Business News
DuPont: First Quarter Highlights, Net Income and Sales
Friday 25. April 2008 - First quarter 2008 earnings were USD 1.31 per share compared to USD 1.01 in the prior year. Excluding a significant item charge in the prior year, earnings per share increased 22 percent.
Sales grew 9 percent to USD 8.6 billion, reflecting 6 percent higher local selling prices and
5 percent currency benefit, partly offset by 1 percent lower volume and a net 1 percent reduction principally due to a chemical business divestiture. Local selling price gains more than offset higher ingredient costs.
Sales in Agriculture & Nutrition increased 18 percent and earnings grew 21 percent, reflecting strong demand for the companys production agriculture products.
Sales in emerging markets grew 25 percent, led by Brazil, China, India and Eastern Europe.
Reduced demand in the United States for the companys products sold into construction and motor vehicle markets moderated results in the Safety & Protection and Coatings & Color Technologies segments.
Segment pre-tax operating income (PTOI) increased to USD 1.9 billion. Excluding significant items, segment PTOI margin improved 1 percentage point to 21 percent.
Global Consolidated Net Income and Sales
Consolidated net sales increased 9 percent to USD 8.6 billion in the first quarter. Sales outside the United States represented 62 percent of total sales and increased 16 percent, while sales in the U.S. were equal to last year.
Net income for the first quarter 2008 was USD 1,191 million, or USD 1.31 per share. First quarter 2007 net income was USD 945 million, or USD 1.01 per share, including a significant item charge of USD 52 million, or USD .06 per share.