DowDuPont Inc. (NYSE:DWDP)
Although DowDuPont recorded a $1.1B benefit from the Tax Act, restructuring and goodwill impairment items of $3.11B led to a reported pro forma loss of $1.21B, or loss of $0.52 per share, in the quarter. The plan to split into three different companies post-merger was originally anticipated to take up to two years but is now expected to take between 12 and 14 months. DowDuPont also increased its expected annual cost savings by 10% to $3.3B. We really like the Chief Executive Edward Breen who has an exceptional capital allocation record and will oversee the split up of the company. Low natural gas inputs continue to be a material benefit to chemical producers.
From Jeff Auxier (Trades, Portfolio)'s first-quarter 2018 shareholder letter.