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Featured Stories
TCC Executes Full-Building Lease at Woodland Industrial Park in Southern Washington
DALLAS, Texas, May 6 -- Trammell Crow Co., a developer and investor in commercial real estate, posted the following news release:* * *
TCC Executes Full-Building Lease at Woodland Industrial Park in southern Washington
Consolidated Supply Co. will occupy 276,092 square feet
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Trammell Crow Company (TCC), a leading commercial real estate developer, has executed a full-building lease at Woodland Industrial Park in Woodland, Washington, approximately 22 miles from Portland, Oregon. Consolidated Supply Co., a regional, family-run plumbing & water works supply company, will occupy all 276,092 ... Show Full Article DALLAS, Texas, May 6 -- Trammell Crow Co., a developer and investor in commercial real estate, posted the following news release: * * * TCC Executes Full-Building Lease at Woodland Industrial Park in southern Washington Consolidated Supply Co. will occupy 276,092 square feet * Trammell Crow Company (TCC), a leading commercial real estate developer, has executed a full-building lease at Woodland Industrial Park in Woodland, Washington, approximately 22 miles from Portland, Oregon. Consolidated Supply Co., a regional, family-run plumbing & water works supply company, will occupy all 276,092square feet of the park's East Building. The two-building, 931,186-square-foot Class-A speculative development is scheduled for delivery by fall 2026 and is approximately 30% leased.
Consolidated Supply Co. is a fourth generation, wholesale distributor founded in 1928, dedicated to serving professional plumbers, utility contractors, and municipalities throughout the Pacific Northwest. The company also operates The Fixture Gallery, a series of decorative plumbing showrooms offering premium kitchen and bath products. Headquartered in Tigard, Oregon, the company has grown from its beginnings in Portland to 22 branch locations across Oregon, Washington, and Idaho, supported by a workforce of over 500 employees. Consolidated Supply Co. provides a broad range of high quality plumbing, water works, and hydronic heating products for commercial, residential, and municipal projects, guided by a customer first philosophy.
"Consolidated Supply Co. has a long history of investing in the region we serve, and this new location in Woodland reflects our continued commitment to the Pacific Northwest. Expanding our distribution footprint allows us to improve service levels, streamline logistics, and enhance the extraordinary service our customers expect from us," said Karla Neupert Hockley, Chairman and CEO, Consolidated Supply Co.
Located at 345 N. Pekin Road, Woodland Industrial Park is being built on a 66-acre site less than two miles from Interstate 5, the main arterial highway that connects many major West Coast cities. The project will include two buildings: the East Building, which Consolidated Supply Co. occupies, and a 655,094-square-foot cross-dock warehouse with a 40-foot clear height and 130 trailer parking stalls. Mackenzie designed Woodland Industrial Park, while Sierra Construction is serving as the project's general contractor. Capacity Commercial Group is marketing the development for sale and lease and represented TCC in lease negotiations. Consolidated Supply Co. was represented by Stu Peterson of Macadam Forbes.
"We're excited to welcome Consolidated Supply Co. to Woodland Industrial Park, which underscores both the strength of this project and the continued demand for well located, modern industrial space," said Kirk Olsen, Principal with TCC in Portland. "This project offers the features companies are prioritizing today--efficient building design, strong access to regional transportation networks like I-5, and the flexibility to support long term operational growth--making it an attractive solution for users looking to establish a lasting presence in the market."
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Trammell Crow Company
Trammell Crow Company (TCC) is a leading commercial real estate developer and wholly-owned subsidiary of CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas. Founded in 1948, TCC has developed or acquired 3,000 buildings valued at $90 billion spanning more than 700 million square feet. As of March 31, 2026, TCC had nearly $30 billion of projects in process or its pipeline. With approximately 465 employees throughout the United States and Europe in 26 offices, the company serves users of and investors in office, industrial/logistics, healthcare, life science, data center, mixed-use, and multifamily projects through its residential subsidiary, High Street Residential. For more information visit www.TrammellCrow.com.
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Original text here: https://www.trammellcrow.com/newsroom/tcc-executes-full-building-lease-at-woodland-industrial-park-in-southern-washington
[Category: BizReal Estate]
Skanska Breaks Ground on Texas A&M University's New Meat Science & Technology Building
NEW YORK, May 6 -- Skanska, a construction and development company, issued the following news release:* * *
Skanska Breaks Ground on Texas A&M University's New Meat Science & Technology Building
COLLEGE STATION, TX -- Skanska, one of the world's leading construction and development firms, celebrates the groundbreaking of the $133.4 million AgriLife Meat Science & Technology Building, a new 85,600-square-foot facility at Texas A&M University in College Station, Texas.
The new building will provide Texas A&M AgriLife, the research and educational agency of the Texas A&M University System, with ... Show Full Article NEW YORK, May 6 -- Skanska, a construction and development company, issued the following news release: * * * Skanska Breaks Ground on Texas A&M University's New Meat Science & Technology Building COLLEGE STATION, TX -- Skanska, one of the world's leading construction and development firms, celebrates the groundbreaking of the $133.4 million AgriLife Meat Science & Technology Building, a new 85,600-square-foot facility at Texas A&M University in College Station, Texas. The new building will provide Texas A&M AgriLife, the research and educational agency of the Texas A&M University System, withmodern, state-of-the-art processing capabilities to strengthen the teaching, research, extension and industry engagement for the meat science program in addition to the Department of Poultry Science.
