US DuPont Q3 net income soars as sales rise 4.7%

22 October 2013 11:23  [Source: ICIS news]

LONDON (ICIS)--US chemicals producer DuPont announced on Tuesday that its net income for the third quarter of 2013 soared to $285m (€208m) from $5m in the same period last year, on higher earnings from its Performance Materials, Electronics & Communications and Safety & Protection segments.

Earnings, however, were offset by lower earnings for the group’s Performance Chemicals business, it added.

Net sales for the quarter were up 4.7% year on year at $7.74bn, with volumes up 9% from a weak third quarter last year. Sales also reflected 3% lower local prices and a 1% negative currency impact, DuPont said.

"We executed well against our plans. Third quarter sales volumes and operating earnings were stronger across most businesses compared to a soft quarter last year," said DuPont chair and CEO Ellen Kullman.

"While we expect overall sequential growth in industrial market demand will remain subdued, fourth quarter operating earnings will be up substantially from last year.  For the full year we are on track to deliver modest earnings growth, despite the significant decline in Performance Chemicals' results."

($1 = €0.73)

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

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