This quarter's achievements resulted from strong earnings growth in Agriculture and Performance Chemicals and income from a prior-year acquisition.
- Segment pre-tax operating income (PTOI), excluding significant items, increased $252 million, or 12% versus 2011, principally due to Agriculture, Performance Chemicals and the benefit of prior-year acquisitions in Nutrition & Health and Industrial Biosciences.
- Agriculture delivered 16% higher sales and an 18% increase in pre-tax operating income, excluding significant items, versus last year’s first quarter. This reflects strong global business performance and an early start to the North American and European selling seasons.
- The company’s productivity initiatives continued on track with improvements of approximately $100 million each for fixed costs and working capital.
- DuPont reaffirmed its full-year earnings outlook range of $4.20 to $4.40 per share, which represents 7 to 12% growth versus 2011, excluding significant items.
First quarter 2012 consolidated net sales of $11.2 billion were 12% higher than the prior year, including 7% attributable to portfolio changes. Local prices were 8% higher with increases in all regions. The 2% decline in total company volume principally reflects strong Agriculture segment volume gains in all regions offset by lower volume for most segments in Asia. The table below shows regional sales and variances versus the first quarter 2011.
Net income attributable to DuPont for the first quarter 2012 was $1,488 million versus $1,431 million in the first quarter 2011. Excluding significant items, net income attributable to DuPont was $1,520 million versus $1,431 million in the prior year. The improvement principally reflects earnings growth in Agriculture and Performance Chemicals and income from a prior-year acquisition. Higher selling prices more than offset increased spending for sales, marketing and research and development, and higher costs for raw materials, energy and freight.