The facility will serve as a cornerstone of a future agriculture district on West Campus, bringing one of Texas A&M's most hands-on, industry-facing programs closer to students, faculty and partners. The facility will feature updated labs, classrooms, processing space and public-facing capabilities. A retail outlet will also provide a public storefront for products developed at the center.
"This facility represents a major investment in the future of food and agriculture," said Dennis Yung, executive vice president - general manager for Skanska USA Building in Texas. "We're proud to support Texas A&M AgriLife's efforts to prepare students for leadership roles in a highly complex, evolving industry while creating a space that brings research, education and real world application together."
"Texas A&M AgriLife is already the nation's most comprehensive agricultural program and home to the largest agricultural college," said Jeffrey W. Savell, Ph.D., vice chancellor and dean of Agriculture and Life Sciences. "This agriculture district ensures we use that scale to deliver solutions that matter -- advancing agriculture not just in size or reputation, but in impact for Texas and the world."
Designed as a next-generation applied research facility, the building will support hands-on education, applied research and industry engagement for students in food safety, meat processing and agricultural innovation while reinforcing Texas A&M's position as a national leader in meat science.
Texas A&M's meat science program in the Department of Animal Science dates back to 1926 and has long been a national leader in meat production, processing and food safety.
Construction is expected to be completed in 2028.
Skanska has been building for Texas A&M University since 2009, and recently completed the Wayne Roberts '85 Building, a centerpiece of Texas A&M's Mays Business School, in early 2025.
Skanska Breaks Ground on Texas A&M University's New Meat Science & Technology Building (https://services.files.skanska.com/file/download/c2003156-679b-4bab-a891-2f39b8099629.1)
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Original text here: https://www.usa.skanska.com/who-we-are/media/press-releases/306565/Skanska-Breaks-Ground-on-Texas-A-M-Universitys-New-Meat-Science--Technology-Building/
[Category: BizConstruction]
Morgan Stanley: Defining Moments Are Forcing Family Offices to Institutionalize
NEW YORK, May 6 (TNSrep) -- Morgan Stanley, a multinational financial services corporation, issued the following news release:* * *
Defining Moments Are Forcing Family Offices to Institutionalize
Morgan Stanley's From Vision to Structure: Architecting a Family Office finds liquidity events, generational change and talent risk are accelerating a shift toward institutional grade models
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Family offices are increasingly operating like institutions as key events such as liquidity events expose the limits of informal governance and concentrated decision making, according to a new Morgan Stanley ... Show Full Article NEW YORK, May 6 (TNSrep) -- Morgan Stanley, a multinational financial services corporation, issued the following news release: * * * Defining Moments Are Forcing Family Offices to Institutionalize Morgan Stanley's From Vision to Structure: Architecting a Family Office finds liquidity events, generational change and talent risk are accelerating a shift toward institutional grade models * Family offices are increasingly operating like institutions as key events such as liquidity events expose the limits of informal governance and concentrated decision making, according to a new Morgan StanleyWealth Management report, From Vision to Structure: Architecting a Family Office.
Family offices most often professionalize in response to disruption rather than through gradual planning. Liquidity events, generational wealth transfers and leadership turnover frequently create pressure points that demand more formal governance, operational discipline and risk management.
"Many families are reassessing what truly needs to be built internally within a family office versus where scale and strategic partnerships can add value and simplify structure," said Stephanie Crombie, Managing Director and Co-Head of Morgan Stanley Family Office. "Access to institutional infrastructure, and specialized guidance and investment capabilities can help reduce operational burden, mitigate key person risk and position family offices to adapt as needs evolve over time."
Liquidity events such as business sales, IPOs and concentrated capital inflows are among the strongest catalysts identified. These moments often coincide with shifts in investment philosophy and require tighter oversight, documentation and controls to manage complexity at scale. Generational transitions represent another inflection point. As assets move across family branches and age cohorts, decision making authority can diffuse, governance structures are tested and education gaps emerge. These typically prompt families to formalize frameworks that previously relied on trust and proximity.
The report also highlights key person risk as a significant vulnerability. The loss or departure of a chief investment officer, chief financial officer or executive director can disrupt operations, undermine institutional memory and expose governance gaps particularly where responsibilities are highly concentrated.
"Institutionalization is not about ceding control," said Stephen Wronski, Managing Director and Co-Head of Morgan Stanley Family Office. "It's about building systems that allow decision-making autonomy to persist across market cycles, leadership changes and generations." Many family offices are adopting hybrid operating models. These structures retain strategic decision making in house while relying on institutional partners for execution, reporting, technology and specialized expertise allowing families to scale without building large internal teams or assuming additional operational risk.
The findings reflect a clear shift: family offices are increasingly functioning as enduring institutions, responsible not only for investment performance but also for governance, continuity and multigenerational alignment.
From Vision to Structure: Architecting a Family Office is available at www.morganstanley.com/msfo
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About Morgan Stanley Wealth Management
Morgan Stanley Wealth Management, a global leader, provides access to a wide range of products and services to individuals, businesses and institutions, including brokerage and investment advisory services, financial and wealth planning, cash management and lending products, annuities and insurance, retirement and trust services.
Morgan Stanley (NYSE MS) is a leading global financial services firm providing investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For more information, visit www.morganstanley.com.
All opinions included in this material constitute the Firm's judgment as of the date of this material and are subject to change without notice. This material was not prepared by the research departments of Morgan Stanley & Co. LLC or Morgan Stanley Smith Barney LLC. This material has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. It does not provide investment or trading advice. This is not an offer to sell or a solicitation of an offer to buy securities, products or services, by any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. Not all products and services are available in all jurisdictions or countries.
