DuPont delivers strong results, increases earnings guidance

DuPont delivers strong results, increases earnings guidance

2:56 PM, 29th July 2011
DuPont delivers strong results, increases earnings guidance
Ellen Kullman, Chair and CEO, DuPont.

DELAWARE, US: DuPont increased its full-year 2011 earnings outlook to a range of $3.90 to $4.05 per share. The increase reflects strong second-quarter results, the expectation for continued global economic growth and about $0.05 per share full-year impact from Danisco on an underlying basis. Prior guidance was a range of $3.65 to $3.85 per share, excluding the impact of Danisco. 

Strong performances in Agriculture, Performance Chemicals and Safety & Protection and the acquisition of Danisco contributed to a 20 per cent increase in segment pre-tax operating income, excluding significant items. The company is on track versus its full-year 2011 productivity targets for fixed costs and working capital. Year-to-date fixed cost productivity totals more than $180 million.

“Our strong second-quarter sales growth across all segments and regions resulted from consistent global execution and customer-focused innovation. We are increasing our earnings outlook for 2011 based on strong performance year–to-date and confidence in our business plans for the second half of the year. For the long term, we expect additional compelling growth opportunities across our businesses stemming from science-powered innovations and collaboration,” informed Ellen Kullman, Chair and CEO, DuPont.

“This includes the integration of Danisco’s world-class enzymes, fermentation and specialty food ingredients capabilities with DuPont’s strong industrial biosciences and nutrition & health offerings,” added Kullman.

Second-quarter 2011 consolidated net sales of $10.3 billion were 19 per cent higher than the prior year reflecting 11 per cent higher local prices, 2 per cent higher volume.

Second-quarter 2011 net income attributable to DuPont increased 5 per cent to $1,218 million versus $1,159 million in 2010. Excluding significant items, net income attributable to DuPont of $1,299 million increased $227 million, or 21 per cent, from $1,072 million in the second quarter 2010. The increase principally reflects higher selling prices, increased sales volume and currency benefit, partly offset by higher raw material, energy and freight costs.

Sales rose in all regions and business units. The strongest profit gains were reported in DuPont’s agriculture, performance chemicals, and safety and protection business units. Profits fell in electronics and communications, performance coatings, and performance materials units.

© WOC News 





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