Business News
DuPont: First Quarter Highlights, Net Income & Sales
Tuesday 21. April 2009 - The Agriculture & Nutrition segment performance was strong, with sales growth of 6 percent and earnings growth of 8 percent despite significant currency headwinds. Performance was driven by higher North American volumes and significant seed pricing gains.
DuPont increased its 2009 fixed cost reduction goal to USD 1 billion and reduced planned capital expenditures an additional USD 200 million, to USD 1.4 billion. More information about these actions will be available in tomorrows Network News.
DuPont declared a second quarter dividend of USD .41 per share, unchanged from the first quarter. This is the companys 419th consecutive dividend.
Net income attributable to DuPont for the first quarter 2009 was USD 488 million versus USD 1,191 million in the prior year. Consolidated net sales in the first quarter of USD 6.9 billion were 20 percent lower than prior year, reflecting 19 percent lower volume and a net 1 percent reduction due to portfolio changes. Five percent higher local prices were offset by a 5 percent negative impact from currency. Lower sales volume principally reflects global declines in construction, motor vehicle production and consumer spending, which was magnified by inventory de-stocking across most supply chains.