US DuPont Q3 net income up 23% to $452m, sales up 32%

25 October 2011 12:15  [Source: ICIS news]

DuPont earnings riseLONDON (ICIS)--Dupont's third-quarter net income increased by 23% year on year to $452m (€325m) on the back of higher prices and sales volumes, the US-based chemical producer said on Tuesday.

Group sales in the third quarter rose 32% to $9.2bn compared with the same period last year. DuPont said that it experienced demand growth for its agricultural products and that further expansion into food ingredient and enzyme markets offset destocking in photovoltaics and specialty polymers.

“The resilience and diversity of DuPont’s business portfolio was evident in our strong third quarter results," said DuPont chair and CEO Ellen Kullman.

"Despite turbulent global economic and market conditions, we delivered solid growth through innovative products and process technologies, disciplined execution and continued productivity gains,” she added.

Given the performance in the third quarter, the company raised its expectations for full-year 2011 earnings to a range of $3.97–$4.05 per share excluding significant items.

The company added that it expects slowing global growth and some destocking in the fourth quarter.

($1 = €0.72)

By: Leigh Stringer
+44 208 652 3214

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