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DU PONT REPORTS EARNINGS

 DU PONT REPORTS EARNINGS
 WILMINGTON, Del., Jan. 29 /PRNewswire/ -- Du Pont (NYSE: DD)


reported preliminary net income for 1991 of $1,403 million, or $2.08 per share, compared with $2,310 million, or $3.40 per share earned in 1990.
 Results in 1991 were impacted by a number of nonrecurring items that were previously announced. These included fourth quarter charges for cost reduction and business restructuring programs, costs associated with "Benlate" DF fungicide recall, and gains from several asset sales including disposition of an interest in the coal business, which was converted to a 50-50 joint venture at year-end.
 The effect on net income from these items was a net charge of 49 cents a share, compared with 1990, which had a net nonrecurring benefit of 10 cents a share. Excluding nonrecurring items from both years, 1991 earnings per share were lower by 22 percent.
 Because of the nonrecurring charges, the company reported a net loss for the fourth quarter of $240 million, or 36 cents per share. This compares with net income of $468 million, or 69 cents a share, in the fourth quarter 1990. The net charge for nonrecurring items in the quarter was 70 cents a share compared with a net benefit of 9 cents a share in fourth quarter 1990. Excluding nonrecurring items from both periods, 1991 earnings per share were lower by 43 percent. Improved performance in the Fibers segment was offset by lower results in the other industry segments. Petroleum results for the quarter were lower by 59 percent reflecting the absence of exceptionally strong market conditions that prevailed during the 1990 period.
 Edgar S. Woolard Jr., chairman, said, "We continued to see operating results affected by sluggish economies worldwide, resulting in weak demand and price pressures for chemicals, polymers and products for the printing and electronics industries. Petroleum had a strong year, second only to record earnings in 1990. Operating results for Fibers improved over last year responding to growing demand for apparel fibers and specialties."
 Total company sales for 1991 were $38.7 billion, 3 percent below the $40 billion recorded in 1990, with sales lower across all segments. Combined sales for chemicals, fibers, polymers and diversified businesses were 3 percent below 1990, reflecting a 1 percent decrease in selling prices and a 2 percent decline in sales volume.
 The following commentary on industry segment results excludes the impact of nonrecurring items disclosed in the accompanying footnotes for 1991 and 1990:
 Earnings for chemicals in 1991 were down 35 percent, reflecting increasing competitive price pressures and costs associated with capacity expansions.
 Fibers earnings, up 28 percent from 1990, benefited from increased demand for apparel fibers and reductions in fixed costs, partly offset by decreased demand for carpet fibers.
 Polymers segment earnings were 42 percent lower than 1990, principally reflecting overall weak demand, particularly for products sold in the automotive and construction industries.
 Earnings for the Diversified Businesses segment were down 60 percent from last year, reflecting higher costs in agricultural products, and lower sales volumes and margins in most of the electronics and imaging systems businesses.
 Petroleum earnings were down 11 percent in 1991, reflecting lower worldwide crude oil prices and lower worldwide profit margins for refined products.
 Coal earnings were 13 percent lower than 1990. Operating results were impaired by lower sales volume reflecting warmer weather and higher utility inventory levels at the beginning of the year.
 Looking ahead, Woolard said, "We believe the underlying operating strengths of our businesses and benefits from cost reduction programs put us in position to gain full advantage from resumption of growth in the worldwide market place."
 E.I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES
 Consolidated Income Statement
 (Dollars in millions, except per share)
 Periods ended Three Months Year
 Dec. 31 1991 1990 1991 1990
 SALES $9,765 $11,064 $38,695 $40,047
 Other Income 283 114 828 512
 Total 10,048 11,178 39,523 40,559
 Cost of Goods Sold and
 Other Expenses 7,904(A) 8,187 28,698(A) 28,729
 Selling, General and
 Administrative Expenses 863 1,083 3,576 3,718
