DuPont Reports 3Q Earnings

DuPont News, October 23, 2012
Ellen Kullman

Today, DuPont reported third quarter 2012 earnings per share (EPS) and announced it expects full-year earnings to be in a range of $3.25 to $3.30 per share, excluding significant items.

DuPont’s third-quarter 2012 earnings from continuing operations, excluding significant items, were $.32 per share versus $.60 per share in the prior year. Current quarter reported earnings (losses) from continuing operations were $(.05) per share versus $.39 per share in the prior year.

Sales were $7.4 billion, down 9% versus 2011. This reflects 5 % lower volume, 4% negative currency impact and a1% net reduction from portfolio changes, which were partly offset by 1% higher local prices.

"Today, we are taking additional actions to improve competitiveness and accelerate market-driven innovation and growth by fine-tuning the organization, eliminating costs and expanding beyond our everyday focus on productivity," said DuPont Chair and CEO Ellen Kullman. "We continue to execute well in many parts of the company, and certain segments are outperforming despite market volatility.  Weaker than expected demand in titanium dioxide and photovoltaic markets contributed to the decline from last year's record third-quarter earnings.  We are addressing these challenges now to position ourselves for improved performance."

The table below shows year-over-year earnings per share (EPS) variances for continuing operations, excluding significant items, for the third quarter.