DuPont has announced first quarter 2013 operating earnings per share (EPS) of $1.56 versus prior year earnings of $1.64. GAAP1 EPS from continuing operations was $1.47 versus $1.48 in the prior year. Primary drivers of results for the quarter were record Agriculture operating earnings offset by an expected decline in Performance Chemicals.
DuPont reaffirmed its full year 2013 EPS outlook and today announced a 5 percent dividend increase.
Sales of $10.4 billion were up 2 percent, reflecting volume growth. A one percent increase in local prices was offset by currency impact. There were record Agriculture operating earnings of $1.5 billion were up 13 percent. Sales increased 14 percent driven by strong volume growth, particularly in North America and Latin America, and higher pricing from new seed and crop protection products. Total segment operating earnings of $2.3 billion were down 8 percent, largely due to a $320 million decline (about $.26 EPS) in Performance Chemicals from last year's high levels.
"The first quarter finished as expected, with the strong Agriculture performance and Performance Chemicals' decline from peak levels last year," said DuPont Chair and CEO Ellen Kullman. "Our strategies for growth and improved return on capital are working as we continue to focus on delivering science-powered innovation and industry-leading productivity improvement. We remain committed to delivering value to our shareholders as demonstrated by executing our share buyback, strengthening our balance sheet and increasing our dividend."
First quarter 2013 sales were $10.4 billion, up 2 percent versus last year, with 2 percent higher volume. Negative currency impact offset higher local selling prices. Volume was primarily driven by increases for Agriculture in North America and Latin America. The table below shows first quarter regional sales and variances versus first quarter 2012.
For Nutrition & Health, operating earnings of $76 million decreased $3 million. Pricing gains, strong demand for probiotics and specialty protein solution and the realization of integration synergies were offset by higher raw material costs, primarily in enablers.
