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Performance Coatings, Materials Lift DuPont’s Q3

Wednesday, October 27, 2010

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DuPont notched double-digit percentage increases in sales during the third quarter, with all segments recording “robust volume increases,” the company said.

The company delivered third-quarter earnings of $.40 per share despite $.13 Pharmaceuticals decline.

Sales of $7 billion grew 17% versus the prior year, reflecting 14% higher volume, 5% higher local selling prices, a 1% reduction from currency exchange rates, and a 1% reduction from portfolio changes, the company reported. Sales in emerging markets increased 22 percent.

The company increased its full-year 2010 earnings guidance to about $3.10 per share, excluding significant items. The company’s previous guidance was a range of $2.90 to $3.05 per share.

“I am proud of our business teams’ performance this quarter, with segment pre-tax earnings up 33 percent excluding Pharmaceuticals income,” said DuPont Chair and CEO Ellen Kullman.

“DuPont’s market focus and science-based innovations helped drive outstanding sales growth, with all business segments and regions contributing.”

The company reported these segment results:

Performance Coatings

Third-quarter 2010 sales of $937 million were up $55 million, or 6%, on 5% higher volume. Results reflect continued strengthening in North American and European heavy-duty truck markets and increased demand in global automotive markets, most significantly in North America. PTOI was $64 million, up 10% from higher volume.
 
Performance Materials

Third-quarter 2010 sales of $1.6 billion were up $275 million, or 21%, with 19% higher volume and a 4% increase in selling prices. The higher volume reflects strong demand in automotive, electronic and packaging markets, with growth in all regions, particularly Asia Pacific. PTOI was $281 million, an improvement of 22% from higher volume and selling prices, partially offset by the absence of a $24 million benefit from insurance recoveries in 2009.
 
Safety & Protection

Third-quarter 2010 sales of $871 million were up $201 million, or 30%, primarily due to higher volume. Growth reflects increased demand for aramid and nonwoven products due to strengthening in industrial markets, and strong demand across all regions. PTOI was $134 million, an improvement of $76 million from higher volume and the absence of a $26 million asset impairment charge in 2009.

Outlook

The company’s increased earnings outlook reflects strong third-quarter results and expectations for sustained demand in key global markets, continued pricing momentum and benefits from ongoing productivity.

   

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

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