DuPont Earnings Highlights, Global Consolidated Sales
- Sales were $7.4 billion, up 15% versus prior year, driven by 12% higher volume and 6% higher local prices, partly offset by 2% impact from currency and a 1% reduction from portfolio changes.
- Developing market sales increased 24%.
- Growth in sales was broad based across segments and regions, with particularly strong growth in Electronics & Communications and Performance Chemicals.
The table below shows regional sales and variances versus the fourth quarter 2009.
|Three Months Ended
December 31, 2010
|Percentage Change Due to:|
|(Dollars in billions)||$||% Change||Local Currency Price||Currency Effect||Volume||Portfolio/
|Total Consolidated Sales||$ 7.4||15||6||(2)||12||(1)|
|* Europe, Middle East & Africa|
Fourth quarter 2010 net income attributable to DuPont was $376 million versus $441 million in 2009. Excluding significant items in both years, fourth quarter 2010 net income attributable to DuPont was $463 million versus $402 million in 2009. Pharmaceuticals pre-tax income declined $160 million versus fourth quarter 2009 due to patent expirations.
Fixed costs were 47% of sales, improving from 50% in fourth quarter 2009.
- Sales increased 21% to $31.5 billion with sales volume approaching pre-recession levels, driven by significant economic recovery in developed markets, share gains and continued penetration of developing markets.
- Full-year free cash flow was $3.1 billion versus the company’s target of greater than $1.7 billion, primarily driven by higher earnings and working capital productivity.
- DuPont exceeded its full-year productivity targets of $400 million each for fixed costs and working capital.