31-Jul-2012 - DuPont

DuPont Grows Second Quarter Earnings 8 Percent to $1.48 Ex-items

Second-quarter 2012 earnings were $1.48 per share versus $1.37 per share in the prior year, excluding significant items from both periods.  Reported second-quarter earnings were $1.25 per share versus $1.29 per share in the prior year. Sales increased 7 percent to $11.0 billion reflecting 6 percent higher local prices and a 5 percent increase from portfolio changes, partially offset by a 3 percent reduction from currency and 1 percent lower sales volume.  Sales in developing markets grew 11 percent. Segment pre-tax operating income, excluding pharmaceuticals and significant items, increased 13 percent, principally attributable to higher earnings from Agriculture and Performance Materials and a prior-year acquisition benefiting Nutrition & Health and Industrial Biosciences. For the first half of 2012, Agriculture delivered 15 percent sales growth and 16 percent higher pre-tax operating income excluding significant items, reflecting strong northern-hemisphere business performance across both seed and crop protection product lines. The company is on track versus its full-year 2012 productivity targets for fixed costs and working capital.  Year-to-date fixed cost productivity totals $190 million. DuPont expects full-year earnings to be toward the lower end of its existing outlook range of $4.20 to $4.40 per share, excluding significant items, due to uncertainties associated with macros and currency as well as a higher tax rate related to earnings mix.  Prior year earnings were $3.93 per share on a comparable basis.

Second-quarter 2012 consolidated net sales of $11.0 billion were 7 percent higher than the prior year reflecting 6 percent higher local prices and a 5 percent net increase from portfolio changes, partly offset by a 3 percent negative currency impact and 1 percent lower volume.

“Our agriculture, food and bioscience businesses are performing exceptionally well globally, and our advanced materials businesses are achieving solid results despite slower growth in some key markets and continued weakness in Europe,” said DuPont Chair and CEO Ellen Kullman.  “Our global teams continue to execute well in a dynamic environment, while investing for growth driven by science-powered innovation and collaboration.”

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