Hurricanes impact DuPont's results.
DuPont, Wilmington, DE, has reported year-end results for 2005. Full-year earnings were $2.07 per share versus $1.77 in 2004. Before significant items, earnings per share in 2005 totaled $2.30 compared to $2.40 in 2004.
Consolidated net sales for the fourth quarter were $5.8 billion, down 3% versus the fourth quarter of 2004, but were flat on a comparable business basis. Local selling prices were up 5%, offsetting a 4% volume decline. Hurricane-related production disruptions to U.S. plants affected sales in all regions. Excluding these production disruptions, worldwide volumes would have been flat and U.S. volumes up modestly.
Net income for the fourth quarter was $153 million, or 16 cents per share, including a 3 cents per share significant item benefit from lower than expected tax cost associated with the repatriation of cash under the American Jobs Creation Act of 2004. Fourth quarter 2004 net income was $278 million, or 28 cents per share, including significant items totaling a net after-tax charge of $93 million, or 9 cents per share.
Current quarter net income reflects the impact of prolonged disruptions to power, logistics and to production and sales resulting from Gulf Coast Hurricanes Katrina and Rita, in addition to temporary unplanned production interruptions at three of the company's plants in Brazil, The Netherlands and the U.S.
In the area of performance materials. fourth quarter sales of $1.6 billion, increased marginally versus fourth quarter 2004 on a comparable business basis. Higher prices essentially offset lower volume. Fifty-seven new products were launched during the quarter, including new packaging resins and new compounds for improved processing. One hundred eighty-four new products were introduced during 2005.
In DuPont's safety and protection segment, fourth quarter sales of $1.3 billion were up 3% as 4% higher U.S. prices were partly offset by lower volume. The volume decline is largely attributable to the impact of hurricanes on Gulf Coast operations. Volumes grew in all businesses except industrial chemicals. During the quarter, 24 new products were introduced, including new transformer applications for Nomex and new products for medical packaging. During 2005, 204 new products were introduced