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DuPont Q1 Profit Increases 16%
Written by Tracy Heffner
Tuesday, 24 April 2007
WILMINGTON, DE – DuPont Co. reported its first-quarter earnings increased 16%, driven by higher seed sales and improved pharmaceuticals income. The company also reaffirmed its full-year guidance for 2007. DuPont reported net income of $945 million, up from $817 million in the first quarter of 2006. Excluding a one-time charge of $52 million, earnings totaled $1.07 per share compared to 93 cents per share a year earlier. Consolidated net sales rose by $451 million to $7.8 billion, while total revenue increased 6% to $8.16 billion from $7.67 billion last year.
"We're off to a solid start in 2007," said Chairman and CEO Charles Holliday Jr.
Overall sales grew 6%, reflecting 2% volume growth, 2% higher local currency selling prices and a 2% currency benefit. Volume was down slightly in the U.S. but rose 8% in the Canada and Latin America region, which matched Europe with sales growth of 11%. Pretax operating income, or PTOI, in the company’s electronic and communication technologies dropped from $160 million to $124 million as improvements in packaging graphics and inks failed to offset lower refrigerants pricing and lower sales of some electronic materials. Sales grew 4% to $920 million.
Excluding the $52 million after-tax charge for antitrust litigation, PTOI in performance materials increased 30% to $202 million, led by strong results in packaging and industrial polymers. Sales increased 3% to $1.6 billion despite lower volume.
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