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Oct. 23, 2012 Source: DuPont news release To read the entire report click here. *Third-quarter 2012 earnings from continuing operations, excluding significant items, were $.32 per share versus $.60 per share in the prior year. Current quarter reported earnings (losses) from continuing operations were $(.05) per share versus $.39 per share in the prior year. *Total company third-quarter 2012 earnings, excluding significant items, were $.44 per share versus $.69 per share in the prior year. Total company reported earnings were $.01 per share versus $.48 per share in the prior year. *The company's Performance Coatings business, now pending divestiture, has been reclassified and reported as discontinued operations for all periods presented. *Third-quarter sales from continuing operations were $7.4 billion or 9 percent below last year, primarily reflecting volume declines in Electronics & Communications and Performance Chemicals, particularly in Asia Pacific. *Company sales reflect 5 percent lower volume, 4 percent negative currency impact and a 1 percent net reduction from portfolio changes, which were partly offset by 1 percent higher local prices. *Agriculture sales increased 4 percent on higher volume and prices, inclusive of a 10 percent currency headwind. *Performance Materials and Nutrition & Health delivered strong earnings growth in the quarter. *The company has commenced a restructuring plan to increase productivity, enhance competitiveness and accelerate growth. The plan will deliver pre-tax cost savings of about $450 million ($300 million in 2013) by eliminating corporate costs supporting Performance Coatings and taking additional cost-cutting actions to improve competitiveness. The restructuring plan includes eliminating about 1,500 positions globally in the next 12-18 months. *In addition, the company remains on track to achieve its full-year 2012 productivity targets for both fixed costs and working capital. *DuPont expects its full-year 2012 earnings from continuing operations, excluding significant items, to be in a range of $3.25 to $3.30 per share. Prior-year earnings were $3.55 per share on a comparable basis. "Today, we are taking additional actions to improve competitiveness and accelerate marketdriven innovation and growth by fine-tuning the organization, eliminating costs and expanding beyond our everyday focus on productivity," said DuPont Chair and CEO Ellen Kullman. "We continue to execute well in many parts of the company, and certain segments are outperforming despite market volatility. Weaker than expected demand in titanium dioxide and photovoltaic markets contributed to the decline from last year's record third-quarter earnings. We are addressing these challenges now to position ourselves for improved performance." Tweet |
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