DuPont posted solid sales result in Q2

Date:07-26-2012

Sales of DuPont’s agriculture segment, including crop protection and seed business, were up 13% compared with the same period of last year to $3,388 million in the second quarter of 2012 which ended June 30th. Crop Protection sales growth of 15% was underpinned by strong demand across all product lines. Pioneer seed maintained its momentum, delivering 12% sales growth on agriculture macros and strong business performance in North America corn and soybeans. Pre-tax operating income, excluding significant items (PTOI), posted a 12.1% increase to $926 million on strong sales performance, partially offset by input cost increases in seeds, unfavorable currency impact and higher investments in Right Product Right Acre commercial and R&D activities.

First-half year sales were up 14.9% to $7,468 million. Crop Protection sales growth of 11% reflects continued strong demand in all product lines with standout performance in insect control products. Pioneer seed sales growth of 16% reflects strong northern hemisphere performance with global price and volume gains on new product penetration. PTOI for the first half year was improved 15.6% to $2,240 million on higher volume and price, partially offset by input cost increases in seeds, unfavorable currency impact and higher spending for growth investments. The company pointed out that it was charged twice related to the use of Imprelis® herbicide in the first half year, bringing the total charges to $490 at June 30, 2012.

DuPont's agriculture segment sales results ($ million)
Q2 ended June 30	Q2 2012	Q2 2011	change%	H1 2012	H1 2011	change%
Sales	3,388	2,997	+13.0	7,468	6,501	+14.9
PTOI*	926	826	+12.1	2,240	1,937	+15.6
* pre-tax operating income