DuPont earnings rise 7% excluding significant items
July 24, 2012
by Eric Schroeder
WILMINGTON, DEL. — Net income at E.I. du Pont de Nemours & Co. in the second quarter ended June 30 eased 3% to $1,179 million, equal to $1.26 per share on the common stock, down from $1,218 million, or $1.31 per share, in the same period a year ago. Excluding significant items, net income increased 7% to $1,394 million from $1,299 million.
Net sales rose 7% to $11,006 million from $10,264 million. DuPont said the increase reflected a higher local prices and portfolio changes, partially offset by a currency reduction and lower sales 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 Ellen Kullman, chairman. “Our global teams continue to execute well in a dynamic environment, while investing for growth driven by science-powered innovation and collaboration.”
Pre-tax operating income in the company’s Agriculture segment during the second quarter increased 12% to $926 million from $826 million, while sales rose 13% to $3,388 million from $2,997 million.
“Pioneer seed maintained its momentum delivering 12% sales growth on agriculture macros and strong business performance in both North America corn and soybeans,” DuPont said. “Crop Protection sales growth of 15% was underpinned by strong demand across all product lines.”
Nutrition & Health pre-tax operating income was $112 million in the second quarter, up 195% from $38 million in the same period a year ago. Net sales increased 82% to $885 million from $486 million.
“Sales of $885 million were up $399 million, or 82%, primarily reflecting two months acquisition benefit from the Danisco specialty food ingredients business,” DuPont said. “Higher volume reflects continued strong demand in Solae specialty soy products.”
For the six months ended June 30, overall net income was $2,667 million, or $2.82 per share, up narrowly from $2,649 million, or $2.80 per share, in the same period a year ago. Net sales totaled $22,236 million, up 10% from $20,298 million.