- Sales grew 14% to $8.4 billion, principally from 14% higher local prices. A 10% net increase from portfolio changes was offset by a 10% volume decline.
- Agriculture delivered an 8% sales gain in the fourth quarter and 23% sales growth for the second half. This reflects strong performance during the Latin American selling season.
- Excluding significant items and pharmaceuticals, segment pre-tax operating income increased over $100 million, or 18% versus the prior year, principally due to Performance Chemicals and acquisitions in Industrial Biosciences and Nutrition & Health.
The table below shows regional sales and variances versus the fourth quarter 2010.
Net income attributable to DuPont for the fourth-quarter 2011 was $373 million versus $376 million in the fourth quarter 2010. Excluding significant items, net income attributable to DuPont was $325 million versus $463 million in the prior year. The decrease principally reflects a higher tax rate.
Higher selling prices more than offset increased spending for selling, marketing and research and development, higher costs for raw materials, energy and freight, and lower volume.
- Sales increased 20% to $38.0 billion, with a 27% increase in developing markets.
- Excluding significant items and Pharmaceuticals, segment pre-tax operating income increased 31% with leading contributions from Performance Chemicals and Agriculture.
- Full-year free cash flow was $3.3 billion versus $3.1 billion in 2010, driven by increased segment operating income and productivity initiatives.
- Fixed cost productivity of $400 million and working capital productivity of $500 million significantly exceeded the $300 million targets set for each.
Outlook for 2012
DuPont reaffirms its full-year 2012 earnings outlook of $4.20 to $4.40 per share, an increase of 7 to 12% versus 2011, excluding significant items.
View the news release.