DuPont announced first quarter 2013 operating earnings per share (EPS) of $1.56 versus prior year earnings of $1.64. GAAP1 EPS from continuing operations was $1.47 versus $1.48 in the prior year.
Primary drivers of results for the quarter were record Agriculture operating earnings offset by an expected decline in Performance Chemicals. DuPont reaffirmed its full year 2013 EPS outlook and today announced a 5% dividend increase.
1Q 2013 Highlights
- Sales of $10.4 billion were up 2%, reflecting volume growth. A 1% increase in local prices was offset by currency impact.
- Record Agriculture operating earnings of $1.5 billion were up 13%. Sales increased 14% driven by strong volume growth, particularly in North America and Latin America, and higher pricing from new seed and crop protection products.
- Total segment operating earnings of $2.3 billion were down 8%, largely due to a $320 million decline (about $.26 EPS) in Performance Chemicals from last year’s high levels.
- The company completed the sale of the Performance Coatings segment, executed a $1 billion share buyback and reduced its net debt.
- Cost productivity gains and restructuring savings are on track to meet or exceed full year targets.
- The company reaffirms its outlook for full-year 2013 operating earnings of $3.85-$4.05 per share, an increase of 2-7% from $3.77 per share earned in 2012.
“The first quarter finished as expected, with the strong Agriculture performance and Performance Chemicals’ decline from peak levels last year,” said DuPont Chair and CEO Ellen Kullman.
“Our strategies for growth and improved return on capital are working as we continue to focus on delivering science-powered innovation and industry-leading productivity improvement. We remain committed to delivering value to our shareholders as demonstrated by executing our share buyback, strengthening our balance sheet and increasing our dividend.”
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