DuPont records Q4 net profit of $376m in strong finish to year

25 January 2011 12:55  [Source: ICIS news]

A DuPont bioplastics plant in Loudon TennesseeLONDON (ICIS)--DuPont's 2010 fourth-quarter net profit fell by 14.7% compared with the same period in 2009 to $376m (€274m), the company said on Tuesday. Before special charges and gains, its net profit rose 15.2% year on year to $463m.

Sales for the period rose 15.3% to $7.40bn, with volumes up 12% and prices 6% higher, the US-based chemicals, agriculture and materials producer said.

"The fourth quarter was a strong finish to an outstanding year," said CEO Ellen Kullman. “We laid the groundwork for recovery in 2009 and executed with precision and effectiveness in 2010, meeting and often exceeding our business goals and financial commitments, some a full year early,” she added.

DuPont’s income from pharmaceuticals dropped $160m in the quarter compared with the same period in 2009 due to patent expirations, but performance chemicals, performance materials and electronics & communications segment operating earnings were sharply higher.

A steeper loss in agriculture & nutrition reflected increased investments, DuPont said. Lower safety & protection profits reflected higher raw material costs and increased spending.

Net profits for the full year were $3.03bn, up from the $1.76bn earned in 2009 on sales up 20.7% at $31.51bn. Full-year earnings per share (EPS) were $3.28 versus $1.92 in 2009. Excluding significant items, 2010 EPS were $3.28 against $2.03.

DuPont said it expected continued global economic growth, with increasing industrial production, as it raised its EPS guidance for 2011 to $3.45-$3.75 per share.

It said it expected favourable North American agricultural conditions and to penetrate developing markets further.

($1 = €0.73)

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By: Nigel Davis
+44 20 8652 3214

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