23 April 2013 17:47 [Source: ICIS news]
HOUSTON (ICIS)--DuPont expects to see further significant year-on-year declines in its photovoltaics (PV) sales and profits in the current second quarter, as the market continues to be bumpy, the CEO of the US-based producer said on Tuesday.
“It’s bumpy and has been bumpy,” Ellen Kullman said during DuPont's 2013 Q1 results conference call.
“In PV, ‘confidence’ would not be a word I would use,” she told an analyst who asked how confident DuPont was about its outlook for that business.
Q2 sales and profits in DuPont’s electronics and communications segment, which includes PV, should be down substantially due to lower sales in PV, compared with a strong 2012 second quarter when “there was a lot of over-production, in hindsight”, Kullman said.
However, the segment’s sales and earnings should improve in the second half of 2013 on stronger demand in PV and consumer electronics demand, she said.
In the first quarter of 2013, DuPont's electronics and communications sales were down 9% year on year to $616m (€474m), mainly because of lower sales into the PV market.The segment’s operating earnings fell by 17% year on year to $49m. However, earnings and margins improved sequentially from the Q4 2012.
($1 = €0.77)
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