DuPont News, April 21, 2009
1Q 2009 Results In-Line with Guidance
DuPont’s first quarter 2009 earnings were USD .54 per share, in-line with guidance.
“Our strong first quarter performance in Agriculture & Nutrition and pharmaceuticals, combined with gains from our pricing discipline and cost and capital reductions, helped to offset the impact of the largest decline in industrial demand in decades,” said DuPont CEO Ellen Kullman. “As we committed to do in December, we are addressing the more challenging economic conditions with further steps to aggressively manage costs, enhance productivity and operate even more efficiently.”
“Our teams are working with urgency and agility to stay ahead of the worst global recession since the 1930s,” Ellen said. “Our preemptive actions will preserve our strong cash generating capability, while positioning our businesses for improved profitability as global markets rebound.”
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EPS ANALYSIS
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1Q
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EPS - 2008
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USD 1.31
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Local prices
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.37
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Variable costs*
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(.16)
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Volume
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(.62)
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Low Capacity Utilization**
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(.18)
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Fixed costs *
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.05
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Currency
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(.18)
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Exchange loss
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(.02)
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Tax
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.02
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Other***
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(.05)
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EPS – 2009
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USD .54
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*Excluding volume & currency impact.
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**Fixed manufacturing cost, normally reflected in inventory, expensed as a result of low production volumes.
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***Includes interest expense, income from pharmaceuticals and equity affiliates, and the impact of portfolio changes.
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