Morgan Stanley Smith Barney LLC ("Morgan Stanley"), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
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Original text here: https://www.morganstanley.com/press-releases/defining-moments-are-forcing-family-offices-to-institutionalize0
[Category: BizFinancial Services]
Gartner Says Autonomous Business and AI Layoffs May Create Budget Room, But Do Not Deliver Returns
STAMFORD, Connecticut, May 6 (TNSrep) -- Gartner, an information technology research and advisory company, issued the following news release:* * *
Gartner Says Autonomous Business and AI Layoffs May Create Budget Room, but Do Not Deliver Returns
Organizations Should Invest in the Skills, Roles and Operating Structures that Let People Guide, Govern, Expand and Transition to Autonomous Capabilities
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Among organizations piloting or deploying autonomous business capabilities, approximately 80% report workforce reductions, according to a survey by Gartner, Inc., a business and technology insights ... Show Full Article STAMFORD, Connecticut, May 6 (TNSrep) -- Gartner, an information technology research and advisory company, issued the following news release: * * * Gartner Says Autonomous Business and AI Layoffs May Create Budget Room, but Do Not Deliver Returns Organizations Should Invest in the Skills, Roles and Operating Structures that Let People Guide, Govern, Expand and Transition to Autonomous Capabilities * Among organizations piloting or deploying autonomous business capabilities, approximately 80% report workforce reductions, according to a survey by Gartner, Inc., a business and technology insightscompany. However, those reductions do not appear to translate into return on investment (ROI).
The survey found that workforce reduction rates were nearly equal among respondents reporting higher ROI from autonomous technologies and those experiencing only modest gains or negative outcomes.
Gartner surveyed 350 global business executives in the third quarter of 2025 to understand the current state of autonomous business at enterprises. Qualifying organizations reported enterprisewide annual revenue of at least $1 billion or equivalent, and they had been piloting or had already deployed at least one of the following: AI agents, intelligent automation or autonomous technologies.
Using technologies such as AI agents, intelligent automation, RPA, digital twins and tokenized assets, autonomous business will move organizations from simple augmentation and automation to true autonomy, where both machines and people have more autonomy. This does not mean humanless business; rather, it means human-amplified business.
"Many CEOs turn to layoffs to demonstrate quick AI returns; however, this disposition is misplaced," said Helen Poitevin, Distinguished VP Analyst at Gartner. "Workforce reductions may create budget room, but they do not create return. Organizations that improve ROI are not those that eliminate the need for people, but those that amplify them by aggressively investing more in skills, roles and operating models that allow humans to guide and scale autonomous systems."
Long Term: Autonomous Business Will Create More Work for Humans
Autonomous business will continue to increase with the growing adoption of AI agents. Gartner forecasts AI agent software spending will reach $206.5 billion in 2026 and $376.3 billion in 2027. This is up from $86.4 billion in 2025.
Because autonomy will increase for both machines and people, and the need for people will go up, not down, Gartner predicts that autonomous business will be a net-positive job creator by 2028 to 2029, driven by new forms of work that AI cannot absorb.
"Long term, autonomous business will create more work for humans, not less. Lasting structural factors such as demographic decline and high-stakes, trust-dependent consumer moments will ensure human talent remains central to running, governing and scaling autonomous business," said Poitevin.
Gartner clients can read more in AI Layoffs Aren't Paying Off; People Amplification Is (https://www.gartner.com/document-reader/document/7688625?ref=solrResearch&refval=550232221&).
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Gartner is the World Authority on AI
Gartner is the indispensable partner to C-Level executives and technology providers as they implement AI strategies to achieve their mission-critical priorities. The independence and objectivity of Gartner insights provide clients with the confidence to make informed decisions and unlock the full potential of AI. Clients across the C-Level are using Gartner's proprietary AskGartner AI tool to determine how to leverage AI in their business. With more than 2,500 business and technology experts, 6,000 written insights, as well as more than 4,000 AI use cases and case studies, Gartner is the world authority on AI. More information can be found here.
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Gartner IT Symposium/Xpo
Additional leadership trends will be presented during Gartner IT Symposium/Xpo, the world's most important conference for CIOs and other IT executives. Gartner analysts and attendees will explore how to become agents of change in their organizations and harness AI for successful digital transformation. Follow news and updates from the conferences on X and LinkedIn using #GartnerSYM, and on the Gartner Newsroom.
Upcoming dates and locations for Gartner IT Symposium/Xpo include:
September 14-16, 2026 | Gold Coast, Australia
October 19-22, 2026 | Orlando, FL
November 4-6, 2026 | Yokohama, Japan
November 9-12, 2026 | Barcelona, Spain
November 16-18, 2026 | Kochi, India
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About Gartner for Information Technology Executives
Gartner for Information Technology Executives provides actionable, objective insight to CIOs and IT leaders to help them drive their organizations through digital transformation and lead business growth. Additional information is available at www.gartner.com/en/information-technology.
