DuPont News, July 28, 2011
DuPont Reports 2Q 2011 EPS of $1.29
Today, DuPont reported second quarter 2011 earnings per share (EPS) and increased 2011 guidance -- reflecting strong second-quarter results, the expectation for continued global economic growth and about $.05 per share full-year impact from Danisco on an underlying basis.
DuPont’s second-quarter 2011 earnings per share were $1.37, compared to $1.17 in 2010.
Sales were $10.3 billion, up 19% versus 2010. This reflects 11% higher local prices, 2% higher sales volume, 3% currency benefit and a 3% increase from portfolio changes. Sales in developing markets grew 29% and represent 30% of total sales.
“Our strong second-quarter sales growth across all segments and regions resulted from consistent global execution and customer-focused innovation,” said DuPont Chair & CEO Ellen Kullman. “We are increasing our earnings outlook for 2011 based on strong performance year-to-date and confidence in our business plans for the second half of the year.
“Longer term, we expect additional compelling growth opportunities across our businesses stemming from science-powered innovations and collaboration, including the integration of Danisco’s world-class enzymes, fermentation and specialty food ingredients capabilities with DuPont’s strong industrial biosciences and nutrition & health offerings,” Ellen said.
The table below shows year-over-year EPS variances for the second quarter.
EPS ANALYSIS
|
EPS 2010
|
2Q
|
Less: significant items (schedule B)
EPS 2010 – Excluding significant items
|
$1.26
|
Local prices
|
.09
$1.17
|
Variable cost*
|
.80
|
Volume
|
(.46)
|
Fixed cost*
|
.06
|
Currency
|
(.19)
|
Other**
|
.07
|
Higher shares outstanding
|
(.02)
|
Income tax
Danisco impact***
|
(.04)
|
|
(.03)
.01
|
EPS 2011 – Excluding significant items
|
|
Significant items - (schedule B)
EPS 2011
|
$1.37
|
* Excludes volume and currency impacts
** Principally absence of prior-year asset sales and higher interest expense, partly offset by exchange gains
*** After interest expense and additional depreciation/amortization expense related to the fair value step-up of acquired long-lived Danisco assets
|
(.08)
$1.29
|
