23 July 2013 11:51 [Source: ICIS news]
LONDON (ICIS)--US chemicals producer DuPont announced on Tuesday that its net income for the second quarter of the year was $1.03bn (€783m), down 12% year on year, as “significantly” reduced titanium dioxide (Ti02) pricing offset agriculture sector gains.
Net sales were down 1% year on year at $9.84bn as a result of the Ti02 slump, despite an 7% increase in agriculture segment sales. Total segment operating earnings for the quarter were $1.9bn, down from $2.2bn during the same quarter in 2012.
Sales for the performance chemicals division during the quarter were down 9% year on year at $1.78bn, weighed down by Ti02 prices.
“Agriculture sales remained strong in the second quarter and titanium dioxide volume improved. As expected, this was largely offset by a substantial decline in performance chemicals earnings from last year’s peak levels,” said DuPont CEO Ellen Kullman.
Despite the falls, the company continues to predict full-year operating earnings to be about $3.85 per share.
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