April 24, 2013: Dubai, U.A.E – DuPont yesterday announced first quarter 2013 operating earnings per share (EPS) of $1.56 versus prior year earnings of $1.64. GAAP EPS from continuing operations was $1.47 versus $1.48 in the prior year. Primary drivers of results for the quarter were record Agriculture operating earnings offset by an expected decline in Performance Chemicals. DuPont reaffirmed its full year 2013 EPS outlook and announced a 5 percent dividend increase.
1Q 2013 Highlights
• Sales of $10.4 billion were up 2 percent, reflecting volume growth. A one percent increase in local prices was offset by currency impact.
• Record Agriculture operating earnings of $1.5 billion were up 13 percent. Sales increased 14 percent driven by strong volume growth, particularly in North America and Latin America, and higher pricing from new seed and crop protection products.
• Total segment operating earnings of $2.3 billion were down 8 percent, largely due to a $320 million decline (about $.26 EPS) in Performance Chemicals from last year's high levels.
• The company completed the sale of the Performance Coatings segment, executed a $1 billion share buyback and reduced its net debt.
• Cost productivity gains and restructuring savings are on track to meet or exceed full year targets.
• The company reaffirms its outlook for full-year 2013 operating earnings of $3.85-$4.05 per share, an increase of 2-7 percent from $3.77 per share earned in 2012.
“The first quarter finished as expected, with the strong Agriculture performance and Performance Chemicals' decline from peak levels last year,” said DuPont Chair and CEO Ellen Kullman. “Our strategies for growth and improved return on capital are working as we continue to focus on delivering science-powered innovation and industry-leading productivity improvement. We remain committed to delivering value to our shareholders as demonstrated by executing our share buyback, strengthening our balance sheet and increasing our dividend.”
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. Reconciliations of non-GAAP measures to GAAP are provided in schedules A, C and D.
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.