Business News
DuPont 1Q 2010 Business Segment Performance
Thursday 29. April 2010 - The following is a summary of business results for each of the companys reportable segments, comparing first quarter 2010 with first quarter 2009, for sales and pre-tax operating income (PTOI). All references to selling price are on a U.S. dollar basis, including the impact of currency.
Agriculture & Nutrition
Includes Crop Protection, Pioneer Hi-Bred and Nutrition & Health businesses
Sales of $3.2 billion increased $180 million, or 6%, reflecting 5% higher selling prices and 1% volume growth. Segment sales reflect higher North America seed volumes and seed price gains in each region, partially offset by delays in the European planting season. Crop protection product volumes were down slightly reflecting northern hemisphere sales pattern shifts, which were partly offset by strong global sales for Rynaxypyr. Food and nutrition product sales were up modestly. PTOI of $941 million improved 10% from higher selling prices, principally due to currency, and higher volumes.
Electronics & Communications
Sales of $631 million increased $266 million, or 73%, reflecting 60% higher volumes and 13% higher selling prices. The higher volumes were primarily due to strong global demand led by Asia Pacific, reflecting broad-based recovery, which were strongest in photovoltaics and semi-fab materials. The higher selling prices reflect pass-through of higher metals prices. PTOI of $105 million was up $139 million primarily due to significantly higher volumes.
Performance Chemicals
Includes Titanium Technologies and Chemicals & Fluoroproducts businesses
Sales of $1.4 billion increased $344 million, or 32%, reflecting a 30% increase in volume and 3% higher selling prices. The sales increase was primarily driven by strong continued recovery in titanium dioxide and fluoropolymers, with robust demand for refrigerants, including strong adoption rates for ISCEON as a preferred retrofit for R22. PTOI was $190 million, an improvement of $146 million, primarily due to higher volumes.
Performance Coatings
Sales of $902 million increased $170 million, or 23%, reflecting 17% higher volumes and a 6% increase in selling prices. Volumes reflect higher demand in global automotive OEM markets, and strong demand in Asia Pacific. PTOI was $45 million, up $120 million, reflecting higher volumes, lower raw material costs, and fixed cost productivity improvements including restructuring programs.
Performance Materials
Includes Packaging & Industrial Polymers and Performance Polymers businesses
Sales of $1.5 billion increased $592 million, or 63%, reflecting 56% higher volumes and a 7% increase in selling prices. The higher volumes were led by improvement in automotive, industrial, consumer and electronic markets, with strong volume recovery in all regions, led by Asia Pacific and Europe. PTOI was $230 million, an improvement of $376 million, primarily driven by higher volumes, lower raw material costs, and fixed cost productivity improvements including restructuring programs.
Safety & Protection
Includes Building Innovations, Protection Technologies and Sustainable Solutions businesses
Sales of $789 million increased $71 million, or 10%, principally reflecting an 8% increase in volumes and 2% higher selling prices. The increase in volumes was primarily due to recovery in the automotive and industrial markets, coupled with moderate strengthening in construction markets. PTOI was $102 million, an improvement of $38 million. The increase primarily reflects higher volumes and lower raw material costs.