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1ST HALF: DUPONT'S SALES DOWN 1%, NET INCOME DECLINES 42%
Source: DuPont news release

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DuPont (NYSE: DD), a science company that brings world class, innovative products, materials and services to the global marketplace, today announced second quarter 2014 operating earnings of $1.17 per share compared to $1.28 per share in the prior year.

GAAP1 earnings per share were $1.15 versus $1.10 last year. Consolidated sales were $9.7 billion, 1 percent below last year, reflecting portfolio changes, as price, volume and currency were in line with the prior year period.

"While lower Agriculture earnings impacted our results this quarter, we continue to see strong science driven growth in this segment over the long term. We are steadily advancing DuPont's strategy to build and strengthen world-leading positions in agriculture and nutrition, bio-based industrials and advanced materials," said DuPont Chair and CEO Ellen Kullman.

"As we move ahead with our Performance Chemicals separation, we also have launched the initial stage of a broad initiative to reset our operating model. This work is already gaining traction and will continue to expand, positioning DuPont to drive greater growth and value with a simplified, streamlined support structure and a smaller cost base - consistent with the purpose, strategy and needs of the DuPont company, post-separation."

Agriculture - Operating earnings of $836 million declined $105 million, or 11 percent, on lower corn seed volumes, lower North America herbicide volumes and higher seed inventory write-downs. This was partially offset by higher seed prices, higher insecticide volumes, higher soybean volumes and lower seed input costs.


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