- Segment pre-tax operating income (PTOI), excluding pharmaceuticals and significant items, increased 13% versus 2011, principally attributable to higher earnings from Agriculture and Performance Materials and a prior-year acquisition benefiting Nutrition & Health and Industrial Biosciences.
- Agriculture delivered 15% higher sales and a 16% increase in pre-tax operating income excluding significant items, versus last year’s second quarter. This reflects strong northern-hemisphere business performance across both seed and crop protection product lines.
- The company’s productivity initiatives are on track versus its full-year 2012 productivity targets for fixed costs and working capital. Year-to-date fixed cost productivity totals $190 million.
- DuPont expects full-year earnings to be toward the lower end of its existing outlook range of $4.20 to $4.40 per share, excluding significant items, due to uncertainties associated with macros and currency, as well as a higher tax rate related to earnings mix. This compares to $3.93 per share in 2011.
Second quarter 2012 consolidated net sales of $11.0 billion were 7% higher than the prior year reflecting 6% higher local prices and a 5% net increase from portfolio changes, partly offset by a 3% negative currency impact and 1% lower volume.
The table below shows regional sales and variances versus the second quarter 2011.
Second-quarter 2012 net income attributable to DuPont was $1,179 million versus $1,218 million in 2011. Excluding significant items, net income attributable to DuPont of $1,394 million increased $95 million, or 7%, from $1,299 million in the second quarter 2011.