In what may be its last earnings report, DuPont reported second quarter net income from continuing operations of $0.97 per share and operating earnings of $1.38 per share. The earnings are based on generally accepted accounting principles (GAAP).
Earnings beat analysts’ forecasts as the agriculture business showed signs of recovery.
For first-half 2017, DuPont delivered GAAP earnings from continuing operations of $2.50 per share and operating earnings of $3.02 per share. Prior-year GAAP and operating earnings per share were $2.55 and $2.50, respectively.
Second-quarter sales totaled $7.4 billion, up 5 percent compared to the previous year on a 6 percent gain in volume partially offset by a 1 percent decline in local prices.
Volume grew in all reportable segments, led by Agriculture, Electronics & Communications and Protection Solutions. First-half sales of $15.2 billion increased 5 percent from the previous year on a 5-percent volume gain.
Agriculture sales were helped by the change in timing of seed deliveries, including the southern U.S. route-to-market change, which benefitted first-half sales by approximately $200 million, or about 1 percent.
First-half sales of $15.2 billion increased 5 percent versus prior year on a 5-percent benefit from volume. Sales grew in most segments, led by Agriculture, Performance Materials and Electronics & Communications.
“Our increased operating earnings per share and strong sales growth of 5 percent were driven by volume growth from our highly productive innovation pipeline,” said Edward Breen, CEO of DuPont. “We continue to see the results of the focus, efficiency, and productivity our teams are delivering as we move toward the expected August closing of the merger with Dow. Our integration planning will enable us to begin implementation quickly, including launching the projects to achieve our $3 billion cost synergies target, and move toward standing up the strong, independent companies we intend to create.”
You can view the DuPont second quarter earnings release here.
DuPont is slated to merge with Dow this fall and spin off into three publicly traded companies.
