28 January 2014 12:24 [Source: ICIS news]
(recasts paragraph two for clarity)
LONDON (ICIS)--US-based chemicals producer DuPont said on Tuesday that its net income for the fourth quarter of 2013 jumped by 99% year on year to $185m on the back of higher volumes and improved operating margins.
The company posted double-digit operating earnings growth and higher margins despite the performance chemicals division, which suffered a “substantial” decline, according to CEO Ellen Kullman.
“The improvement was driven by higher volumes, new innovative products and productivity gains,” Kullman said.
“Our 2013 results and strategic actions demonstrate we are advancing our plan to build a higher growth, higher value DuPont and reinforce our decision to separate Performance Chemicals into a strong, independent company,” she added.
Kullman also attributed the company’s strengthened performance to “a gradually improving global economy”.
Fourth-quarter sales grew by 6% year on year to $7.7bn during the quarter, with volume growth increasing by 9% over the same period due to increased demand across all segments and regions.
Full-year net income for 2013 was $4.86bn on sales of $35.73bn, compared to $2.78bn on sales of $34.81bn in 2012.
The company predicted that improved earnings will continue into this year, forecasting its full-year 2014 operating earnings in the $4.20-$4.45 per share range, an 8-15% increase on full-year 2013 levels.
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