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Reports Q4 (Dec) operating earnings of $0.59 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.55; net revenues rose 5.8% year/year to $7.75 bln vs the $7.78 bln consensus.
Co issues guidance for FY14, sees operating EPS of $4.20-4.45 vs. $4.32 Capital IQ Consensus Estimate; sees FY14 revs of ~$37 bln vs. $37.99 bln Capital IQ Consensus Estimate.
FY14 Outlook Details: The outlook reflects an expectation for continuing improvement in global industrial production, lower agricultural input costs, and a slightly stronger average exchange value for the U.S. dollar. This outlook also recognizes that Agriculture earnings of ~$.09 per share that historically would have been earned in the first quarter 2014 were realized in the fourth quarter 2013 due to earlier timing of seed shipments.
"Our strong fourth quarter results reflect successful execution across the company against the backdrop of a gradually improving global economy...For the year, we delivered double-digit operating earnings growth and higher margins, aside from the substantial decline in Performance Chemicals. The improvement was driven by higher volumes, new innovative products and productivity gains."
Agriculture -- Operating earnings were $88 mln compared to a seasonal operating loss of $77 mln in last year's fourth quarter.
Performance Chemicals -- Operating earnings of $229 mln were down 3 percent as price declines for titanium dioxide and refrigerants, along with higher raw material costs, more than offset volume increases and improved plant utilization in both businesses. Titanium dioxide volume was up 18 percent from fourth quarter 2012.
Share Repurchase Program: Co also announced that its Board of Directors authorized a new $5 bln share repurchase program of the company's common stock. This program replaces the existing repurchase program. The company expects to repurchase $2 bln in 2014 with the remainder to be repurchased over time with no required completion date.