Dupont has reported flat sales for the fourth quarter of $7.3 billion. Sales for 2012 were $34.8 billion, up 3% on the prior year and with 6% growth in developing markets. Earnings per share for both the quarter and the full year were down, which the company attributed to adverse currency movement.
“DuPont stands stronger today than it did a year ago. Our segments delivered innovation, productivity and integration cost synergies. This, coupled with a record year in new product introductions, has strengthened our market position,” said DuPont Chair and CEO Ellen Kullman. “However, weakness in markets served by Performance Chemicals and Electronics & Communications provided significant challenges in 2012. We’ve adjusted our plans to meet the changing market environment and grow our businesses in a slow-growth world economy.”
Nutrition & Health sales of $853 million were up 6% on 3% higher volume and 3% higher prices. Volume growth, said the company, reflects strong demand for probiotics, cultures and enablers. Higher local prices in all regions were partly offset by unfavourable currency. PTOI of $66 million was up $14 million on higher sales and the benefit of synergies realised from the integration of the Danisco specialty food ingredients business, partly offset by higher raw material costs.
In the company’s agriculture business, sales of $1.5 billion were up 18% on 11% higher volume and 7% higher prices despite the negative impact of currency. PTOI seasonal loss of ($92) million improved $24 million on higher volume in Latin America and stronger than expected pricing gains, partially offset by continued investment in commercial and R&D activities.
Full-year sales of $10.4 billion grew 14% on 8% higher volume and 6% higher prices. Pioneer seed sales increased from higher global volume and pricing gains in corn and soybeans. Crop Protection sales grew on strong demand for insecticides and herbicides in all regions. Full-year PTOI increased 18% as strong sales more than offset unfavourable currency and higher investments in commercial and R&D activities to support growth.
