DuPont increases earnings guidance for 2010

DuPonts fourth-quarter 2009 earnings were $.48 per share, compared to a fourth-quarter 2008 loss of $.70 per share. Excluding significant items, fourth-quarter 2009 earnings were $.44 per share versus a $.28 per share loss in the prior year.

Sales of $6.4 billion were up 10 percent versus prior year, led by sales growth greater than 20 percent for titanium dioxide, electronic materials, performance polymers and seed products.

Volume grew 10 percent, with increases in all regions. Asia Pacific sales exceeded pre-recession levels with volume up 34 percent versus prior year, reflecting very strong demand in China, Japan, Korea and India.

Raw material, energy and freight costs for the fourth-quarter were about 20 percent lower after adjusting for currency and volume.

The company exceeded its full-year goal to deliver $1 billion of fixed cost reductions and productivity actions.

Full-year 2009 earnings were $1.92 per share versus $2.20 in 2008. Excluding significant items, 2009 earnings were $2.03 per share versus $2.78 in the prior year.

Full-year free cash flow of $3.4 billion achieved the companys goal, reflecting capital productivity and favorable currency impact.

DuPont increased its full-year 2010 earnings guidance to a range of $2.15 to $2.45 per share. The previous guidance was $2.10 to $2.40 per share.

"Across the organization, DuPont delivered on its commitments in 2009," said DuPont Chair and CEO Ellen Kullman. "We intend to emerge stronger in 2010 by building on the work we accomplished last year, with a focus on sales growth through market-driven innovation and operating leverage. We remain committed to compound annual growth targets of 10 percent for top-line and 20 percent for earnings through 2012."