WILMINGTON, DE – DuPont, Wilmington, DE, has reported third-quarter 2011 earnings of $.69 per share, excluding significant items, versus $.40 per share in the prior year. Reported third-quarter 2011 earnings were $.48 per share versus $.40 per share in the prior year.
Sales increased 32 percent to $9.2 billion, with 15 percent higher local prices, 4 percent currency benefit, 1 percent higher volume, and a 12 percent net increase from portfolio changes. Sales in developing markets grew 38 percent. Growth in demand for the company’s agricultural products and further expansion into food ingredient and enzyme markets offset destocking in photovoltaics and specialty polymers.
The company reported that segment pre-tax operating income, excluding significant items, increased 50 percent to $1.1 billion, largely driven by improvements in the performance chemicals and agriculture segments and the acquisition of Danisco.
“The resilience and diversity of DuPont’s business portfolio was evident in our strong third-quarter results. Despite turbulent global economic and market conditions, we delivered solid growth through innovative products and process technologies, disciplined execution, and continued productivity gains,” said DuPont Chair and CEO Ellen Kullman. “Our portfolio is further strengthened by the rapid integration of Danisco, continued capacity expansions and selective growth investments across many of our businesses."
Performance Coatings sales of $1.1 billion were up 17 percent, with 13 percent higher selling prices and 4 percent higher volume. Higher selling prices reflect favorable currency and pricing actions across all market segments to offset higher raw material costs. Demand increased for OEM motor vehicle coatings and remained strong for industrial coatings, particularly in the North American heavy-duty truck market. PTOI of $72 million increased $8 million on strong sales performance led by refinish.
Given the strong performance in the third quarter, the company has raised its expectations for full-year 2011 earnings to a range of $3.97 to $4.05 per share excluding significant items. This moves the range to the upper half of the company’s previous guidance of $3.90 to $4.05 per share.