By: ICN Bureau
Last updated : March 06, 2018 8:18 pm
"Our science-powered innovation, keen focus on customers and disciplined execution contributed to delivering outstanding results, including double-digit sales increases in every segment and in every region," said DuPont Chair and CEO Ellen Kullman. "
"Our science-powered innovation, keen focus on customers and disciplined execution contributed to delivering outstanding results, including double-digit sales increases in every segment and in every region," said DuPont Chair and CEO Ellen Kullman. "Innovation that addresses population-driven megatrends around food, energy and protection coupled with ongoing productivity and execution will continue to differentiate DuPont. Our top-line growth and productivity results support our confidence in raising the full-year earnings outlook."
Global Consolidated Sales and Net Income .
First quarter 2011 consolidated net sales of $10.0 billion were 18 percent
higher than the prior year, reflecting 9 percent higher volume, 8 percent higher
local prices and a 1 percent net increase from portfolio changes. The table
below shows regional sales and variances versus the first quarter 2010.
First quarter 2011 net income attributable to DuPont increased 27 percent to
$1,431 million versus $1,129 million in 2010. The increase reflects higher sales
volume and selling prices, partly offset by a $171 million decline in
Pharmaceuticals pre-tax income due to patent expirations. Fixed costs improved
to 35 percent of sales from 37 percent in the first quarter 2010, with
productivity actions tracking on plan for the full year.
The following is a summary of business results for each of the company's
reportable segments, comparing first quarter 2011 with first quarter 2010, for
sales and PTOI. References to selling price are on a U.S. dollar basis,
including the impact of currency..
Agriculture & Nutrition ? Sales of $3.8 billion were up $586 million, or
18 percent, with 13 percent volume growth, 4 percent higher selling prices and a
1 percent increase from a portfolio change. Seed sales growth primarily reflects
strong North American performance in both Pioneer? brand and PROaccess? products
and a strong, early start to the European season. Crop protection product sales
growth reflects a strong and early start to the northern hemisphere season. PTOI
of $1.1 billion improved 21 percent on higher volume..
Electronics & Communications ? Sales of $0.8 billion were up 29 percent,
with 20 percent higher selling prices, primarily pass-through of metals prices
and 9 percent higher volume. Higher volume was driven by strong demand for
photovoltaics and consumer electronics in Asia Pacific. PTOI of $111 million
increased modestly, reflecting higher volume..
Performance Chemicals ? Sales of $1.8 billion were up 27 percent, with 21
percent higher selling prices and 6 percent higher volume. Sales increased
across all regions, especially in the United States and Asia Pacific. Higher
selling prices stemmed from strong global demand for titanium dioxide,
refrigerants and fluoroproducts. PTOI was $394 million, increasing $204 million
due to higher selling prices and volume..
Performance Coatings ? Sales of $1.0 billion were up 10 percent,
reflecting 6 percent higher selling prices and 4 percent higher volume. Global
automotive markets improved primarily due to a significant increase in North
American auto builds. Strong demand continued in industrial coatings,
particularly in the North American heavy-duty truck market. PTOI was $65
million, an improvement of $20 million versus prior year on strong sales and
operating leverage..
Performance Materials ? Sales of $1.7 billion were up 11 percent, with 7
percent higher volume, 6 percent higher selling prices and a 2 percent reduction
from a portfolio change. Continued improvement in automotive, electronic, and
packaging markets resulted in higher volume. PTOI was $288 million, up $58
million on higher selling prices and volume. .
Safety & Protection ? Sales of $1.0 billion were up 22 percent, with 14
percent higher volume and a 7 percent increase from a portfolio change. Growth
came from increased demand for aramid and nonwoven products in industrial
markets across all regions. PTOI was $145 million, up $43 million on higher
volume and a portfolio change, partially offset by higher spending for growth
initiatives..
Outlook .
The company increased its full-year 2011 earnings outlook to a range of $3.65 to $3.85 per share from its previous range of $3.45 to $3.75. This revision reflects strong first quarter earnings and execution of the company's growth plans with the expectation of continued global economic growth. As previously announced, the planned Danisco acquisition could reduce 2011 earnings by $.30-$.45 per share on a reported basis.