DuPont Reports 1Q 2011 EPS of $1.52

Double-digit sales gains in all segments and in all regions underpin growth.

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 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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