- Excluding significant items, pre-tax operating income was down 24% from the prior year.
- Agriculture sales increased 4% on higher volume and prices, inclusive of a 10% currency headwind. Performance Materials and Nutrition & Health delivered strong earnings growth in the quarter.
- The company has commenced a restructuring plan to increase productivity, enhance competitiveness and accelerate growth. The plan will deliver pre-tax cost savings of about $450 million ($300 million in 2013) by eliminating corporate costs supporting Performance Coatings and taking additional cost-cutting actions to improve competitiveness. The restructuring plan includes eliminating about 1,500 positions globally in the next 12-18 months.
- The company remains on track to achieve its full-year 2012 productivity targets for both fixed costs and working capital.
- DuPont expects its full-year 2012 earnings from continuing operations, excluding significant items, to be in a range of $3.25 to $3.30 per share. Prior-year earnings were $3.55 per share on a comparable basis.
Third-quarter 2012 consolidated net sales of $7.4 billion were 9% lower than the prior year reflecting 5% lower volume, 4% negative currency impact and a 1% net reduction from portfolio changes, partly offset by 1% higher local prices.
The table below shows regional sales and variances versus the third quarter 2011.
Third-quarter 2012 income from continuing operations was a loss of $40 million versus income of $376 million in 2011. Excluding significant items, income from continuing operations was $302 million down $277 million, or 48%, from $579 million in the third quarter 2011.