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DuPont Releases its Q4 2011 Performance; Reports 14% Rise in Revenue

Published on 2012-01-25. Author : SpecialChem

The following summary includes business results for each of the company's reportable segments, comparing the fourth-quarter 2011 with fourth-quarter 2010, for sales and pre-tax operating income (PTOI), excluding significant items. All references to selling price changes are on a U.S. dollar basis, including the impact of currency.

Agriculture

Includes Crop Protection and Pioneer Hi-Bred
Sales of $1.3 billion were up 8%, with 5% higher selling prices and 3% higher volume. PTOI seasonal loss of $(116) million improved $19 million due to higher sales. Full-year sales of $9.2 billion grew 17% with 10% volume gains, 6% higher prices and 1% impact from portfolio changes. Full-year PTOI grew 30% with 19% PTOI margins. In seeds, sales reflected success in each region with volume and price gains. In crop protection, sales growth was delivered in each product line and region.

Electronics & Communications

Sales of $630 million were down 18% reflecting 33% lower volume partially offset by 15% higher selling prices related to pass-through of metal prices. Lower volume reflects destocking in photovoltaics and softness in consumer electronics. PTOI of $42 million decreased on lower volume, partially offset by OLED technology licensing income of $20 million.

Industrial Biosciences

Sales of $289 million and PTOI of $34 million reflect the acquisition of Danisco's enzyme business. PTOI includes $6 million of amortization expense associated with the fair value step-up of acquired intangible assets.

Nutrition & Health

Sales of $806 million were up $468 million from the acquisition of Danisco's specialty food ingredients business. PTOI of $52 million reflects the acquisition and favorable product mix in Solae. PTOI includes $20 million of amortization expense associated with the fair value step-up of acquired intangible assets.

Performance Chemicals

Includes Titanium Technologies and Chemicals & Fluoroproducts businesses
Sales of $1.9 billion were up 12%, with 29% higher selling prices and 17% lower volume. Higher selling prices reflect pricing actions to offset higher raw material costs. Lower volume was attributable to a pause in demand for titanium dioxide, particularly in Asia Pacific. PTOI of $433 million increased $118 million on higher selling prices.

Performance Coatings

Sales of $1.1 billion were up 8%, with 10% higher selling prices and 2% lower volume. Higher selling prices reflect pricing actions across all market segments to offset higher raw material costs. Lower volume resulted from destocking and flat/lower builds in all regions except North America. Demand continued to be strong in the North American OEM motor vehicle and heavy duty truck markets. PTOI of $58 million decreased on weaker mix and a $7 million settlement.

Performance Materials

Includes Packaging & Industrial Polymers and Performance Polymers businesses
Sales of $1.6 billion were up 1%, with 14% higher selling prices and 13% lower volume. Higher selling prices offset higher raw material costs. Lower volume reflects broad-based channel destocking along with softening in consumer and industrial markets. PTOI of $151 million decreased due to lower volume and the absence of a prior year $31 million combined benefit from an acquisition and an early termination of a supply agreement.

Safety & Protection

Includes Building Innovations, Protection Technologies and Sustainable Solutions businesses
Sales of $943 million were up 10%, with a 7% increase from the MECS acquisition and 5% higher selling prices, partially offset by 2% lower volume. Higher selling prices more than offset raw material cost increases. Volume was lower on destocking in the industrial markets. PTOI of $94 million was essentially flat. Prior year included a net $11 million charge related to an asset impairment and a separate gain on an asset sale.

About DuPont

DuPont has been bringing world-class science and engineering to the global marketplace in the form of innovative products, materials, and services since 1802. The company believes that by collaborating with customers, governments, NGOs, and thought leaders we can help find solutions to such global challenges as providing enough healthy food for people everywhere, decreasing dependence on fossil fuels, and protecting life and the environment.

Source: DuPont


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