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DuPont Q2 Sales Rise 26%; Net Income Tops $1 Billion

Wednesday, July 28, 2010

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DuPont Co. has reported second-quarter sales of $8.6 billion, a 26% increase from the second quarter of 2009. Net income for the quarter was $1.2 billion, up from $400 million for the prior-year period.

The company said all its business segments reported double-digit sales gains, led by increases of more than 25% for Electronics & Communications, Performance Chemicals, Performance Materials, and Safety & Protection. The company’s titanium dioxide business and several other units “delivered results that far exceeded pre-recession levels,” said chairman and CEO Ellen Kullman. Performance Coatings segment sales rose 15%.

“We continue to hit our productivity and cost-control targets and remain highly disciplined in creating operating leverage to further grow the company,” Kullman said.

For the first half, sales were $17.1 billion, up from $13.7 billion for the first half of 2009. First-half net income was $2.3 billion, compared to $910 million for the same period a year earlier.

Business Segment Results

For the company’s Performance Chemicals segment, second-quarter sales were $1.6 billion, a gain of $326 million, or 26%, from the second quarter of 2009. The strongest sales gains were recorded in North America and Asia Pacific, driven by strong demand for titanium dioxide, fluoropolymers and refrigerants, the company said. For the first half, segment sales were nearly $3 billion, up from $794 billion for the first half of 2009. Pretax operating income was $464 million, compared to $123 million in 2009.

For the Performance Coatings segment, second-quarter sales were $962 million, up $122 million, or 15%, from the prior-year period. The sales increases were due to strong demand in global automotive OEM markets and continued improvement in North American and European industrial markets, the company said. For the first half, sales were $1.9 billion, up from $1.6 billion in 2009. Pretax operating income was $120 million, compared to a loss of $67 million in 2009.

For the Performance Materials segment, second-quarter sales were $1.6 billion, up $489 million, or 45%, from the second quarter of 2009. Strong demand in automotive, electronic and packaging markets drove growth in all markets, the company said. For the first half, sales were $3.1 billion, up from $2.0 billion in 2009. Pretax operating income was $491 million, compared to a loss of $141 million in 2009.

For the Safety & Protection segment, second-quarter sales were $845 million, an increase of $181 million, or 27%, from the second quarter of 2009, with the sales gain due primarily to strengthening in industrial markets, the company said. For the first half, sales were $1.6 billion, up from $1.4 billion in 2009. Pretax operating income was $223 million, compared to $58 million in 2009.

Sales rose 16% for the Agriculture & Nutrition segment and 53% for the Electronics & Communications segment, where demand for photovoltaics contributed significantly to the sales surge, the company said.

Upbeat Forecast

The company is forecasting full-year earnings of $2.90 to $3.05 per share, up from a previous forecast of $2.50 to $2.70 per share, reflecting the strong second-quarter results and expected year-over-year earnings gains from higher sales and further strengthening of “mid-cycle” businesses such as Safety & Protection.

   

Tagged categories: Coatings manufacturers; Coatings raw materials manufacturers; DuPont; Earnings reports; Economy; Finance

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