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Letter to the Editor
Tuesday April 24
DuPont Q1 Profit Rises 16 Percent
Specialty chemicals maker DuPont Company's first-quarter earnings increased 16 percent, driven by higher seed sales and improved pharmaceuticals income. The company reaffirmed its full-year guidance for 2007.The company reported net income of $945 million, up from $817 million, in the first quarter of 2006. Excluding a one-time charge of $52 million related to antitrust litigation, earnings totaled $1.07 per share, compared to 93 cents per share a year earlier.
Consolidated net sales rose by $451 million to $7.8 billion, while total revenue increased 6 percent to $8.16 billion from $7.67 billion last year.
"We're off to a solid start in 2007," said chairman and chief executive officer Charles Holliday Jr.
The company said it continues to expect modest volume gains as growth outside the United States and strong agricultural seed markets outweigh lower demand for its products in the U.S. housing and automotive markets.
"We are well positioned in global industrial and agricultural markets and have an exciting pipeline of new products that customers value," Holliday said.
Sales from DuPont's agriculture and nutrition segment increased 13 percent to $2.5 billion in the first quarter, primarily due to strong Pioneer seed sales. Significant global gains in seed corn and cereals herbicides more than offset the impact of lower demand for cotton and soybean products in North America, the company said.
Pretax operating income from pharmaceuticals rose 33 percent, from $169 million to $225 million.
Overall sales grew six percent, reflecting two percent volume growth, two percent higher local currency selling prices, and a two percent currency benefit. Volume was down slightly in the U.S. but rose eight percent in the Canada and Latin America region, which matched Europe with sales growth of 11 percent.
Pretax operating income (PTOI) in the company's coatings and color technologies segment totaled $194 million, up sharply from $21 million in the prior year, which included a $135 million pretax restructuring charge. Excluding the restructuring charge, PTOI grew 24 percent as increased volume and cost productivity gains offset higher ingredient costs. Volume gains of two percent reflected post-hurricane share recovery in titanium dioxide and increased sales of refinish paint in Europe, net of lower volumes in automotive OEM and from divested businesses.
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