With Strong First Quarter, DuPont Raises Full-Year Guidance
May 2, 2010
WILMINGTON, DE – DuPont has reported positive first-quarter results, with all segments and regions of the company contributing to growth. As a result, the company has raised its full-year guidance.
DuPont’s first-quarter 2010 earnings per share were $1.24, compared to $.54 in the prior year. Sales were $8.5 billion, up 23 percent versus the prior year. This reflects 19 percent higher volume, 2 percent higher local selling prices, a 3 percent benefit from currency and a 1 percent reduction from portfolio changes. Asia Pacific sales were $1.6 billion with volume up 65 percent in the quarter. Sales in Performance Polymers, Electronics and Communications, and Titanium Technologies were particularly strong. Volumes in emerging markets were also strong, up 28 percent.
Net income attributable to DuPont for the first quarter 2010 was $1,129 million versus $488 million in the prior year. The improvement reflects significantly higher sales volume, increased manufacturing capacity utilization, higher selling prices, currency benefit and lower raw material costs. It is partly offset by fixed cost increases for growth investments and higher non-cash pension expense. The company’s productivity and cost-cutting actions are essentially tracking according to plan.
In response to the first-quarter results, DuPont has increased its full-year 2010 earnings guidance to a range of $2.50 to $2.70 per share. The previous guidance was $2.15 to $2.45 per share.
In the Performance Coatings segment, sales of $902 million increased $170 million, or 23 percent, reflecting 17 percent higher volumes and a 6 percent increase in selling prices. Volumes reflect higher demand in global automotive OEM markets and strong demand in the Asia-Pacific region.