Home / Knowledge / News / Textiles / DuPont operating EPS more than doubles in 2013
DuPont operating EPS more than doubles in 2013
28
Jan '14
DuPont announced fourth quarter 2013 operating earnings of $.59 per share compared to $.20 per share in the prior year.  GAAP earnings from continuing operations were $183 million or $.19 per share, versus $4 million or zero per share last year.  Fourth quarter results reflect strong volume growth, improved operating margins and a lower base tax rate compared to the prior year.

The company said that it expects full-year 2014 operating earnings of $4.20 to $4.45 per share, up 8 to 15 percent versus 2013. DuPont separately announced that its Board of Directors authorized a new $5 billion share repurchase program, with $2 billion expected to occur in 2014.

"Our strong fourth quarter results reflect successful execution across the company against the backdrop of a gradually improving global economy," said DuPont Chair and CEO Ellen Kullman.  "For the year, we delivered double-digit operating earnings growth and higher margins, aside from the substantial decline in Performance Chemicals. The improvement was driven by higher volumes, new innovative products and productivity gains."

"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," Kullman said.  "Our $5 billion share repurchase program reflects ongoing confidence in our plan to continue increasing the value of DuPont for shareholders in 2014 and beyond." 

Fourth Quarter Highlights

- Company sales increased 6 percent to $7.7 billion, with 9 percent volume growth reflecting increased demand across all segments and regions.

- Segment operating earnings of $939 million increased 52 percent versus $616 million last year, with operating margin improvement across most segments.

- Agriculture operating earnings were $88 million compared to a seasonal operating loss of $77 million last year, driven by strong insecticide sales in Latin America and earlier seed shipments.

- Electronics & Communications, Safety & Protection and Nutrition & Health recorded operating earnings increases of 116 percent, 57 percent, and 40 percent, respectively.

Full Year Highlights

- 2013 operating earnings were $3.88 per share, up 3 percent from $3.77 per share in the prior year.  Sales increased 3 percent to $35.7 billion with 5 percent higher volume.  GAAP earnings from continuing operations were $3.04 per share versus $2.59 per share last year.

- Segment operating earnings were $5.9 billion, down from $6.3 billion last year primarily due to a $0.8 billion decline ($.66 per share) in Performance Chemicals.  Excluding Performance Chemicals in both years, segment operating earnings increased $490 million, or 11 percent.

-  Agriculture operating earnings grew 16 percent on 13 percent higher sales, partially offset by higher seed input costs and negative currency impact.  Sales growth was principally driven by higher global seed prices and volumes, increased global insecticide and fungicide volumes, and the benefit of increased ownership in Pannar Seed (Pty) Ltd.

- Free cash flow was $1.3 billion versus $3.1 billion in the prior year, primarily due to the decline in Performance Chemicals earnings, changes in Agriculture working capital, and the absence of Performance Coatings earnings following the 2013 divestiture.

- The unfunded pension and OPEB liability decreased $4.9 billion to $8.4 billion at December 31, 2013.

Click here to read full results

DuPont


Must ReadView All

Sri Lanka’s apparel exports rise after EU GSP+ reinstatement

Apparel/Garments | On 18th Nov 2017

Sri Lanka’s apparel exports rise after EU GSP+ reinstatement

Sri Lanka’s apparel exports from January to September 2017 has...

Bangladesh plans 2 leather estates in Rajshahi, Chittagong

Apparel/Garments | On 18th Nov 2017

Bangladesh plans 2 leather estates in Rajshahi, Chittagong

Bangladesh Prime Minister Sheikh Hasina has said two more leather...

ASEAN, Hong Kong sign free trade agreement

Textiles | On 18th Nov 2017

ASEAN, Hong Kong sign free trade agreement

The Association of Southeast Asian Nations (ASEAN) and Hong Kong...

Interviews View All

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

November 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
68.5%
No
12.4%
Skip
19.1%

Total Votes: 89

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.8%
No
30.3%
Skip
7.9%

Total Votes: 89

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
86.5%
No
10.1%
Skip
3.4%

Total Votes: 89

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
80.9%
No
9.0%
Skip
10.1%

Total Votes: 89


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search