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Original text here: https://www.gartner.com/en/newsroom/press-releases/2026-05-05-gartner-says-autonomous-business-and-artificial-intelligence-layoffs-may-create-budget-room-but-do-not-deliver-returns
[Category: BizConsulting]
DuPont Reports First Quarter 2026 Results
WILMINGTON, Delaware, May 6 -- DuPont issued the following news release:* * *
DuPont Reports First Quarter 2026 Results
Exceeds First Quarter 2026 Guidance
Raises Full Year 2026 Guidance
First Quarter 2026 Highlights
* Net Sales of $1.7 billion increased 4%; organic sales increased 2% versus year-ago period
* GAAP Income from continuing operations of $150 million; operating EBITDA of $414 million
* GAAP EPS from continuing operations of $0.36; adjusted EPS of $0.55
* Cash provided by operating activities from continuing operations of $232 million; transaction-adjusted free cash flow ... Show Full Article WILMINGTON, Delaware, May 6 -- DuPont issued the following news release: * * * DuPont Reports First Quarter 2026 Results Exceeds First Quarter 2026 Guidance Raises Full Year 2026 Guidance First Quarter 2026 Highlights * Net Sales of $1.7 billion increased 4%; organic sales increased 2% versus year-ago period * GAAP Income from continuing operations of $150 million; operating EBITDA of $414 million * GAAP EPS from continuing operations of $0.36; adjusted EPS of $0.55 * Cash provided by operating activities from continuing operations of $232 million; transaction-adjusted free cash flowof $147 million
* Completed the previously announced divestiture of the Aramids business on April 1st
* Announces $275 million accelerated share repurchase expected to be launched imminently
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DuPont (NYSE: DD) announced its financial results(1) for the first quarter ended March 31, 2026 and raised financial guidance for the full year 2026.
"We delivered a strong start to the year, exceeding our financial guidance through disciplined commercial and operational execution" said Lori Koch, DuPont Chief Executive Officer. "Our teams remained focused on our customers and delivered organic growth, margin expansion, and double-digit adjusted EPS growth, along with solid cash flow generation in the quarter."
"Our strategic priorities are clear and we remain focused on value creation by serving our customers, driving commercial and operational excellence and allocating capital thoughtfully to deliver consistent performance to our shareholders," Koch concluded.
Table: First Quarter 2026 Consolidated Results(1)
Net sales
* Net sales were up 4% on a 2% increase in organic sales and a 2% currency benefit.
* 3% organic sales growth in Healthcare & Water Technologies; about flat organic sales growth in Diversified Industrials.
GAAP Income from continuing operations
* GAAP Income/GAAP EPS from continuing operations improved on higher segment earnings and lower interest expense, partially offset by the absence of a prior year gain on interest rate swaps.
Operating EBITDA
* Operating EBITDA increased on organic growth, favorable mix and productivity.
Adjusted EPS
* Adjusted EPS increased on higher segment earnings and lower interest expense, corporate costs and tax rate.
Cash provided by operating activities from continuing operations
* Cash provided by operating activities from continuing operations in the quarter of $232 million, capital expenditures of $102 million and separation-related transaction costs and other payments of $17 million resulted in transaction-adjusted free cash flow and related conversion of $147 million and 65%, respectively.
Table: First Quarter 2026 Segment Highlights
Net sales
* Net sales increased 6% on organic sales growth of 3% and a currency benefit of 3%.
- Healthcare Technologies sales up high-single digits on an organic basis on broad-based growth led by medical packaging and biopharma.
- Water Technologies sales down low to mid-single digits on an organic basis as strength in industrial water and microelectronics markets were more than offset by logistics disruptions in the Middle East.
Operating EBITDA
* Operating EBITDA increased on organic growth and productivity.
* Operating EBITDA margin of 30.3% increased 110 basis points on organic growth, favorable mix and productivity
Table: Diversified Industrials
Net sales
* Net sales increased 3% on a currency benefit of 3%. Organic sales were about flat in the quarter.
- Building Technologies sales down low-single digits on an organic basis from ongoing weakness in construction markets.
- Industrial Technologies sales up low-single digits on an organic basis on strength in aerospace and automotive, partially offset by declines in the printing and packaging businesses. Operating EBITDA
* Operating EBITDA increased on favorable mix and productivity.
* Operating EBITDA margin of 22.9% increased 110 basis points on favorable mix and productivity.
Table: 2026 Financial Outlook
"For the second quarter 2026, we estimate net sales of about $1.8 billion, operating EBITDA of about $430 million and adjusted EPS of approximately $0.59 per share," said Antonella Franzen, DuPont Chief Financial Officer. "Our second quarter guidance estimates organic sales growth of about 3%, with currency a slight tailwind in the quarter."
"We are raising our full year 2026 guidance given our strong start to the year and the interest income benefit from the Aramids transaction. In addition, our full year net sales guidance now assumes about 4% organic growth including about 1% of pricing due to actions taken to fully offset higher input costs related to the Middle East conflict," Franzen concluded.
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Conference Call
The Company will host a live webcast of its quarterly earnings conference call with investors to discuss its results and business outlook beginning today at 8:00 a.m. ET. The slide presentation that accompanies the conference call will be posted on the DuPont's Investor Relations Events and Presentations page. A replay of the webcast also will be available on the DuPont's Investor Relations Events and Presentations page following the live event.
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About DuPont
DuPont (NYSE: DD) is a global innovation leader, providing advanced solutions that help transform industries and improve everyday life across our key markets of healthcare, water, construction, and industrial. More information about the company, its businesses and solutions can be found at www.dupont.com. Investors can access information included on the Investor Relations section of the website at investors.dupont.com.
