02-Nov-2011 - DuPont

DuPont Delivers Strong EPS Growth on 32% Higher Sales for Third Quarter 2011

Third quarter 2011 earnings were $.69 per share excluding significant items, versus $.40 per share in the prior year. Reported third quarter 2011 earnings were $.48 per share versus $.40 per share in the prior year. Sales increased 32 % to $9.2 billion with 15 % higher local prices, 4 % currency benefit, 1 % higher volume, and a 12 % net increase from portfolio changes. Sales in developing markets grew 38 %. Growth in demand for the company’s agricultural products and further expansion into food ingredient and enzyme markets offset destocking in photovoltaics and specialty polymers. Segment pre-tax operating income excluding significant items increased 50 percent to $1.1 billion, largely driven by improvements in the Performance Chemicals and Agriculture segments and the acquisition of Danisco. DuPont is on track to meet its full-year 2011 productivity targets for fixed costs and working capital. Year-to-date fixed cost productivity totals more than $250 million.

“The resilience and diversity of DuPont’s business portfolio was evident in our strong third quarter results.  Despite turbulent global economic and market conditions, we delivered solid growth through innovative products and process technologies, disciplined execution and continued productivity gains,” said DuPont Chair and CEO Ellen Kullman.  “Our portfolio is further strengthened by the rapid integration of Danisco, continued capacity expansions and selective growth investments across many of our businesses."

Given the strong performance in the third quarter, the company has raised its expectations for full-year 2011 earnings to a range of $3.97 to $4.05 per share excluding significant items.  This moves the range to the upper half of the company’s previous guidance of $3.90 to $4.05 per share.  Expectations for the fourth quarter include slowing global growth, some destocking, and the recognition that a portion of Agriculture sales in Latin America was shifted to the third quarter by the early start of the planting season.

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