21 April 2011 11:34 [Source: ICIS news]
LONDON (ICIS)--DuPont's 2011 first-quarter net income grew by 27% from the same period last year to $1.43bn (€987m), reflecting higher sales volumes and selling prices, the company said on Thursday.
Net income was partly offset by a $171m decline in pharmaceuticals pre-tax income due to patent expirations, the US-based chemicals, agriculture and materials producer added.
Consolidated net sales for the first quarter 2011 grew 18% year on year to $10.0bn after volumes rose by 9% and local prices increased by 8%. There was also a 1% net increase from portfolio changes, DuPont said.
Sales in developing markets grew 30% compared with the same period in 2010, it added.
DuPont said that all its business segments recorded double-digit sales growth, driving a 31% increase in segment pre-tax operating income, excluding pharmaceuticals.
Volumes were especially strong in safety and protection, agriculture and nutrition, and electronics and communications.
"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 CEO Ellen Kullman.
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.
"Our top-line growth and productivity results support our confidence in raising the full-year earnings outlook," Kullman added.
($1 = €0.69)
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