DuPont 1Q 2012 Business Segment Performance

DuPont News, April 20, 2012
DuPont’s agriculture business sales were up 16 percent for 1Q 2012.

 

The following is a summary of business results for each of the company’s reportable segments, comparing first quarter 2012 with first quarter 2011, for sales and PTOI, excluding significant items. References to selling price are on a U.S. dollar basis, including the impact of currency.

Agriculture
Includes Crop Protection and Pioneer Hi-Bred businesses
Sales of $4.1 billion were up $576 million, or 16%, with 8% price and 8% volume gains. Seed sales growth reflects strong global performance with robust North American corn sales, a strong, early start to the European season and commercial success in Brazil’s Safrinha season. Crop Protection product sales growth was underpinned by particular strength in insect control product volumes and price gains across the portfolio. PTOI of $1.3 billion improved 18% on higher volume and price, offset in part by input cost increases and unfavorable currency impact.

Electronics & Communications
Sales of $677 million were down 17% on 18% lower volume. Sales reflect continued soft demand in photovoltaics, partially offset by increased demand for smartphones and tablets. PTOI of $33 million declined from lower volume and plant utilization.

Industrial Biosciences
Sales of $288 million and PTOI of $41 million reflect the acquisition of Danisco's enzyme business. PTOI includes $5 million of amortization expense associated with the fair value step-up of acquired intangible assets.
Sales of $808 million and PTOI of $83 million reflect the acquisition of Danisco's specialty food ingredients business. PTOI includes $21 million of amortization expense associated with the fair value step-up of acquired intangible assets.

Nutrition & Health
Sales of $808 million and PTOI of $83 million reflect the acquisition of Danisco's specialty food ingredients business. PTOI includes $21 million of amortization expense associated with the fair value step-up of acquired intangible assets.

Performance Chemicals
Includes Titanium Technologies and Chemicals & Fluoroproducts businesses
Sales of $1.9 billion were up 6%, with 16% higher selling prices and 10% lower volume. Higher selling prices more than offset higher raw material costs. Lower volume reflects continued softness in titanium dioxide, particularly in Asia Pacific. Global demand for titanium dioxide increased sequentially. PTOI of $512 million increased $118 million on higher selling prices.

Performance Coatings
Sales of $1.1 billion were up 6% on higher selling prices. Higher selling prices across all regions and market segments offset higher raw material costs. Continued strong demand in OEM motor vehicle and industrial coatings, particularly in the North American heavy duty truck market, was offset by softening in refinish primarily in southern Europe. PTOI of $87 million increased on higher selling prices, mix enrichment and continued productivity actions.

Performance Materials
Includes Packaging & Industrial Polymers and Performance Polymers businesses
Sales of $1.6 billion were down 6%, with 10% lower volume and a 2% reduction from a portfolio change partially offset by 6% higher selling prices. Demand improved in the automotive market, particularly in North America, but was more than offset by continued softness in industrial and electronics markets. Higher selling prices offset higher raw material costs. PTOI of $240 million decreased due to lower volume.

Safety & Protection
Includes Building Innovations, Protection Technologies and Sustainable Solutions businesses
Sales of $941 million were down 2%, with 5% lower volume, partially offset by 3% higher selling prices. Volume was lower on continued softness in industrial markets. Higher selling prices reflect value-based pricing. PTOI of $100 million decreased on lower volume and higher spending for growth initiatives.
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