DuPont Reports 3Q Operating Earnings Per Share of $0.54, Up 20 Percent from Last Year

[UAE, October 29, 2014] – Today DuPont (NYSE: DD) announced third quarter 2014 operating earnings of $0.54 per share compared to $0.45 per share in the prior year.  GAAP1 earnings per share were $0.47 versus $0.28 last year.  Consolidated sales were $7.5 billion, 3 percent below last year, reflecting portfolio changes, as price, volume and currency were in line with the prior year period. 

“In the third quarter, we improved our operating margins in five of seven segments and grew operating earnings per share 20 percent, despite a weaker Ag environment and sluggish economic growth in most of the world,” said DuPont Chair and CEO Ellen Kullman.  “Our increase in margins in a slow growth environment reflects the momentum we are building as we execute our plan, which is driving new products, portfolio enhancements and a broad initiative to redesign our operating model with a smaller cost base and a simplified support structure.  We are positioning DuPont for our next stage of growth, while increasing returns to our shareholders.”

Global Consolidated Net Sales – 3rd Quarter
Third quarter 2014 net sales of $7.5 billion were 3 percent below last year due to portfolio changes.  Increased volumes were offset by a decrease in local selling prices. 

Outlook
For the fourth quarter, the company expects sluggish growth in the global economy, along with continuing headwinds in agriculture and from currency.  However, the company remains confident in its ability to create higher value from its portfolio while continuing to deliver against cost productivity and corporate initiatives.  Overall, the company expects fourth quarter operating earnings per share to grow about 20 percent from last year's $0.59 per share, matching the growth rate the company achieved in the third quarter, and bringing full year 2014 operating earnings within its previously communicated outlook range of $4.00 - $4.10 per share. 

Use of Non-GAAP Measures
Management believes that certain non-GAAP measurements are meaningful to investors because they provide insight with respect to ongoing operating results of the company.  Such measurements are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance.  Furthermore, these measures may not be consistent with similar measures provided by other companies.