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DuPont Announces Second Quarter 2008 Business Segment Performance

Published on 2008-07-24. Author : SpecialChem

DuPont has announced its quarterly financial results. Following are business segment highlights comparing second quarter 2008 results to second quarter 2007.

Agriculture & Nutrition

Sales increased USD 467 million, or 23 percent, to USD 2.5 billion, reflecting record seed revenue and strong global pricing actions across the platform.

PTOI increased 18 percent to USD 504 million, driven by higher volumes and USD prices across all businesses, partially offset by growth investments, higher commodity prices, and a USD 52 million charge on open soybean contracts.

Coatings & Color Technologies

Sales increased 10 percent to USD 1.9 billion. Higher USD selling price in all businesses and volume growth in emerging markets more than offset lower volumes in North America.

PTOI increased 9 percent to USD 247 million. Sales growth and favorable currency offset the impact of weak auto and housing markets and higher raw material and transportation costs.

Electronic & Communication Technologies

Sales grew 10 percent to USD 1.1 billion, led by price gains and favorable currency. Strong demand for photovoltaics, printed packaging, and refrigerants was partially offset by weakness in U.S. automotive electronics.

PTOI was USD 170 million compared to USD 176 million in the prior-year quarter, which included a USD 25 million pre-tax inventory valuation benefit. Excluding this item, PTOI increased 13 percent, reflecting strong sales growth and cost productivity gains.

Performance Materials

Sales grew 8 percent to USD 1.8 billion, driven by price gains, currency, and strong growth in Asia Pacific. Volumes outside Asia declined due to weakness in automotive markets and the impact of scheduled production outages.

PTOI decreased 2 percent to USD 223 million as significantly higher ingredient costs and lower volumes offset the benefit of price increases.

Safety & Protection

Sales grew 8 percent to USD 1.6 billion. Pricing gains, particularly in chemicals, favorable currency and broad-based volume growth in emerging markets was partially offset by lower volumes in the U.S. housing market.

PTOI of USD 302 million was down 5 percent. Significant earnings growth in the chemical businesses was offset by less favorable product mix, lower volumes in U.S. housing, higher raw material costs, and higher fixed costs associated with growth investments.

Source: DuPont

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