DuPont reported higher third quarter earnings.of $.45 a share compared to $.43 a share in the prior year. GAAP (Generally Accepted Accounting Principles) earnings from continuing operations were $.28 a share versus a loss of $.05 a share for the third quarter 2012.
Third quarter results reflected sales growth and higher earnings for Performance Materials, Electronics & Communications and Safety & Protection, and a lower effective tax rate. Performance chemical reported lower earnings. The company is looking at options for that business that could include asset sales.
Highlights cited by the company include:
Third quarter net sales of $7.7 billion increased 5 percent, with volume up 9 percent versus a weak prior year. Sales also reflect 3 percent lower local prices and a 1 percent negative currency impact.
Excluding Performance Chemicals, all operating segments posted increased operating earnings versus last year. Performance Materials, Electronics & Communications, Safety & Protection and Industrial Biosciences had double-digit earnings growth reflecting higher volumes and improved margins.
Agriculture sales grew 15 percent driven by increased insecticide volumes and higher seed prices in Latin America. The sales growth and the benefit of increased ownership in Pannar Seed (Pty) Ltd. reduced the segment’s third quarter seasonal loss to $62 million.
Cost productivity gains and restructuring savings are on track to meet or exceed full-year targets.
The company continues to expect full-year operating earnings of about $3.85 per share.
“We executed well against our plans. Third quarter sales volumes and operating earnings were stronger across most businesses compared to a soft quarter last year,” said DuPont CEO Ellen Kullman. “While we expect overall sequential growth in industrial market demand will remain subdued, fourth quarter operating earnings will be up substantially from last year. For the full year we are on track to deliver modest earnings growth, despite the significant decline in Performance Chemicals’ results.”
