DuPont Q1 sales up 18%

DuPont's first quarter 2011 earnings were $1.52 per share, compared to $1.24 per share in the prior year, despite a Pharmaceuticals earnings decline of $.14 per share.

Sales increased 18 percent to $10.0 billion with 9 percent higher sales volume, 8 percent higher local price and a 1 percent increase from portfolio changes. Sales in developing markets grew 30 percent.

Customer-driven innovation contributed to the company achieving five consecutive quarters of pricing gains.

All segments recorded double-digit sales growth, driving a 31 percent increase in segment pre-tax operating income, excluding Pharmaceuticals. Volumes were especially strong in Safety & Protection, Agriculture & Nutrition, and Electronics & Communications.

DuPont increased its full-year 2011 earnings guidance to a range of $3.65 to $3.85 per share from the previous range of $3.45 to $3.75 per share, excluding the impact of Danisco. As previously announced, the planned Danisco acquisition could reduce 2011 earnings by $.30-$.45 per share on a reported basis.

"Our science-powered innovation, keen focus on customers and disciplined execution contributed to delivering outstanding results, including double-digit sales increases in every segment and in every region," said DuPont Chair and CEO Ellen Kullman. "Innovation that addresses population-driven megatrends around food, energy and protection coupled with ongoing productivity and execution will continue to differentiate DuPont. Our top-line growth and productivity results support our confidence in raising the full-year earnings outlook."

Agriculture & Nutrition

Sales of $3.8 billion were up $586 million, or 18 percent, with 13 percent volume growth, 4 percent higher selling prices and a 1 percent increase from a portfolio change. Seed sales growth primarily reflects strong North American performance in both Pioneer brand and PROaccess products and a strong, early start to the European season. Crop protection product sales growth reflects a strong and early start to the northern hemisphere season. PTOI of $1.1 billion improved 21 percent on higher volume.

Outlook

The company increased its full-year 2011 earnings outlook to a range of $3.65 to $3.85 per share from its previous range of $3.45 to $3.75. This revision reflects strong first quarter earnings and execution of the company's growth plans with the expectation of continued global economic growth. As previously announced, the planned Danisco acquisition could reduce 2011 earnings by $.30-$.45 per share on a reported basis.