DuPont announced second quarter 2014 operating earnings of $1.17 per share compared to $1.28 per share in the prior year. GAAP1 earnings per share were $1.15 versus $1.10 last year. Consolidated sales were $9.7 billion, 1% below last year, reflecting portfolio changes, as price, volume and currency were in line with the prior year period.
“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 and nutrition, bio-based industrials and advanced materials,” said Ellen Kullman, DuPont chair and CEO. “As we move ahead with our Performance Chemicals separation, we also have launched the initial stage of a broad initiative to reset our operating model. This work is already gaining traction and will continue to expand, positioning DuPont to drive greater growth and value with a simplified, streamlined support structure and a smaller cost base - consistent with the purpose, strategy and needs of the DuPont company, post-separation.”
Second quarter 2014 net sales of $9.7 billion were 1% below last year due to portfolio changes. Volume and USD prices were flat. The table below shows second quarter regional sales and variances versus second quarter 2013.
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% 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% of which is expected in the third quarter.