DuPont today announced first-quarter 2016 operating earnings1 of $1.26 per share compared with $1.26 per share in the prior year.  GAAP2 earnings were $1.39 per share, compared with $1.11 per share in the prior year.  Refer to Schedule B for details of significant items.

First-quarter sales totaled $7.4 billion, a decline of 6 percent versus prior year due to negative impacts from currency (4%) and volume (2%).

"Solid execution, local price and product mix gains, and higher corn area led to a strong start to the year for our Ag business," said Ed Breen, Chair and CEO of DuPont. "Our other businesses generally performed well, slightly above our expectations. We made progress with our global cost savings and restructuring plan and are on track for savings of $730 million in 2016, including significant improvements in our corporate cost performance." He added, "We also continued to achieve key milestones in our intended merger of equals with Dow and as we look ahead to the rest of the year, we remain focused on accelerating our value-creation work, investing in our core franchises, and closing the intended merger of equals."

The company now expects full-year 2016 operating earnings to be in the range of $3.05 to $3.20 per share, up from prior guidance of $2.95 to $3.10 per share, an increase of 10 to 16 percent over the prior year.

The estimated negative currency impact for full year 2016 is now expected to be about $0.20 per share, versus a previously communicated estimate of $0.30 per share.  The U.S. dollar has weakened against most currencies since the estimate provided on January 26, 2016.  The estimated headwind from a higher base tax rate in 2016 is now expected to be about $0.10 per share.  In addition, the company's guidance includes higher corn planted area than previously forecast and a headwind from the impact of Pioneer's transition to an agency-based route-to-market approach in the southern U.S., which will shift some sales from 2016 to the first quarter of 2017. 

The company continues to expect a benefit of $0.64 per share from the 2016 global cost savings and restructuring plan.  For the first half 2016, the company expects operating earnings to be about flat with the prior year. Seasonal timing benefits realized through March from a stronger-than-expected start in Agriculture are anticipated to be offset in the second quarter.