DuPont's 2012 Q1 net income grows 4% to $1.49bn, sales up 12%

19 April 2012 11:47  [Source: ICIS news]

LONDON (ICIS)--DuPont’s 2012 first-quarter net income grew by 4% from the same period last year to $1.49bn (€1.13bn), reflecting higher selling prices, the US chemicals major said on Thursday.

The improvement principally reflected earnings growth in the group’s agriculture and performance chemicals division and income from a prior-year acquisition, it added.

Consolidated net sales for the first quarter of 2012 grew by 12% year on year to $11.2bn despite volumes falling by 2%, as selling prices increased by 8%, DuPont said.

The 2% decline in total company volume mainly reflected lower volumes for most segments in Asia, which offset strong agriculture segment volumes in all regions.

“Higher selling prices more than offset increased spending for sales, marketing and research and development, and higher costs for raw materials, energy and freight,” the company said.

Sales in developing markets grew by 15% compared with the same period in 2011, it added.

“DuPont’s market-driven science and commitment to innovation and productivity are winning in key markets, despite economic headwinds early in the first quarter,” said DuPont chair and CEO Ellen Kullman.

Looking ahead, DuPont reaffirmed its full-year 2012 earnings outlook of $4.20–$4.40 per share, an increase of 7–12% versus 2011, excluding significant items.

($1 = €0.76)

By: Franco Capaldo
+44 (0)20 8652 3214

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