Wilmington, Delaware
April 21, 2009
First quarter highlights, net
income & sales
Company expands actions to further strengthen competitiveness,
address weak global outlook
Highlights:
- DuPont’s first quarter
2009 earnings were $.54 per share, in-line with guidance.
Results reflect earnings from Agriculture & Nutrition and
pharmaceuticals, strong companywide pricing and cost
discipline, partly offset by the impact of a severe decline
in global industrial demand.
- The Agriculture &
Nutrition segment performance was strong, with sales growth
of 6 percent and earnings growth of 8 percent despite
significant currency headwinds. Performance was driven by
higher North American volumes and significant seed pricing
gains.
- DuPont increased its 2009
fixed cost reduction goal to $1 billion and reduced planned
capital expenditures an additional $200 million, to $1.4
billion.
- The company revised its
full-year 2009 earnings outlook to a range of $1.70 to $2.10
per share, with the expectation of difficult market
conditions continuing with the exception of global
agriculture markets.
- DuPont declared a second
quarter dividend of $.41 per share, unchanged from the first
quarter. This is the company’s 419th consecutive dividend.
“Our strong first quarter
performance in Agriculture & Nutrition and pharmaceuticals,
combined with gains from our pricing discipline and cost and
capital reductions, helped to offset the impact of the largest
decline in industrial demand in decades,” said DuPont CEO Ellen
J. Kullman. “As we committed to do in December, we are
addressing the more challenging economic conditions with further
steps to aggressively manage costs, enhance productivity and
operate even more efficiently.”
“Our teams are working with urgency and agility to stay ahead of
the worst global recession since the 1930s,” Kullman said. “Our
preemptive actions will preserve our strong cash generating
capability, while positioning our businesses for improved
profitability as global markets rebound.”
Full report |
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The Agriculture & Nutrition
segment performance was strong,
with sales growth of 6 percent
and earnings growth of 8 percent
despite significant currency
headwinds. Performance was
driven by higher North American
volumes and significant seed
pricing gains. |
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