DuPont agriculture segment sales up 15% in Q3 2013

Date:10-25-2013

Sales of DuPont’s agriculture segment, including crop protection and seed business, increased by 14.8% to $1,633 million in the third quarter ended Sep 30, 2013. For the nine months of 2013, sales were up by11.7% to $ 9 ,933 million, and PTOI rose by 26.4% to $2,240 million.

DuPont's agriculture segment sales results ($ million)
Q3 Ended Sep 30	Q3 2013	Q3 2012	Change %	Nine-month 2013	Nine-month   2012	Change %
Sales	1,633	1,423	14.8	9 ,933	8 ,891	11.7
PTOI* (loss)	(102)	(198)	_	2,240	1,772	26.4
* pre-tax operating income excluding significant items

"A seasonal operating loss of $62 million improved $8 million. The improvement was driven by strong insecticide demand as growers anticipate heavy insect pressure in Latin America, price improvement in seeds, and a $26 million gain resulting from the acquisition of a controlling interest in Pannar. These increases were offset by higher seed costs reflecting finalization of the northern hemisphere season, continued investment to drive future growth and a negative currency impact.” DuPont notes.

Outlook

The company continues to expect full-year operating earnings of about $3.85 per share, with some changes in underlying assumptions. The company now anticipates slightly lower full-year growth rates for global GDP and industrial production, a larger negative currency impact and a lower base tax rate of about 22 percent.