Wilmington, Delaware
July 21, 2009
Highlights:
- DuPont’s second quarter
earnings were $.46 per share including a net $.15 per share
charge for
significant items (see Schedule B.) Excluding significant
items, earnings were $.61 per share.
- Fixed cost reduction and
productivity actions benefited second quarter pre-tax
earnings by about
$335 million, bringing year-to-date cost reduction to about
$600 million -- more than halfway
toward achieving the full year goal of $1 billion.
- Raw material, energy and
freight costs adjusted for currency and volume were 5
percent lower
versus 2008, providing about $225 million benefit in the
quarter. Results were in-line with
company expectations and supported an outlook of about 4 to
6 percent lower variable costs for the
full year.
- Agriculture & Nutrition
segment’s second quarter earnings increased 15 percent to a
record $580
million, driven by a 21 percent increase in seed sales,
reflecting price increases and North America
share gains.
- Combined sales volumes of
Coatings & Color Technologies, Electronic & Communication
Technologies, Performance Materials and Safety & Protection
segments were 25 percent below
second quarter 2008, but showed solid increases from the
first quarter 2009 beyond the normal
seasonal run-up.
“Our aggressive actions to improve
productivity and reduce costs across the company are paying off
as we contend with continued weak demand in key segments," said
DuPont CEO Ellen J. Kullman.
"Strong performance by our Agriculture & Nutrition segment
combined with positive earnings contributions from all other
business segments resulted in a solid second quarter given the
continuing impact of the global recession. We will continue to
rigorously apply the financial discipline and operational
excellence needed during one of the most challenging economic
periods ever seen."
Full release |
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