The following is a summary of business results for each of the company’s reportable segments, comparing second quarter 2012 with second 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.
Includes Crop Protection and Pioneer businesses
Sales of $3.4 billion were up $0.4 billion, or 13%, with 7% price and 6% volume gains. Pioneer seed maintained its momentum, delivering 12% sales growth on agriculture macros and strong business performance in North America corn and soybeans. Crop Protection sales growth of 15% was underpinned by strong demand across all product lines. PTOI of $926 million improved 12% on strong sales performance, partially offset by input cost increases in seeds, unfavorable currency impact and higher investments in Right Product Right Acre commercial and R&D activities.
First half sales of $7.5 billion were up $1.0 billion, or 15%, with 8% volume and 7% price gains. Pioneer seed sales growth of 16% reflects strong northern hemisphere performance with global price and volume gains on new product penetration. Crop Protection sales growth of 11% reflects continued strong demand in all product lines with standout performance in insect control products. PTOI for the first half of $2.2 billion improved 16% on higher volume and price, partially offset by input cost increases in seeds, unfavorable currency impact and higher spending for growth investments.
Sales of $795 million were down 11% on 6% lower volume and 5% lower selling prices, primarily pass-through of lower metals prices. Sales reflect continued soft demand for photovoltaic materials, though up sequentially from first quarter. Volume decline in photovoltaics was partially offset by increased demand for smart phones and tablets. PTOI of $75 million declined $28 million from lower volume and plant utilization. Additionally, PTOI in the prior year included a $20 million reduction due to extreme volatility in metals prices.
Sales of $300 million were up $177 million, primarily due to two months acquisition benefit from the Danisco enzyme business. Biomaterial sales into apparel and carpeting accounted for a 10% volume increase. PTOI of $44 million was up $34 million benefiting from the acquisition and realization of cost synergies. PTOI includes $5 million of amortization expense associated with the fair value step-up of acquired intangible assets.
Sales of $885 million were up $399 million, or 82%, primarily reflecting two months acquisition benefit from the Danisco specialty food ingredients business. Higher volume reflects continued strong demand in Solae specialty soy products. PTOI of $112 million was up $74 million, benefiting from the acquisition, realization of cost synergies and favorable product mix in Solae. PTOI includes $20 million of amortization expense associated with the fair value step-up of acquired intangible assets.
Includes Titanium Technologies and Chemicals & Fluoroproducts businesses
Sales of $2.0 billion were down 1%, with 10% lower volume, partially offset by 9% higher selling prices. Higher selling prices more than offset higher ore costs. Lower volume reflects continued softness in titanium dioxide, particularly in Asia Pacific and Europe, and weakening demand in fluoropolymers. PTOI of $538 million increased $35 million on higher selling prices and continued productivity actions.
Sales of $1.1 billion were down 1%, with 2% lower volume partially offset by 1% higher selling prices. OEM volume growth in North America and Asia Pacific was more than offset by lower refinish and powder coatings volume, particularly in European markets. Higher local selling prices across all regions and market segments were partially offset by the impact of unfavorable currency. PTOI of $92 million increased $19 million on higher selling prices, mix enrichment and continued productivity actions, partially offset by unfavorable currency.
Includes Packaging & Industrial Polymers and Performance Polymers businesses
Sales of $1.7 billion were down 3%, primarily reflecting a 3% reduction from a portfolio change and 1% lower selling prices, partially offset by 1% higher volume. The lower selling prices were primarily affected by unfavorable currency. Volume growth in packaging markets and continued strong demand in the automotive market, particularly in North America, were partially offset by softness in the industrial and electronic markets. PTOI of $317 million increased $63 million due to lower feedstock costs and higher volume, partially offset by unfavorable currency.
Sales of $986 million were down 4%, with 5% lower volume, partially offset by 1% higher selling prices. Volume declined due to lower public sector demand and continued softness in industrial markets. Higher local selling prices from value-based pricing were partially offset by the impact of unfavorable currency. PTOI of $127 million decreased $16 million on weaker mix, unfavorable currency and higher spending for growth initiatives, partially offset by value-based pricing actions.
Additional information is available in the DuPont Investor Center.