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Highlights, Net Income & Global Consolidated Sales

Published on 2010-04-29. Author : SpecialChem

Asia Pacific sales were $1.6 billion with volume up 65% in the quarter. Sales in Performance Polymers, Electronics & Communications and Titanium Technologies were particularly strong. Volumes in emerging markets were also strong, up 28%.

Raw material, energy and freight costs, adjusted for currency and volume, were about 2% lower versus 2009. The company expects these costs to trend higher as the year progresses, reflecting a full-year increase of about 5%.

Spending increases for growth initiatives, primarily in Agriculture & Nutrition, and higher non-cash pension expense contributed to an increase in total fixed costs versus 2009. Continued productivity projects and restructuring savings improved fixed costs as a percentage of sales to 37%, which is comparable to pre-recession levels.

Pharmaceuticals first-quarter pre-tax income was $221 million, about $60 million higher than anticipated. The company expects full-year Pharmaceuticals pre-tax income of $360-$400 million.

First-quarter 2010 consolidated net sales of $8.5 billion were 23% higher than 2009. This reflects 19% higher volume, 2% higher local selling prices, and a 3% positive impact from currency exchange rates, partly offset by a 1% reduction from portfolio changes. The table below shows regional sales and variances versus first quarter 2009.

Net income attributable to DuPont for the first quarter 2010 was $1,129 million versus $488 million in 2009. The improvement reflects significantly higher sales volume, increased manufacturing capacity utilization, higher selling prices, currency benefit and lower raw material costs, partly offset by fixed cost increases for growth investments and higher non-cash pension expense. The company's productivity and cost-cutting actions are essentially tracking according to plan.

Source: DuPont


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