DuPont Reports 1Q 2011 Earnings of $1.52 per Share, Raises 2011 Guidance on Business Strength
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Double-digit sales gains in all segments and regions underpin growth
April 21, 2011 - DuPont's first quarter 2011 earnings were $1.52 per share, compared to $1.24 per share in the prior year, despite a Pharmaceuticals earnings decline of $.14 per share. Sales increased 18 percent to $10.0 billion with 9 percent higher sales volume, 8 percent higher local price and a 1 percent increase from portfolio changes. Sales in developing markets grew 30 percent. Customer-driven innovation contributed to the company achieving five consecutive quarters of pricing gains. All segments recorded double-digit sales growth, driving a 31 percent increase in segment pre-tax operating income, excluding Pharmaceuticals. Volumes were especially strong in Safety & Protection, Agriculture & Nutrition, and Electronics & Communications.
"Our science-powered innovation, keen focus on customers and disciplined execution contributed to delivering outstanding results, including double-digit sales increases in every segment and in every region," said DuPont Chair and CEO Ellen Kullman. "Innovation that addresses population-driven megatrends around food, energy and protection coupled with ongoing productivity and execution will continue to differentiate DuPont. Our top-line growth and productivity results support our confidence in raising the full-year earnings outlook."
The company increased its full-year 2011 earnings outlook to a range of $3.65 to $3.85 per share from its previous range of $3.45 to $3.75. This revision reflects strong first quarter earnings and execution of the company's growth plans with the expectation of continued global economic growth. As previously announced, the planned Danisco acquisition could reduce 2011 earnings by $.30-$.45 per share on a reported basis.
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 90 countries, DuPont offers a wide range of innovating products and services for markets including agriculture and food, building and construction, communications, and transportation.
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