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Overview
On April 1, 2026, DuPont completed the sale of the Aramids business (the "Aramids Business" and the divestiture of the Aramids Business, the "Aramids Divestiture") to Arclin, a portfolio company of an affiliate of TJC LP, ("TJC"), for pre-tax cash proceeds of approximately $1.2 billion, subject to customary transaction adjustments, a note receivable in the principal amount of $300 million and a non-controlling common equity interest (the "Aramids Equity Consideration"), valued at $325 million, in New Arclin U.S. Holding Corp., which now owns the Arclin global materials business and the Aramids Business. The financial results of the divested Aramids Business are reflected in DuPont's interim Consolidated Financial Statements as discontinued operations, along with comparative periods.
On March 18, 2026, the Company announced that it plans to seek approval at its 2026 Annual Meeting of Stockholders for an amendment to the Company's Third Amended and Restated Certificate of Incorporation (the "Certificate of Incorporation") to effect, at the discretion of DuPont's Board of Directors (the "Board of Directors"), a reverse stock split of the Company's common stock, par value $0.01 per share, at a ratio of not less than 1-for-2 or more than 1-for-4, with the exact ratio to be determined by the Board of Directors at a later date (the "Intended Reverse Stock Split"). If and when the Intended Reverse Stock Split is effected, the Certificate of Incorporation will also be amended to reflect a corresponding reduction in the number of authorized shares of the Company's common stock by the selected reverse stock split ratio. The interim Consolidated Financial Statements have not been retrospectively adjusted to reflect the Intended Reverse Stock Split, which remains subject to stockholder approval.
On November 1, 2025, DuPont completed the separation of its semiconductor and interconnect solutions businesses (the "Electronics Business" and the separation of the Electronics Business, the "Electronics Separation") into an independent public company, Qnity Electronics, Inc. ("Qnity"), by way of the distribution to DuPont's stockholders of record as of October 22, 2025 of all the issued and outstanding common stock of Qnity on November 1, 2025 (the "Qnity Distribution"). As a result, the financial results of the divested Electronics Business, are reflected in the comparative period of DuPont's interim Consolidated Financial Statements as discontinued operations.
Non-GAAP Financial Measures
Unless otherwise indicated, all financial metrics presented reflect continuing operations only.
This communication includes information that does not conform to accounting principles generally accepted in the United States of America ("U.S. GAAP") and are considered non-GAAP measures. Management uses these measures internally for planning, forecasting and evaluating the performance of the Company, including allocating resources. DuPont's management believes these non-GAAP financial measures are useful to investors because they provide additional information related to the ongoing performance of DuPont to offer a more meaningful comparison related to future results of operations. These non-GAAP financial measures supplement disclosures prepared in accordance with U.S. GAAP, and should not be viewed as an alternative to U.S. GAAP. Furthermore, such non-GAAP measures may not be consistent with similar measures provided or used by other companies. Reconciliations for these Non-GAAP measures to U.S. GAAP are provided in the Selected Financial Information and Non-GAAP Measures starting on page 12. Non-GAAP measures included in this communication are defined below. The Company has not provided forward-looking U.S. GAAP financial measures or a reconciliation of forward-looking non-GAAP financial measures to the most comparable U.S. GAAP financial measures on a forward-looking basis because the Company is unable to predict with reasonable certainty the ultimate outcome of certain future events. These events include, among others, the impact of portfolio changes, including asset sales, mergers, acquisitions, and divestitures; contingent liabilities related to litigation, environmental and indemnifications matters; impairments and discrete tax items. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP results for the guidance period.
Key Terms
Significant Items
Significant items are items that arise outside the ordinary course of business for the Company and includes items for nonconsolidated affiliates, that the Company's management believes may cause misinterpretation of underlying business and investment performance, both historical and future, based on a combination of some or all of the item's size, unusual nature and infrequent occurrence. Management classifies as significant items certain costs and expenses associated with integration and separation activities related to transformational acquisitions and divestitures as they are considered unrelated to ongoing business performance. There were no significant items associated with nonconsolidated affiliates recorded for the three month periods ended March 31, 2026 and March 31, 2025.
Future Reimbursable Indirect Costs
Indirect costs, such as those related to corporate and shared service functions previously allocated to the separated Electronics Business and Aramids Business, do not meet the criteria for discontinued operations and are reported within continuing operations in all respective periods presented. The Company has, is, will or expects to be reimbursed in accordance with the applicable transition service agreements ("TSAs") for the portion of indirect costs related to activities the Company is, will or expects to undertake on a transitional basis to support a) Qnity not beyond year end 2027 for services and 2040 for site leases and, b) the Aramids Business post the intended Aramids Divestiture, but not beyond 2028 (such indirect costs "Future Reimbursable Indirect Costs"). Services provided and costs reimbursed in accordance with the applicable TSAs include but are not limited to, costs associated with information technology services/support, product stewardship and regulatory support, facilities services, and shared property lease costs.
Future Reimbursable Indirect Costs do not meet the criteria for discontinued operations and therefore are included in both GAAP Net Income from Continuing Operations and in GAAP Cash provided by operating activities-continuing operations for all periods presented. Future Reimbursable Indirect Costs are excluded from Adjusted Earnings, Operating EBITDA and Transaction-Adjusted Free Cash Flow, each defined below. Such indirect costs that are not subject to future reimbursement are reported within continuing operations in Corporate and are included within Adjusted Earnings, Operating EBITDA, and Cash provided by operating activities-continuing operations.
Corporate DDOB Remediation Costs
Corporate DDOB Remediation Costs are environmental remediation costs, including certain investigate, remediate and restoration costs, associated with discontinued or divested operations, businesses or product lines ("Corporate DDOB Remediation Costs"). DDOB Remediation Costs are excluded from Adjusted Earnings and Operating EBITDA, as defined below, to provide better insight into the underlying business performance of the Company.
