Business News
DuPont 3Q Net Income & Global Consolidated Sales
Wednesday 21. October 2009 - Total company sales for third quarter 2009 were $6.0 billion, with sales in emerging markets rebounding from significantly lower levels in the first and second quarters. Pricing discipline contributed to segment pre-tax margins returning to prior year levels.
Companywide fixed cost reduction and productivity actions boosted third quarter pre-tax earnings by about $300 million. This brings year-to-date program cost reductions to $900 million versus the companys full-year goal of $1 billion.
Raw material, energy and freight costs adjusted for currency and volume were 12% lower versus 2008. The company expects these costs for the full year will be about 5-6% lower than 2008.
Net income attributable to DuPont for the third quarter 2009 was $409 million versus $367 million in the prior year. The prior year included a $146 million after-tax hurricane-related charge. Net income reflects the benefit of significantly lower costs, partly offset by lower sales volume.
Third quarter 2009 consolidated net sales of $6.0 billion were 18% lower than the prior year, reflecting 12% lower volume, 2% lower local prices, a 3% negative impact from currency exchange rates and a net 1% reduction due to portfolio changes.
While year-over-year volume declines have slowed, lower sales volume continued to reflect generally weaker economic conditions than prior year. The table below shows regional sales and variances versus third quarter 2008.