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Follow on Google News | DuPont Reports Second-Quarter and First-Half Results• Volume Gains Drove 5-Percent Sales Growth • Segment Operating Margin Expansion Continued • Merger of Equals with Dow Expected to Close in August
By: Orient Planet PR & Marketing Communications For first-half 2017, DuPont delivered GAAP1 earnings from continuing operations of $2.50 per share and operating earnings2 of $3.02 per share. Prior-year GAAP1 and operating earnings2 per share were $2.55 and $2.50, respectively. Second-quarter sales totaled $7.4 billion, up 5 percent versus prior year on a 6-percent benefit from volume partially offset by a 1-percent decline in local price. Volume grew in all reportable segments, led by Agriculture, Electronics & Communications and Protection Solutions. First-half sales of $15.2 billion increased 5 percent versus prior year on a 5-percent benefit from volume. Sales grew in most segments, led by Agriculture, Performance Materials and Electronics & Communications. Agriculture sales were positively impacted by the change in timing of seed deliveries, including the southern U.S. route-to-market change, which benefitted first-half sales by approximately $200 million, or about 1 percent. "Our increased operating earnings per share and strong sales growth of 5 percent were driven by volume growth from our highly productive innovation pipeline," said Ed Breen, chairman and CEO of DuPont. "We continue to see the results of the focus, efficiency and productivity our teams are delivering as we move toward the expected August closing of the merger with Dow. Our integration planning will enable us to begin implementation quickly, including launching the projects to achieve our $3 billion cost synergies target, and move toward standing up the strong, independent companies we intend to create." DuPont will hold a conference call and webcast on Tuesday, July 25, 2017, at 8:00 AM ET to discuss this news release. The webcast and additional presentation materials can be accessed by visiting the company's investor website (Events & Presentations) End
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