Non-GAAP Measure Definitions
Organic Sales
Organic Sales is defined as net sales excluding the impacts of currency and portfolio.
Adjusted Earnings
Adjusted Earnings is defined as income from continuing operations excluding the after-tax impact of significant items, after-tax impact of amortization expense of intangibles, the after-tax impact of non-operating pension / other post employment benefits ("OPEB") credits / costs, Future Reimbursable Indirect Costs and Corporate DDOB Remediation Costs.
Adjusted Earnings is the numerator used in the calculation of Adjusted EPS, as well as the denominator in Adjusted Free Cash Flow Conversion.
Adjusted EPS
Adjusted EPS is defined as Adjusted Earnings per common share - diluted. Management estimates amortization expense in 2026 associated with intangibles to be about $275 million on a pre-tax basis, or approximately $0.51 per share.
Operating EBITDA, EBITDA Margin & Incremental Margin
The Company's measure of profit/loss for segment reporting purposes is Operating EBITDA as this is the manner in which the Company's chief operating decision maker ("CODM") assesses performance and allocates resources. The Company defines Operating EBITDA as earnings (i.e., "Income from continuing operations before income taxes") before interest, depreciation, amortization, nonoperating pension / OPEB benefits / charges, and foreign exchange gains / losses, excluding Future Reimbursable Indirect Costs, Corporate DDOB Remediation Costs, and adjusted for significant items. Reconciliations of these measures are provided on the following pages.
Operating EBITDA Margin is defined as Operating EBITDA divided by Net Sales.
Incremental Margin is the change in Operating EBITDA divided by the change in Net Sales for the applicable period.
Adjusted Free Cash Flow & Adjusted Free Cash Flow Conversion
Adjusted Free Cash Flow is defined as cash provided by/used for operating activities from continuing operations less capital expenditures and excluding the impact of cash inflows/outflows that are unusual in nature and/or infrequent in occurrence that neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business liquidity. As a result, Adjusted Free Cash Flow represents cash that is available to the Company, after investing in its asset base, to fund obligations using the Company's primary source of liquidity, cash provided by operating activities from continuing operations. Management believes Adjusted Free Cash Flow, even though it may be defined differently from other companies, is useful to investors, analysts and others to evaluate the Company's cash flow and financial performance, and it is an integral measure used in the Company's financial planning process. Management notes that there were no exclusions for items that are unusual in nature and/or infrequent in occurrence for the three month period ended March 31, 2026.
Adjusted Free Cash Flow Conversion is defined as Adjusted Free Cash Flow divided by Adjusted Earnings. Management uses Adjusted Free Cash Flow Conversion as an indicator of our ability to convert earnings to cash.
Transaction Adjusted Free Cash Flow & Transaction Adjusted Free Cash Flow Conversion
Management believes supplemental non-GAAP financial measures including Transaction-Adjusted Free Cash Flow and TransactionAdjusted Free Cash Flow Conversion (each defined below) provide an integral view of information on the Company's underlying business performance during this period of transformational change. Management believes the Electronics Separation and Aramids Divestiture collectively represent a significant transformational change for the Company and separation-related transaction cost payments impact comparability to the Company's continuing operations. Management believes Transaction-Adjusted Free Cash Flow, which may be defined differently from other companies, is useful to investors, analysts and others to evaluate the Company's cash flow and financial performance, and it is an integral measure used in the Company's financial planning process. These non-GAAP financial measures are not intended to represent residual cash flow for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements, are not deducted from the measure.
Transaction-Adjusted Free Cash Flow is defined as cash provided by/used for operating activities from continuing operations less capital expenditures and removing the impact of separation-related transaction costs and other payment and cash inflows/outflows that are unusual in nature and/or infrequent in occurrence that neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business liquidity.
Transaction-Adjusted Free Cash Flow Conversion is defined as Transaction-Adjusted Free Cash Flow excluding separation-related transaction costs, divided by Adjusted Earnings.
Separation-related transaction costs and other payments include cash outflows directly associated with the Electronics Separation and the Aramids Divestiture. These costs include advisor and banking fees, payments related to establishing a new capital structure (including fees associated with interest rate swaps), capital expenditures required to facilitate physical asset separation, restructuring payments associated with senior leadership, and Future Reimbursable Indirect Costs, among other expenditures.
Future Reimbursable Indirect Costs are excluded from Adjusted Earnings and Operating EBITDA. To provide comparable data analysis, the Company has also adjusted payments associated with Future Reimbursable Indirect Costs within Separation-related transaction costs and other payments. This adjustment is intended to provide insight into the Company's underlying business performance. For the three months ended March 31, 2026, the Company adjusted $8 million associated with Future Reimbursable Indirect Costs within Separation-related transaction costs and other payments.
Additionally, $3 million was reflected in Separation-related transaction costs and other payments for the three month period ended March 31, 2026, respectively, for capital expenditures incurred to complete the physical separation of shared locations.
Finally, $6 million of restructuring and short-term incentive program payments to former senior leadership were reflected in Separationrelated transaction costs and other payments for the three month period ended March 31, 2026. These payments were reflected in other cash payments as they related to the establishment of the post-spin leadership structure.
