DuPont Reports 3Q Operating Earnings Per Share of $0.54, Up 20 Percent from Last Year
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.
WILMINGTON, Del., Oct. 28, 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.”
1Generally Accepted Accounting Principles (GAAP)
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.
press contact:
Stefan Weber
DuPont Deutschland Holding GmbH & Co. KG
Hugenottenallee 175, 63263 Neu-Isenburg, Germany
Telefon: +49 (0)6102 - 820 3631
stefan.weber@dupontholding.com
