Third quarter results principally reflect overall top-line growth and earnings improvements for Performance Materials, Electronics & Communications and Safety & Protection, and a lower effective tax rate. This was offset by expected lower earnings for Performance Chemicals.
- Third quarter net sales of $7.7 billion increased 5 percent, with volume up 9 percent versus a weak prior year. Sales also reflect 3 percent lower local prices and a 1 percent negative currency impact.
- Excluding Performance Chemicals, all operating segments posted increased operating earnings versus last year. Performance Materials, Electronics & Communications, Safety & Protection and Industrial Biosciences had double-digit earnings growth reflecting higher volumes and improved margins.
- Agriculture sales grew 15 percent driven by increased insecticide volumes and higher seed prices in Latin America. The sales growth and the benefit of increased ownership in Pannar Seed (Pty) Ltd. reduced the segment’s third quarter seasonal loss to $62 million.
- Cost productivity gains and restructuring savings are on track to meet or exceed full-year targets.
- The company continues to expect full-year operating earnings of about $3.85 per share.
“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.”
Global Consolidated Net Sales – 3rd Quarter
Third quarter 2013 net sales were $7.7 billion, up 5 percent versus last year, reflecting 9 percent higher volume, partly offset by 3 percent lower local selling prices and 1 percent negative currency impact.
Performance Chemicals – Operating earnings of $254 million were $159 million lower as price declines for titanium dioxide, refrigerants and fluoropolymers, along with higher raw material inventory costs, principally ore costs, more than offset volume increases. Titanium dioxide volume was up 25 percent from third quarter 2012 and essentially flat on a sequential basis.
Performance Materials – Operating earnings of $374 million increased $43 million including a $30 million benefit from a joint venture. Earnings improvement from higher volume reflecting increased demand in packaging, automotive, and electronics markets was partially offset by lower selling prices.
Safety & Protection – Operating earnings of $171 million increased $24 million due primarily to higher volume and productivity improvements, partially offset by weaker sales mix. Higher volume reflects increased demand for U.S. ballistics military protection, protective garments, and construction products that offset softness in global public sector spending.
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