DuPont agriculture sales fell slightly in Q2 2014

Date:07-23-2014

Sales of DuPont’s agriculture segment, including crop protection and seed business, fell slightly by 0.4% to $3,615 million in the second quarter ended June 30, 2014, and PTOI dropped by 8.4% to $789 million compared with $861 million of previous year. For the six months of 2014, sales were down by 3.5% to $8,009 million, while PTOI dipped by 4.7% to $2,231 million.

For the second quarter of 2014, operating earnings declined by 11% to $836 million, due to 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.

For the first half of 2014, operating earnings dropped by 7.3% to $2,278 million compared with $2,457 million of previous year.

DuPont's agriculture segment sales results ($ million)
Q2 Ended June 30	Q2 2014	Q2 2013	Change %	Six-month 2014	Six-month 2013	Change %
Sales	3,615	3,631	-0.4	8,009	8,300	-3.5
PTOI*	789	861	-8.4	2,231	2,342	-4.7
* pre-tax operating income excluding significant items

Outlook

"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" said DuPont Chair and CEO Ellen Kullman.

The company reaffirms its recently updated outlook for full-year 2014 operating earnings of $4.00-$4.10 per share, an increase of 3 to 6 percent from $3.88 per share earned in 2013, based on expected growth in global industrial market demand. The company anticipates a strong second half in 2014 with operating earnings per share of $1.25 - $1.35, about 40 percent of which is expected in the third quarter.

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