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Cautionary Statement Regarding Forward-looking Statements
Certain statements in this release may be considered forward-looking statements, within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements often contain words such as "expect", "anticipate", "intend", "plan", "believe", "seek", "see", "will", "would", "target", "outlook", "stabilization", "confident", "preliminary", "initial", "continue", "may", "could", "project", "estimate", "forecast" and similar expressions and variations or negatives of these words. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements address matters that are, to varying degrees, uncertain and subject to risks, uncertainties, and assumptions, many of which are beyond DuPont's control, that could cause actual results to differ materially from those expressed in any forward-looking statements.
Forward-looking statements are not guarantees of future results. Some of the important factors that could cause DuPont's actual results to differ materially from those projected in any such forward-looking statements include, but are not limited to (i) the ability to realize the intended benefits of the Electronics Separation and the Qnity Distribution, including achievement of the intended tax treatment, contractual allocation to, and assumption by Qnity of certain liabilities, including certain legacy liabilities with respect to per- and polyfluoroalkyl substances ("PFAS") and the possibility of disputes, litigation or unanticipated costs in connection with the Electronics Separation and Qnity Distribution; (ii) the impact of the Aramids Divestiture on DuPont's balance sheet, financial condition and future results of operations; (iii) risks and costs related to the impact of the arrangement to share future eligible PFAS costs by and among DuPont, Corteva, Inc. and The Chemours Company, including the outcome of pending or future litigation related to PFAS or PFOA, which includes personal injury claims and natural resource damages claims; the extent and cost of ongoing and potential future remediation obligations; and changes in laws and regulations applicable to PFAS chemicals; (iv) the failure to realize expected benefits and effectively manage and achieve anticipated synergies and operational efficiencies in connection with the Electronics Separation, the Aramids Divestiture and completed and future, if any, divestitures, mergers, acquisitions, and other portfolio management, productivity and infrastructure actions; (v) risks and uncertainties that are outside the Company's control but adversely impact the overall environment in which DuPont, its customers and/or its suppliers operate, including changes in economic, political, regulatory, international trade, geopolitical, military conflicts, capital markets and other external conditions, including pandemics and responsive actions, as well as natural and other disasters or weather-related events; (vi) the ability to offset increases in cost of inputs, including raw materials, energy and logistics; (vii) the risks and uncertainties associated with continuing or expanding geopolitical conflicts or trade disputes or restrictions and responsive actions, new or increased tariffs or export controls, including on exports to China of U.S.-regulated products and technology; (viii) other risks to DuPont's business and operations, including the risk of impairment; (ix) risks and uncertainties in connection with completing the $2 billion share buyback announced on November 6, 2025, including timeline, associated costs and the possibility that the authorization may be suspended or discontinued prior to completion; (x) the ability to implement, and realize the intended benefits of, the Intended Reverse Stock Split; (xi) the impact of the invalidation of certain tariffs imposed under the International Emergency Economic Powers Act and (xii) other risk factors discussed in DuPont's most recent annual report on Form 10-K, and subsequent quarterly reports on Form 10-Q and current reports on Form 8-K filed with the U.S. Securities and Exchange Commission.
Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business or supply chain disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on DuPont's consolidated financial condition, results of operations, credit rating or liquidity. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. DuPont assumes no obligation to publicly provide revisions or updates to any forward-looking statements whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.
Table: Consolidated Statements of Operations
Table: Condensed Consolidated Balance Sheets
Table: Consolidated Statement of Cash Flows
Table: Select Segment Information and Non-GAAP Measures
Table: Selected Financial Information and Non-GAAP Measures
Table: Selected Financial Information and Non-GAAP Measures
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Original text here: https://www.dupont.com/content/dam/dupont/amer/us/en/news/corporate/documents/1Q26-DuPont-Earnings-Final.pdf
[Category: BizLaboratory Sciences]
Continuation Vehicle Terms Remain Stable After Record Year For Global Secondaries Transactions, Morgan Lewis 2026 Study Reveals
PHILADELPHIA, Pennsylvania, May 6 (TNSrep) [Category: BizLaw/Legal] -- Morgan Lewis, a law firm, issued the following news release:* * *
Continuation Vehicle Terms Remain Stable After Record Year For Global Secondaries Transactions, Morgan Lewis 2026 Study Reveals
Continuation vehicles are a permanent and evolving feature of the private markets landscape, according to findings from Morgan Lewis's Annual Continuation Vehicles Report 2026, which offers a comprehensive analysis of how continuation vehicles (CVs) are being structured and executed.
Morgan Lewis has one of the largest and most sophisticated ... Show Full Article PHILADELPHIA, Pennsylvania, May 6 (TNSrep) [Category: BizLaw/Legal] -- Morgan Lewis, a law firm, issued the following news release: * * * Continuation Vehicle Terms Remain Stable After Record Year For Global Secondaries Transactions, Morgan Lewis 2026 Study Reveals Continuation vehicles are a permanent and evolving feature of the private markets landscape, according to findings from Morgan Lewis's Annual Continuation Vehicles Report 2026, which offers a comprehensive analysis of how continuation vehicles (CVs) are being structured and executed. Morgan Lewis has one of the largest and most sophisticatedglobal secondaries practices, with over 100 lawyers regularly advising sponsors, secondary buyers, and investors on the full spectrum of private fund transactions worldwide. This report draws on a combination of data gathered from a broad review of legal terms across 169 CVs over a five-year period (Q1 2021-Q1 2026) and the secondaries market experience of Morgan Lewis attorneys.
It charts the rise of CVs from three interrelated perspectives: the sponsor, the lead investor, and the existing investor, and aims to provide a more grounded and practical framework for understanding continuation vehicles and how they function in today's market.
