Third Quarter Highlights
·
Operating earnings per share of $0.54 were up 20
percent from $0.45 per share last year, in-line with the company’s expectations
communicated with 2Q earnings. GAAP1
earnings per share were $0.47 versus $0.28 last year.
·
Sales were $7.5 billion versus $7.7 billion in the
same period last year, down 3 percent due to portfolio changes.
·
Volume grew across most segments with decline
limited to Agriculture, where higher crop protection volume was more than
offset by lower seed volume.
·
Strong operating earnings growth was delivered by Nutrition &
Health (+23 percent) and Safety & Protection (+18 percent).
·
The Performance
Chemicals separation remains on track for mid-2015.
]UAE,
October 29, 2014[ – Today DuPont (NYSE: DD) announced
third quarter 2014 operating earnings of $0.54 per share compared to $0.45 per
share in the prior year. GAAP1
earnings per share were $0.47 versus $0.28 last year. Consolidated sales were $7.5 billion, 3 percent
below last year, reflecting portfolio changes, as price, volume and currency
were in line with the prior year period.
“In the
third quarter, we improved our operating margins in five of seven segments and
grew operating earnings per share 20 percent, despite a weaker Ag environment
and sluggish economic growth in most of the world,” said DuPont Chair and CEO
Ellen Kullman. “Our increase in margins in a slow growth environment
reflects the momentum we are building as we execute our plan, which is driving
new products, portfolio enhancements and a broad initiative to redesign our
operating model with a smaller cost base and a simplified support
structure. We are positioning DuPont for our next stage of growth, while
increasing returns to our shareholders.”
Global
Consolidated Net Sales – 3rd Quarter
Third quarter 2014 net sales of $7.5
billion were 3 percent below last year due to portfolio changes. Increased volumes were offset by a decrease in
local selling prices.
Outlook
For the fourth
quarter, the company expects sluggish growth in the global economy, along with
continuing headwinds in agriculture and from currency. However, the company remains confident in its
ability to create higher value from its portfolio while continuing to deliver against
cost productivity and corporate initiatives. Overall, the company expects fourth quarter
operating earnings per share to grow about 20 percent from last year’s $0.59
per share, matching the growth rate the company achieved in the third quarter,
and bringing full year 2014 operating earnings within its previously
communicated outlook range of $4.00 - $4.10 per share.
Use of Non-GAAP Measures
Management
believes that certain non-GAAP measurements are meaningful to investors because
they provide insight with respect to ongoing operating results of the
company. Such measurements are not
recognized in accordance with GAAP and should not be viewed as an alternative
to GAAP measures of performance. Furthermore,
these measures may not be consistent with similar measures provided by other
companies.
About DuPont
DuPont
(NYSE: DD) has been bringing world-class science and engineering to the global
marketplace in the form of innovative products, materials, and services since
1802. The company believes that by
collaborating with customers, governments, NGOs, and thought leaders we can
help find solutions to such global challenges as providing enough healthy food
for people everywhere, decreasing dependence on fossil fuels, and protecting
life and the environment. For additional
information about DuPont and its commitment to inclusive innovation, please
visit http://www.dupont.com.
Forward-Looking
Statements: This document contains forward-looking statements
which may be identified by their use of words like “plans,” “expects,” “will,”
“believes,” “intends,” “estimates,” “anticipates” or other words of similar
meaning. All statements that address expectations or projections about
the future, including statements about the company's strategy for growth,
product development, regulatory approval, market position, anticipated benefits
of recent acquisitions, timing of anticipated benefits from restructuring actions,
outcome of contingencies, such as litigation and environmental matters,
expenditures and financial results, are forward looking statements.
Forward-looking statements are not guarantees of future performance and are
based on certain assumptions and expectations of future events which may not be
realized. Forward-looking statements also involve risks and uncertainties, many
of which are beyond the company’s control. Some of the important factors that
could cause the company’s actual results to differ materially from those
projected in any such forward-looking statements are: fluctuations in energy
and raw material prices; failure to develop and market new products and
optimally manage product life cycles; significant litigation and environmental
matters; failure to appropriately manage process safety and product stewardship
issues; changes in laws and regulations or political conditions; global
economic and capital markets conditions, such as inflation, interest and
currency exchange rates; business or supply disruptions; security threats, such
as acts of sabotage, terrorism or war, weather events and natural disasters;
ability to protect and enforce the company's intellectual property rights;
successful integration of acquired businesses and separation of underperforming
or non-strategic assets or businesses and successful completion of the proposed
spinoff of the Performance Chemicals segment including ability to fully realize
the expected benefits of the proposed spinoff. The company undertakes no duty to
update any forward-looking statements as a result of future developments or new
information.
