DuPont (Wilmington, DE) announced a net income of $417 million for the second quarter of 2009, versus $1.078 billion in the same period of the prior year, but noted that overall sales volume for Q2 in 2009 increased from the first quarter of 2009.
The company attributed the decline in second quarter income from 2008 to lower sales volume, current quarter restructuring charges, and adverse currency impact.
The coatings and color technologies segment was down 26% to $1.4 billion, reflecting continued weakness in motor vehicle markets and titanium dioxide products. Performance materials fell 40% to $1.1 billion in sales.
The safety and protection segment had sales of $1 billion, a 37% decrease that reflects a 29% volume decline and an 8% drop in selling prices. Volume declines occurred primarily in general industrial and construction markets.
Overall, agriculture and nutrition increased earnings by 15% to $580 million.
Combined sales volumes for coatings and color technologies, electronic and communication technologies, performance materials, and safety and protection fell 25% below Q2 2008 but showed a solid increase compared to Q1 2009.
Restructuring and productivity programs yielded $335 million in Q2, bringing the year-to-date cost reduction total to $600 million. The company has a fixed cost reduction goal of $1 billion for 2009.