On Monday, Shares of E. I. du Pont de Nemours and Company (NYSE:DD), gained 4.60% to $74.81.
DuPont, issued the following statement in response to an April 27, 2015 report issued by Institutional Shareholder Services (ISS) regarding the election of directors to DuPont’s Board of Directors at the Company’s May 13, 2015 Annual Meeting of Shareholders.
We strongly believe ISS reached the wrong conclusion in failing to recommend that shareholders vote on the WHITE proxy card FOR all 12 of DuPont’s highly-qualified and practiced director nominees by ignoring the success of our transformative strategy and the value-destructive nature of Trian’s break up agenda, in addition to dismissing the fact that the addition of Trian’s nominees would remove critical experience from DuPont’s Board. This demonstrates a fundamental lack of understanding of our business and the needs of a global science company.
We are confident that shareholders will do their own analysis and believe they recognize that DuPont has the right strategy and right Board to continue overseeing the successful transformation of DuPont. DuPont’s shareholder returns during the last 1-year, 3-year and 5-year periods were 17%, 78% and 160%, all in excess of our proxy peers and the S&P 500. And during current administration’s tenure, DuPont has delivered total shareholder returns of 266% contrast to 159% from the S&P 500 and 133% from our proxy peers.i We also have delivered a 740 basis point expansion in segment-adjusted operating margins,ii while returning about $14 billion of capital to our shareholders since 2009. The actions the Board has taken to transform DuPont are producing results, clearly visible in the 19% adjusted operating EPS compounded annual growth rate of our ongoing, post-spin business - which translates into 188% growth in adjusted operating EPS.iii
Importantly, DuPont’s Board has the right mix of experience and skills required to lead a global science and technology company of DuPont’s scale. Each director is extremely qualified and brings unique experiences that are highly beneficial to DuPont. Unseating directors who bring important skills such as corporate governance experience, science and technology acumen, regulatory and government relations knowledge, emerging market growth experience, global manufacturing and supply chain knowledge and environmental administration experience, would deprive DuPont’s Board of critical skills that are central to DuPont’s purpose and value proposition. Furthermore, Trian has a well-known practice of establishing a ‘shadow administration’ team, which would be committed to advancing this agenda, derailing DuPont’s progress on our planned transformation plan.
We urge shareholders to protect the value of your investment and to prevent Trian from pursuing its value-destructive agenda. Please vote FOR all 12 of DuPont’s highly qualified directors on the WHITE proxy card recently: Lamberto Andreotti, Edward D. Breen, Robert A. Brown, Alexander M. Cutler, Eleuthere I. du Pont, James L. Gallogly, Marillyn A. Hewson, Lois D. Juliber, Ellen J. Kullman, Ulf M. Schneider, Lee M. Thomas and Patrick J. Ward.
E.I. du Pont de Nemours and Company operates as a science and technology based company worldwide. The company’s Agriculture segment offers corn hybrid, soybean, canola, sunflower, sorghum, inoculants, seed products, wheat, rice, herbicides, fungicides, and insecticides.
At the end of Monday’s trade, Shares of Stillwater Mining Company (NYSE:SWC), jumped 3.52% to $13.51.
Stillwater Mining Company, will release its first quarter 2015 financial results before the United States financial markets open on Wednesday, May 6, 2015. The Company will conduct a conference call to talk about results the same day at about 12:00 noon Eastern Daylight Time.
Stillwater Mining Company engages in the development, extraction, processing, smelting, and refining of platinum group metals (PGMs). It operates through Mine Production, PGM Recycling, Canadian Properties, and South American Properties segments.
Pan American Silver Corp. (NASDAQ:PAAS), ended its last trade with 3.49% gain, and closed at $9.50.
Pan American Silver, declared additional minor changes to its Stock Option and Compensation Share Plan in order to more closely align the Plan with Institutional Shareholder Services requirements.
In its information circular dated April 7, 2015, the Company revealed a number of projected changes to the Plan to be presented to shareholders at the Company’s Annual General and Special Meeting to be convened on May 11, 2015.
Pan American Silver Corp., together with its auxiliaries, operates and develops, and explores for silver producing properties and assets in Mexico, Peru, Argentina, and Bolivia. The company also produces and sells gold, zinc, lead, and copper. It holds interests in the Huaron, Morococha, Alamo Dorado, Dolores, La Colorada, Manantial Espejo, and San Vicente mines. The company was founded in 1979 and is headquartered in Vancouver, Canada.
Finally, Builders FirstSource, Inc. (NASDAQ:BLDR), closed at $13.13, with 2.62% gain.
Builders FirstSource, stated its results for the first quarter ended March 31, 2015.
First quarter highlights comprise the following (see financial plans for more information, counting non-GAAP reconciliations):
- First quarter 2015 sales raised to $371.0 million, up 7.2 percent, contrast to $345.9 million for the first quarter of 2014.
- Gross margin percentage was 22.6 percent, up 90 basis points from 21.7 percent in the first quarter of 2014.
- Adjusted EBITDA was $11.3 million, contrast to $8.6 million for the first quarter of 2014.
- Accomplished the acquisition of Timber Tech Texas, a manufacturer of roof and floor trusses, located in the San Antonio metro area. 2014 sales for Timber Tech were about $4.4 million.
- Total liquidity at March 31, 2015 was $141.2 million, counting $36.8 million of cash and $104.4 million in borrowing availability under their revolver.
Builders FirstSource, Inc. manufactures and supplies structural and related building products for residential new construction primarily in the southern and eastern United States. The company offers prefabricated components, counting floor trusses, roof trusses, wall panels, stairs, and engineered wood; and window and door products, such as aluminum and vinyl windows, and pre-hung interior and exterior doors, in addition to assembles and distributes interior and exterior door units.
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