure of a goodwill impairment related to DuPont's agriculture business, DowDuPont stated that the impairment is non-cash, reflects the effect of previously reported market conditions, and has no impact on its previously announced financial guidance for the Agriculture Division of DowDuPont for the full-year 2018. The company previously announced that it expects 2018 full-year results for its Agriculture Division to reflect flat net sales and a mid-single digits percent increase in operating EBITDA.
Earlier today, the company said, in a filing with the Securities and Exchange Commission, that it plans to take the charge for the quarter ended September 30 based on fair value assessments made at the time of the merger, which DowDuPont said it regularly reassesses in the fiscal fourth quarter.
DowDuPont said, "E. I. du Pont de Nemours and Company ("DuPont"), a subsidiary of DowDuPont, announced that it would recognize non-cash impairment charges associated with DuPont's agriculture reporting unit in the quarter ended September 30, 2018, of about $4.5 billion for goodwill and $0.1 billion for other assets."
DowDuPont said that its results of operations and financial statements for the quarter ended September 30, 2018, will not be impacted by DuPont's expected $4.5 billion goodwill impairment charge, as the fair value of DowDuPont's agriculture reporting unit, continues to exceed its carrying value at September 30, 2018.
Meanwhile, DowDuPont announced the filing of the initial Form 10 registration statement with the U.S. Securities and Exchange Commission for the separation of Corteva Agriscience, Agriculture Division of DowDuPont. Corteva Agriscience remains on track to separate from DowDuPont on June 1, 2019.
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