PR Newswire
WILMINGTON, Del., July 28, 2015
WILMINGTON, Del., July 28, 2015 /PRNewswire/ --
Second Quarter Highlights
DuPont (NYSE: DD), a science company that brings world-class, innovative products, materials, and services to the global marketplace, today announced second quarter 2015 operating earnings of $1.18 per share compared to $1.17 per share in the prior year. GAAP1 earnings were $1.03 per share, compared to $1.15 per share in the prior year.
Second quarter sales were $8.6 billion, down 11 percent versus prior year due to negative impacts from currency (5 percent), portfolio changes (2 percent), volume (2 percent) and local price and product mix (2 percent). Segment pre-tax operating earnings of $1,586 million included about $210 million, or $0.17 per share, of negative impact from currency. Operating earnings included $0.09 per share of benefit related to exchange gains and taxes, attributable to prior periods. Performance Chemicals segment operating earnings were $113 million, or $0.10 per share, a 55 percent reduction versus prior year.
DuPont's board of directors approved a third quarter dividend of 38 cents per share, the 444th consecutive quarterly dividend since the company's first dividend in the fourth quarter of 1904. The third quarter dividend of 38 cents per share of common stock is payable on Sept. 11, 2015, to stockholders of record at the close of business on Aug. 14, 2015. Regular quarterly dividends of $1.125 per share on the $4.50 series preferred stock and $0.875 cents per share on the $3.50 series preferred stock also were declared, both payable on Oct. 23, 2015, to stockholders of record as of Oct. 9, 2015.
The separation of Chemours was completed on July 1, 2015. In the first quarter 2015, DuPont announced its intention to buy back shares using the approximately $4 billion of distribution proceeds received from Chemours. In connection with the completion of the spin, DuPont's board has authorized the company to purchase and retire $2 billion of common stock by Dec. 31, 2015 with the remainder to be purchased and retired by Dec. 31, 2016. The company expects to use an accelerated share repurchase plan in connection with the $2 billion buyback by year end.
"We continued to improve margins across most of our ongoing businesses through our constant focus on productivity, even as we address industrywide challenges in agriculture and ongoing currency headwinds," said Ellen Kullman, DuPont Chair and CEO. "With the separation of our Performance Chemicals segment now complete, the next generation DuPont is leveraging our innovation platform to drive greater growth and value, with a continued emphasis on cost productivity, actively managing our portfolio, and the disciplined return of capital."
Global Consolidated Net Sales – 2nd Quarter
| | Three Months Ended | | | | | | | | | | ||
| | June 30, 2015 | | Percent Change Due to: | | ||||||||
| | | | | | Local Price and | | | | | | Portfolio / | |
| | $ | | % Change | | Product Mix | | Currency | | Volume | | Other | |
| | | | | | | | | | | | | |
(Dollars in millions) | | | | | | | | | | | | | |
U.S. & Canada | | $ 4,247 | | (8) | | (2) | | (1) | | (3) | | (2) | |
EMEA * | | 1,732 | | (18) | | - | | (17) | | 2 | | (3) | |
Asia Pacific | | 1,883 | | (10) | | (2) | | (2) | | (3) | | (3) | |
Latin America | | 733 | | (18) | | - | | (9) | | (7) | | (2) | |
| | | | | | | | | | | | | |
Total Consolidated Sales | $ 8,595 | | (11) | | (2) | | (5) | | (2) | | (2) | | |
| | | | | | | | | | | | | |
* Europe, Middle East & Africa | | | | | | | | | | | |
Segment Sales – 2nd Quarter
| | Three Months Ended | | | | | | | | | | ||
| | June 30, 2015 | | Percent Change Due to: | | ||||||||
| | | | | | Local Price and | | | | | | Portfolio / | |
| | $ | | % Change | | Product Mix | | Currency | | Volume | | Other | |
(Dollars in millions) | | | | | | | | | | | | | |
Agriculture | | $ 3,218 | | (11) | | 1 | | (5) | | (6) | | (1) | |
Electronics & Communications | 534 | | (13) | | (4) | | (2) | | (7) | | - | | |
Industrial Biosciences | | 288 | | (9) | | (3) | | (8) | | 2 | | - | |
Nutrition & Health | | 826 | | (11) | | (1) | | (9) | | - | | (1) | |
Performance Chemicals Werbung Mehr Nachrichten zur Du Pont Aktie kostenlos abonnieren
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