Double-Digit Sales Gains in all Segments and Regions Underpin Growth for Du Pont
Seeking Alpha Analyst Since 2009
DuPont Reports 1Q 2011 Earnings of $1.52 per Share, Raises 2011 Guidance on Business Strength
WILMINGTON, Del., April 21, 2011 /PRNewswire/ --
- DuPont's (NYSE:DD - News) first quarter 2011 earnings were $1.52 per share, compared to $1.24 per share in the prior year, despite a Pharmaceuticals earnings decline of $.14 per share.
- Sales increased 18 percent to $10.0 billion with 9 percent higher sales volume, 8 percent higher local price and a 1 percent increase from portfolio changes. Sales in developing markets grew 30 percent.
- Customer-driven innovation contributed to the company achieving five consecutive quarters of pricing gains.
- All segments recorded double-digit sales growth, driving a 31 percent increase in segment pre-tax operating income, excluding Pharmaceuticals. Volumes were especially strong in Safety & Protection, Agriculture & Nutrition, and Electronics & Communications.
- DuPont increased its full-year 2011 earnings guidance to a range of $3.65 to $3.85 per share from the previous range of $3.45 to $3.75 per share, excluding the impact of Danisco. As previously announced, the planned Danisco acquisition could reduce 2011 earnings by $.30-$.45 per share on a reported basis.
"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."
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