DuPont Q3 sales grow 17pc to $7bn
Dubai, October 31, 2010
DuPont announced sales of $7.0 billion in the third quarter, an increase of 17 per cent versus the prior year, principally reflecting 14 per cent higher volume, and 22 per cent increase of sales in emerging markets.
Third quarter 2010 earnings per share was $0.40, compared to $0.45 per share in the prior year, despite a $0.13 decline in Pharmaceuticals income related to patent expirations.
All segments had robust volume increases, with Safety & Protection up 31 per cent and Electronics & Communications up 24 per cent.
DuPont made a $500 million voluntary contribution to its principal US pension plan in September.
The company expects 2010 free cash flow to be about $1.7 billion.
DuPont increased its full-year 2010 earnings guidance to about $3.10 per share, excluding significant items. The company’s previous guidance was a range of $2.90 to $3.05 per share.
“I am proud of our business teams’ performance this quarter, with segment pre-tax earnings up 33 percent excluding Pharmaceuticals income. This quarter’s results were complemented by ongoing productivity improvements and rigorous cost management that contributed to profitable growth,” said DuPont chair of the board and CEO Ellen Kullman.
The company expects full-year earnings to be about $3.10 per share, excluding significant items which will include a fourth quarter $.13 per share loss on the early extinguishment of debt. The previous guidance range was $2.90 to $3.05 per share.
The increased outlook reflects strong third quarter results and expectations for sustained demand in key global markets, continued pricing momentum and benefits from ongoing productivity.
The outlook also assumes Pharmaceuticals full-year pre-tax income will be about $480 million. The company expects full-year free cash flow to be about $1.7 billion.-TradeArabia News Service