Chemicals giant EI DuPont de Nemours & Co. (DD), commonly called DuPont, posted a surge in first-quarter net income attributable to the company to $3.35 billion, or $3.58 a share, from the year-ago quarter's $1.49 billion, or $1.58 a share. On the other hand, GAAP income from continuing operations was $1.39 billion, or $1.47 per share, down from last year's $1.41 billion, or $1.48 per share.
The company said the quarterly results were chiefly driven by Agriculture operating earnings offset by an expected decline in Performance Chemicals.
Quarterly operating earnings stood at $1.46 billion, or $1.56 per share. On average, 19 analysts polled by Thomson Reuters expected earnings per share of $1.52 for the quarter. Analysts' estimates typically exclude one-time items.
First-quarter 2013 sales totaled $10.4 billion, up 2 percent versus last year, with 2 percent higher volume. Analysts estimated revenues of $10.41 billion for the quarter. Negative currency impact offset higher local selling prices, while volume was driven mainly by increases for Agriculture in North America and Latin America.
For full year 2013, the company confirmed its operating earnings view of $3.85 - $4.05 per share, an increase of 2-7 percent from last year, based on continued strong growth in Agriculture and anticipated overall improvement in global industrial market demand. Analysts project earnings of $3.89 per share for 2013.
For the first half 2013, operating earnings per share is estimated to be about 7-9 percent lower than the first half of 2012, mainly reflecting, as in the first quarter, lower Performance Chemicals earnings from peak levels in the prior year.
Further, DuPont's board approved a 5 percent increase in its quarterly cash dividend. The second quarter dividend would increase from 43 to 45 cents per share, payable June 12, 2013, to stockholders of record May 15, 2013.
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