Overview of the current landscape:
* 97% of CVs charge a management fee of 1% or less
* 49% of CVs have a stepdown of management fees on an extension to the initial term
* 79% of CVs include a tiered carry with 60% adopting both internal rate of return (IRR) and multiple on invested capital (MoIC) return thresholds
* 74% of CVs have a five-year initial term with 92% of CVs providing for up to two years of term extensions
* 64% of CVs include key person provisions
Ted Craig, Partner at Morgan Lewis in London, commented: "2025 was a record year for global secondaries transactions, with CVs estimated to represent at least a fifth of private market distributions in 2026. Drawing on our own deal data and deal experience, our findings signal a mature, growth-oriented market, revealing how sponsors are using CVs strategically to not only provide much-needed liquidity, but to fuel value creation."
Joe Zargari, Partner at Morgan Lewis in New York, added: "In the past, CVs were typically reserved for use in end-of-life situations and, while that is still common, our report reveals how they are also fast becoming mainstream tools to provide liquidity during a fund's life with the goal of reconciling sponsor, secondary buyer, and existing LP objectives. With competition for lead investor positions intensifying, we're also seeing a shift to co-lead structures becoming more common, with a focus on sponsor alignment and rollover, minimum capacity rights, and resetting of economics, as well as governance protections."
Tayne Rankine, Partner at Morgan Lewis in London, concluded: "Our report indicates that while market practice has generally converged, there remain significant elements of variability reflecting the bespoke nature of every transaction. For existing investors, LP expectations increasingly focus on transparency, conflict mitigation, and balanced election mechanics. As this market continues to develop, it's clear CVs must be defensible, executable, and sustainable to withstand LP, regulatory, and market scrutiny."
About the Annual Continuation Vehicles Report 2026 (https://www.morganlewis.com/pubs/2026/05/annual-continuation-vehicles-report-2026-perspectives)
The report analysed 169 CVs ranging in size from $150 million to $4.67 billion that the Morgan Lewis team advised between Q1 2021 to Q1 2026.
It draws on a combination of data gathered from a broad review of CV legal terms and secondaries market experience of Morgan Lewis attorneys.
Morgan Lewis's sophisticated global secondaries team advises sponsors, secondary buyers, and investors on the full spectrum of private fund transactions worldwide.
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Original text here: https://www.morganlewis.com/news/2026/05/continuation-vehicle-terms-remain-stable-after-record-year-for-global-secondaries-transactions-morgan-lewis-2026-study-reveals
'Rhythm + Flow Italy 3' - From June 22, Every Monday on Netflix
LOS GATOS, California, May 6 -- Netflix, a content provider, issued the following news on May 5, 2026:* * *
'Rhythm + Flow Italy 3' - From June 22, Every Monday on Netflix
RHYTHM + FLOW ITALY 3
FROM JUNE 22, EVERY MONDAY
THE THIRD SEASON OF THE RAP SHOW IS BACK WITH
FABRI FIBRA, GEOLIER, ROSE VILLAIN AND GUE
*
RHYTHM + FLOW ITALY, the rap show produced by Fremantle, is back only on Netflix with its third season, every Monday starting June 22. The new season includes nine episodes, one more than in the previous seasons, and brings an even stronger judging lineup. Joining the now-iconic ... Show Full Article LOS GATOS, California, May 6 -- Netflix, a content provider, issued the following news on May 5, 2026: * * * 'Rhythm + Flow Italy 3' - From June 22, Every Monday on Netflix RHYTHM + FLOW ITALY 3 FROM JUNE 22, EVERY MONDAY THE THIRD SEASON OF THE RAP SHOW IS BACK WITH FABRI FIBRA, GEOLIER, ROSE VILLAIN AND GUE * RHYTHM + FLOW ITALY, the rap show produced by Fremantle, is back only on Netflix with its third season, every Monday starting June 22. The new season includes nine episodes, one more than in the previous seasons, and brings an even stronger judging lineup. Joining the now-iconicjudges Fabri Fibra, Geolier and Rose Villain is another legend of the scene: Gue officially becomes part of the team to raise the bar even higher and discover the next stars of Italian rap.
The first four episodes - available from Monday, June 22 - introduce a completely new structure: the judges come together for the auditions, launching this year's search for the best emerging rappers through original tracks and freestyle battles. To complete the scouting process, Fabri Fibra, Geolier, Rose Villain and Gue will head to Lugano, Bologna and Milan to discover new talents, joined by some of the leading figures of the urban scene.
Following the final auditions, selected contestants will compete in the next four episodes - available from Monday, June 29 - across a series of escalating challenges, including cypher, a sample-based format, a major new feature of this edition, music videos and featurings. Only the best will make it through to the final on Monday, July 6, where the artists will face off other one last time and just one will win the Euros100,000 prize.
The third season of RHYTHM + FLOW ITALY, produced by Fremantle Italia, is written by Marco Curti, Matteo Lenardon, Paola Papa and Sonia Soldera, with Alessandra Colombo, Vincenzo Maiorana and Alessandra Tomaselli, and directed by Alessio Muzi.
The first two seasons of RHYTHM + FLOW ITALY have truly made their mark: the original tracks by contestants who reached the final stages of the show (music videos and finale) have reached a total of almost one billion streams across all music and social platforms. These numbers confirm that the show has become one of the most popular showcases for Italian rap, capable of discovering new and promising talents.
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Original text here: https://about.netflix.com/en/news/rhythm-flow-italy-3-from-june-22-every-monday-on-netflix
[Category: Media]