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  "documentTitle": "E.I. du Pont de Nemours and Company (DuPont) (DD)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
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  "presentationDate": "2015-04-22 00:00:00",
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  "notes": "The slide highlights a recurring pattern of management missing guidance despite Q1 beats.",
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      "kind": "callout",
      "text": "While Q1 EPS was above consensus, management has beaten Q1 consensus two out of the last three years, while ultimately missing Fiscal Year guidance in each of those years",
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      "text": "Organic Revenue Growth of -1% Y-O-Y\nSegment margins contracted by ~100bps\nOperating EPS decline 15% Y-O-Y (meager 1% increase, excluding currency)\nRevised full year 2015 guidance to \"low end\" of previously communicated range\nWhile Q1 EPS was above consensus, management has beaten Q1 consensus two out of the last three years, while ultimately missing Fiscal Year guidance in each of those years",
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      "text": "Operating EPS: -15%",
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      "kind": "source-note",
      "text": "Source: DuPont 4/21/15 Form 8-K and other SEC filings and Bloomberg. (1) Source: DuPont SEC filings, average of 2011-2014.",
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      "text": "Net Revenue, Adjusted Segment EBIT, Operating EPS, and growth metrics for Q1 2014 vs Q1 2015.",
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      "text": "Q1, Typically ~40% Of Fiscal Year Earnings(1), Was \"More Of The Same\"",
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