 Depreciation, Depletion
 and Amortization 743 737 2,640 2,625
 Exploration Expenses,
 Including Dry Hole
 Costs and Impairment
 of Unproved Properties 225 212 602 560
 Interest and Debt Expense 183 186 752 773
 Gain from Sale of an
 Interest in Coal Business (391) --- (391) ---
 Cost Reduction Programs
 Expense 828 --- 828 ---
 Total 10,355 10,405 36,705 36,405
 EARNINGS (LOSS) BEFORE
 INCOME TAXES (307) 773 2,818 4,154
 Provision for Income Taxes (67) 305 1,415 1,844
 NET INCOME (LOSS) $(240) $468 $1,403 $2,310
 EARNINGS (LOSS) PER SHARE
 OF COMMON STOCK(B) $(.36) $.69 $2.08 $3.40
 DIVIDENDS PER SHARE OF
 COMMON STOCK $.42 $.42 $1.68 $1.62
 (A) Includes charge of $278 for quarter and $343 for year for "Benlate" DF Fungicide recall and claims provision.
 (B) Earnings per share are calculated on the basis of the following average number of common shares outstanding.
 Year Ended Dec. 31:
 1991 -- 670,743,786
 1990 -- 675,960,751
 E.I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES
 Consolidated Industry Segment Information
 (Dollars in millions)
 Periods ended Three months Year
 Dec. 31 1991 1990 1991 1990
 SALES:
 Chemicals $870 $934 $3,478 $3,677
 Fibers 1,508 1,643 6,056 6,085
 Polymers 1,402 1,509 5,565 5,809
 Petroleum 4,179 4,941 15,851 15,976
 Coal 458 445 1,752 1,803
 Diversified Businesses 1,348 1,592(A) 5,993 6,697(A)
 Total $9,765 $11,064 $38,695 $40,047
 AFTER-TAX OPERATING
 INCOME (LOSS)(B):
 Chemicals $92(C) $92 $316(C) $464
 Fibers 36 33 416(D) 430(E)
 Polymers (109) 66(F) 119(G) 409(F)
 Petroleum 54(H) 405(I) 814(H) 1,078(I)
 Coal 209(J) 61 338(J) 213
 Diversified Businesses (418)(K) (71)(L) (154)(K) 201(L)
 Total (136) 586 1,849 2,795
 Interest and Other
 Corporate Expenses
 Net of Tax (104) (118) (446)(H) (485)
 NET INCOME (LOSS) $(240) $468 $1,403 $2,310
 (A) Includes sales of $165 for quarter and $569 for year associated with pharmaceutical businesses now part of a joint venture accounted for under the equity method.
 (B) 1991 includes the following fourth quarter charges related to the company's cost reduction and business restructuring programs:
 Chemicals $ 55
 Fibers 116
 Polymers 141
 Petroleum 54
 Diversified Businesses 171
 Total $537
 (C) Includes $89 gain from sale of methanol business. Year also includes $18 charge associated with a partial withdrawal from the "Freon" chlorofluorocarbon manufacturing business.
 (D) Includes $29 charge for facility shutdowns.
 (E) Includes $9 charge for the phaseout of the "Orlon" acrylic fiber business.
 (F) Includes $8 charge for shutdown of manufacturing facilities. Year also includes charges of $33 associated with the shutdown of manufacturing facilities and other restructuring activities, partly offset by $21 gain from sale of an instrument systems business.
 (G) Includes $11 gain from sale of a business.
 (H) Quarter includes $20 charge related to supplemental amortization for U.S. unproved properties. Year for Petroleum also includes $54 benefit from refunds of taxes paid in prior years, partly offset by $20 charge for withdrawal from operations in Ecuador. Interest and Other Corporate Expenses Net of Tax includes interest benefit of $60 associated with the tax refunds.
 (I) Includes benefits of $95 from sale of interest in certain non- U.S. properties and adjustment of prior-year tax provisions. Year also includes $37 gain from sale of interest in a North Sea oil property and $15 charge related to litigation provision.
 (J) Includes $152 gain from sale of an interest in Coal business.
 (K) Includes charge of $175 associated with "Benlate" DF Fungicide recall and gain of $19 from sale of interest in an electronics business. Year also includes $142 gain from sales of interests in businesses and assets; partly offset by charges of $41 for "Benlate" recall and $16 associated with restructuring activities.
 (L) Includes $27 charge for dissolution of a business venture and other restructuring activities, principally in the electronic imaging business. Year also includes $13 gain from sale of interest in a medical products business, partly offset by $6 charge for associated restructuring activities.
 /delval/
 -0- 1/29/92
 /CONTACT: Clinton C. Archer of Du Pont, 302-774-6661/
 (DD) CO: Du Pont ST: Delaware IN: CHM SU: ERN


MP -- PH003 -- 4646 01/29/92 10:32 EST
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