DuPont Reports 1Q 2011 EPS of $1.52
Today, DuPont reported first quarter 2011 earnings per share (EPS) and increased 2011 guidance, reflecting double-digit sales gains in all segments and all regions.
DuPont’s first-quarter 2011 earnings per share were $1.52, compared to $1.24 in 2010, despite a Pharmaceuticals earnings decline of $.14 per share.
Sales were $10.0 billion, up 18% versus 2010. This reflects 9% higher volume, 8% higher local selling prices and a 1% increase from portfolio changes. Sales in developing markets grew 30%.
“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 & 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 table below shows year-over-year EPS variances for the first quarter.
| EPS ANALYSIS | |
| 1Q | |
| EPS 2010 | $1.24 |
| Local prices | .58 |
| Variable cost* | (.29) |
| Volume | .28 |
| Fixed cost* | (.20) |
| Currency | .01 |
| Other (includes Pharmaceuticals)** | (.07) |
| Higher shares outstanding | (.05) |
| Income tax | .04 |
| EPS 2011 | $1.52 |
* Excludes volume and currency impacts ** Principally $(.14) lower Pharmaceuticals income, partly offset by lower net exchange losses, lower interest expense, and portfolio changes. |
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