DuPont Delivers Strong Second Quarter Earnings On Top-Line Growth

Published July 27th, 2010 - 11:42 GMT

DuPont today reported second-quarter 2010 consolidated net sales of $8.6 billion, 26 percent higher than the prior year. These reflect 21 percent higher volume, 5 percent higher local selling prices, one percent positive impact from currency exchange rates, and one percent reduction from portfolio changes. All segments had double-digit sales increases, with more than 25 percent volume growth in the Electronics & Communications, Performance Materials, and Safety & Protection segments. Emerging markets sales increased 32 percent. Net income attributable to DuPont for the second quarter 2010 was $1.2 billion versus $0.4 billion in 2009.  Excluding significant items in both years, net income attributable to DuPont increased 92 percent from the second quarter 2009.
 

"Our outstanding focus and disciplined execution delivered excellent results," said DuPont Chair and CEO Ellen Kullman. "DuPont's global team worked closely with customers, applying the breadth and depth of our science capabilities to meet market needs. We grew sales across every segment. Several businesses, including electronics and titanium dioxide, delivered results that far exceeded pre-recession levels. We continue to hit our productivity and cost-control targets, and remain highly disciplined in creating operating leverage to further grow the company."
 

The company increased its full-year earnings outlook to a range of $2.90 to $3.05 per share, excluding significant items, from its previous range of $2.50 to $2.70 per share.  The outlook increase reflects strong second-quarter results and expected continuation of year-over-year gains from higher sales, further strengthening of mid-cycle businesses such as Safety & Protection, and ongoing productivity improvement.  The outlook also assumes Pharmaceuticals full-year pre-tax income will be in a range from $460 to $480 million.  The company expects full-year free cash flow to be greater than $1.7 billion.
 

DuPont is a science-based products and services company.  Founded in 1802, DuPont puts science to work by creating sustainable solutions essential to a better, safer, healthier life for people everywhere.  Operating in more than 70 countries, DuPont offers a wide range of innovative products and services for markets including agriculture and food; building and construction; communications; and transportation.
2:40 PM 7/27/2010


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