DuPont News, January 27, 2009
DuPont Reports 4Q 2008 Results
DuPont reported a fourth quarter 2008 loss of USD .70 per share. Excluding a USD .42 per share charge from a previously announced restructuring program, the fourth quarter loss was USD .28 per share, in line with guidance.
In a challenging environment, DuPont ended 2008 with a strong balance sheet, delivering solid cash performance of USD 1.1 billion free cash flow, in line with company targets.
“DuPont enters 2009 addressing challenging economic conditions head-on,” said DuPont CEO Ellen Kullman. “We are intensely focused on productivity, while generating earnings and cash. Our market-leading businesses and internal discipline generated solid cash performance in 2008. We do not underestimate the difficulties presented by the current environment. We will rigorously guard our financial strength and flexibility, while carefully preserving our science-driven competitive advantage to assure that the company is well-positioned for an eventual improvement in global markets.”
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EPS Analysis
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EPS |
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| 4th Quarter 2007 |
$ |
0.60 |
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Exclude: Significant items (schedule B) |
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0.03 |
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| 4th Quarter 2007 - excluding significant items |
$ |
0.57 |
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| Variances: |
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Local prices |
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0.44 |
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Variable costs* |
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(0.48) |
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Volume |
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(0.55) |
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Low capacity utilization** |
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(0.21) |
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Fixed costs* |
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0.02 |
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Currency |
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(0.04) |
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Income taxes |
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0.09 |
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Exchange loss |
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(0.07) |
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Other (Incl. $.02 Pharmaceuticals benefit) |
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(0.05) |
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| 4th Quarter 2008 - excluding significant items |
$ |
(0.28) |
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Include: Restructuring Charge (schedule B) |
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(0.42) |
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| 4th Quarter 2008 |
$ |
(0.70) |
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| * |
Excludes volume and currency impact |
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| ** |
Fixed manufacturing cost, normally reflected in inventory, expensed in the fourth quarter as a result of low production volumes |
