US DuPont Q4 2012 net income falls 70% to $111m

22 January 2013 13:00  [Source: ICIS news]

LONDON (ICIS)--DuPont posted a net income of $111m (€83m) in the fourth quarter of 2012, a 70% decline on the $373m net income generated during the same quarter the year before, following a weak performance from its Performance Chemicals business, the US chemical major said on Tuesday.

Although the figure represents a fall year on year, the figure represents an elevenfold increase on the $10m net income posted for the third quarter of 2012.

Total net income for 2012 was $2.8bn, down from $3.5bn in 2011, the company added.

Fourth-quarter net sales were stable year on year at $7.3bn, while full-year net sales were $34.8bn, up from $33.7bn in 2011.

The company achieved above-expectation efficiency savings during 2012, with productivity benefits estimated at $400m compared with its target of $300m.

DuPont's Performance Chemicals earnings were sharply down year on year, with the division generating pre-tax operating income of $200m during the quarter compared with $433m during the same period in 2011. The Performance Materials unit's pre-tax operating income for the period was $254m, compared with $151m in the final three months of 2011.

DuPont CEO Ellen Kullman said: "Weakness in markets served by [the] Performance Chemicals and Electronics & Communications [divisions] provided significant challenges in 2012. We've adjusted our plans to meet the changing market environment and grow our businesses in a slow-growth world economy”.

($1 = €0.75)

By: Tom Brown
+44 208 652 3214

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