DuPont Earnings Highlights, Global Consolidated Sales
4Q Highlights
- 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/ Other |
||||||
| U.S. | $ 2.2 | 15 | 6 | - | 9 | - | ||||||
| EMEA* | 1.9 | 6 | 6 | (7) | 8 | (1) | ||||||
| Asia Pacific | 2.0 | 26 | 8 | 2 | 17 | (1) | ||||||
| Latin America | 1.2 | 18 | 6 | 1 | 14 | (3) | ||||||
| Canada | 0.1 | - | 1 | 1 | - | (2) | ||||||
| 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.
Full-Year Highlights
- 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.