DuPont Reports Fourth Quarter 2009 EPS of $.48; Increases 2010 Guidance Results Reflect Improving Volumes in all Regions

Date: 1 February 2011
Source: DuPont
Highlights:• DuPont’s fourth-quarter 2009 earnings were $.48 per share, compared to a fourth-quarter 2008 loss of $.70 per share.

Excluding significant items, fourth-quarter 2009 earnings were $.44 per share versus a $.28 per share loss in the prior year (see Schedule B.)

• Sales of $6.4 billion were up 10 percent versus prior year, led by sales growth greater than 20 percent for titanium dioxide, electronic materials, performance polymers and seed products.

• Volume grew 10 percent, with increases in all regions. Asia Pacific sales exceeded pre-recession levels with volume up 34 percent versus prior year, reflecting very strong demand in China, Japan, Korea and India.

• Raw material, energy and freight costs for the fourth-quarter were about 20 percent lower after adjusting for currency and volume.

• The company exceeded its full-year goal to deliver $1 billion of fixed cost reductions and productivity actions.

• Full-year 2009 earnings were $1.92 per share versus $2.20 in 2008. Excluding significant items, 2009 earnings were $2.03 per share versus $2.78 in the prior year.

• Full-year free cash flow of $3.4 billion achieved the company’s goal, reflecting capital productivity and favorable currency impact.

• DuPont increased its full-year 2010 earnings guidance to a range of $2.15 to $2.45 per share. The previous guidance was $2.10 to $2.40 per share.

“Across the organization, DuPont delivered on its commitments in 2009,” said DuPont Chair and CEO Ellen Kullman. “We intend to emerge stronger in 2010 by building on the work we accomplished last year, with a focus on sales growth through market-driven innovation and operating leverage. We remain committed to compound annual growth targets of 10 percent for top-line and 20 percent for earnings through 2012.”

Global Consolidated Sales and Net Income

Fourth-quarter 2009 consolidated net sales of $6.4 billion were 10 percent higher than prior year, reflecting 10 percent higher volume, 3 percent lower local prices, a 4 percent positive impact from currency exchange rates and a 1 percent reduction from portfolio changes. Net income attributable to DuPont for the fourth-quarter 2009 was $441 million versus a $629 million loss in the prior year. Net income excluding significant items was $402 million versus a $249 million loss in the prior year. The improvement reflects significantly higher sales volume, lower variable cost and currency benefit.


DuPont remains committed to its 20 percent compound annual earnings growth goal for the 2009-2012 time period and 2010 free cash flow target of greater than $1.5 billion as announced November 2009. DuPont today increased its full-year 2010 earnings guidance to a range of $2.15 to $2.45 per share versus the previous guidance of $2.10 to $2.40 per share. “In 2010, we will continue the momentum generated from last year’s aggressive cost-cutting and cash-generating actions,” Kullman said. “We remain confident in our performance outlook for 2010, based on improving economic conditions coupled with well-positioned and streamlined businesses. Each one of our business units has clear targets, our leaders understand their accountability and our teams are poised to deliver in 2010.”

DuPont is a science-based products and services company. Founded in 1802, DuPont puts science to work by creating sustainable solutions essential to a better, safer, healthier life for people everywhere. Operating in more than 70 countries, DuPont offers a wide range of innovative products and services for markets including agriculture and food; building and construction; communications; and transportation.

Forward-Looking Statements: This news release contains forward-looking statements based on management's current expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the company's strategy for growth, product development, market position, expected expenditures and financial results are forward-looking statements. Some of the forward-looking statements may be identified by words like "expects," "anticipates," "plans," "intends," "projects," "indicates," and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in documents filed with the Securities and Exchange Commission by DuPont, particularly its latest annual report on Form 10-K and quarterly report on Form 10-Q, as well as others, could cause results to differ materially from those stated. These factors include, but are not limited to changes in the laws, regulations, policies and economic conditions, including inflation, interest and foreign currency exchange rates, of countries in which the company does business; competitive pressures; successful integration of structural changes, including restructuring plans, acquisitions, divestitures and alliances; cost of raw materials, research and development of new products, including regulatory approval and market acceptance; seasonality of sales of agricultural products; and severe weather events that cause business interruptions, including plant and power outages, or disruptions in supplier and customer operations. The company undertakes no duty to update any forward-looking statements as a result of future developments or new information.

600450 DuPont Reports Fourth Quarter 2009 EPS of $.48; Increases 2010 Guidance Results Reflect Improving Volumes in all Regions
Date: 1 February 2011
Source: DuPont

See more news about:

See more from these topics:

Others also read

Mark the Date for “Everlam Laminated Architectural Glass Event” on 22- 23 Sept 2015 in Hamm-Uentrop, Germany.   Everlam is organizing a customer-only event in its manufacturing facility in Germany.
DuPont announced on July 23, 2015 that it has named Marc Doyle senior vice president for its Safety & Protection businesses, reporting to Ellen Kullman, chair and CEO. Matthew L.
JA Solar and DuPont held a strategic cooperation signing ceremony at the DuPont China R&D Center in Shanghai on December 9, 2014, in support of further collaboration on solar technology and the use of advanced materials from DuPont to help improve the power output, durability and return on investment for solar energy systems.  Yong Liu, chief operating officer, JA Solar (left front), Chuck Xu, global business director, DuPont Photovoltaic Solutions (right front), Matthew Trerotola, DuPont executive vice president (back row, fourth from right) and Tony Su, president of DuPont Greater China (Back row, third from right) were among those who attended the ceremony.
TOKYO, Japan, Kuraray Co., Ltd. (“Kuraray”, TSE:3405) reached an agreement to sell the European PVB film business formerly owned by European subsidiaries of E.
Advanced Materials Key to Enhance the Performance and Durability of Solar Energy Systems - DuPont Photovoltaic Solutions (DuPont) is highlighting how advanced materials help to improve the power output, durability and return on investment of solar energy systems to address India’s energy challenges, during the 8th Renewable Energy India Expo from September 3rd to 5th, 2014 in  Greater Noida.  The DuPont booth (Hall 5-35) will feature its latest advanced solar materials, as well as solar panels made using DuPont materials from Tata Power Solar.
DuPont has named Gregory R. Friedman as its vice president of Investor Relations, effective Sept. 1, succeeding Carl J. Lukach who has been appointed vice president, Treasury, Tax and Investor Relations for the new Performance Chemicals company.

Add new comment