Printer Friendly

DU PONT REPORTS EARNINGS

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


reported first quarter net income of $482 million, or 71 cents a share, compared with $590 million, or 88 cents a share, in the first quarter 1991. The company also announced an increase in the quarterly common dividend from 42 cents per share to 44 cents per share, payable June 12 to stockholders of record May 15.
 Sales for the quarter were $9.2 billion, compared with sales of $9.7 billion in the same period last year. The decrease is primarily due to lower worldwide prices for crude oil and refined products, and to the exclusion of sales from the coal business, now part of a joint venture accounted for under the equity method. Combined sales for segments other than Petroleum were 3 percent above last year reflecting a broad 6 percent increase in volume, partly offset by a 3 percent decline in prices. International selling prices were down 5 percent, mostly due to the exchange impact of the stronger dollar; U.S. prices were down 2 percent.
 "While first quarter results were adversely affected by weaker market conditions in the Petroleum industry," said Edgar S. Woolard Jr., chairman, "it is encouraging to see indications of broader economic improvement as reflected in stronger earnings performances for many of our other key businesses, notably Fibers and Polymers. The 5 percent increase in the quarterly common dividend is in line with our objective of providing our shareholders with a competitive annual total return and underscores the Board's confidence in the future course of the business."
 Fibers earnings were 45 percent above last year, excluding a 1991 charge for facility shutdowns. Earnings returned to levels comparable to those prior to the recession. This reflects higher demand for "Lycra" spandex in Europe, for "Dacron" polyester in the United States, and for nylon carpet fibers in both regions.
 Polymers earnings increased 56 percent versus last year's depressed level, as finishes and nylon resins benefited from strong refinish demand and a 17 percent increase in U.S. vehicle builds. Elastomers results improved, primarily due to lower fixed costs.
 Chemicals earnings declined 25 percent, excluding prior year nonrecurring charges, as the result of lower external sales of intermediates, the absence of earnings from businesses sold or discontinued in 1991, and higher costs associated with the white pigments capacity expansion in the United States.
 Earnings for Petroleum were down 63 percent from last year's strong first quarter performance, primarily due to lower worldwide refined product margins and crude oil prices. In addition, last year's quarter benefited from forward crude oil sales at attractive prices. Reduced exploration costs partly offset the earnings decline.
 Diversified Businesses segment earnings increased 29 percent excluding the net nonrecurring benefit realized in the prior year. Agricultural Products and Medical Products had higher earnings, reflecting increased volume partly offset by lower selling prices. Electronics and Imaging Systems results also improved, despite lower sales volumes, reflecting cost reduction efforts, and an Imaging Systems royalty received from a previous technology sale. Coal earnings were lower primarily due to the 50 percent reduction in Du Pont's coal interests resulting from the restructuring at year-end 1991.
 In addition to the common stock dividend, the company also declared regular quarterly dividends of $1.12 1/2 per share on the $4.50 series preferred stock and 87 1/2 cents per share on the $3.50 series preferred stock, both payable July 25 to stockholders of record July 10.
 E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES
 CONSOLIDATED INCOME STATEMENT
 (Dollars in millions, except per share)
 Three months ended March 31 1992 1991
 SALES $9,185 $9,679(A)
 Other Income 161 168
 Total 9,346 9,847
 Cost of Goods Sold and Other Expenses 6,756 6,811
 Selling, General and Administrative Expenses 861 882
 Depreciation, Depletion and Amortization 615 670
 Exploration Expenses, Including Dry Hole Costs
 and Impairment of Unproved Properties 95 137
 Interest and Debt Expense 151 189
 Total 8,478 8,689
 EARNINGS BEFORE INCOME TAXES 868 1,158
 Provision for Income Taxes 386 568
 NET INCOME $ 482 $ 590
 EARNINGS PER SHARE OF COMMON STOCK(B) $ .71 $ .88
 DIVIDENDS PER SHARE OF COMMON STOCK $ .42 $ .42
 (A) Includes sales of $423 associated with the coal business now part of a joint venture accounted for under the equity method.
 (B) Earnings per share are calculated on the basis of the following average number of common shares outstanding.
 Three Months Ended March 31:
 1992 -- 671,929,699
 1991 -- 670,163,958
 E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES
 CONSOLIDATED INDUSTRY SEGMENT INFORMATION
 (Dollars in millions)
 Three months ended March 31 1992 1991
 SALES
 Chemicals $ 865 $ 847
 Fibers 1,522 1,452
 Polymers 1,409 1,345
 Petroleum 3,817 4,056
 Diversified Businesses 1,572 1,979(A)
 Total $9,185 $9,679
 AFTER-TAX OPERATING INCOME
 Chemicals $ 72 $ 78(B)
 Fibers 165 85(C)
 Polymers 106 68
 Petroleum 118 322
 Diversified Businesses 120 132(A)(D)
 Total 581 685
 Interest and Other Corporate
 Expenses Net of Tax (99) (95)(A)
 NET INCOME $ 482 $ 590
 (A) Diversified Businesses includes amounts associated with the coal business, previously a separate segment. On Dec. 31, 1991, the coal business was restructured and became part of a corporate joint venture accounted for under the equity method. Interest and Other Corporate Expenses Net of Tax related to the coal business for 1991 have been reclassified to the Diversified Businesses segment to conform to 1992 classifications. Sales for 1991 include $423 associated with the coal business.
 (B) Includes charge of $18 associated with a partial withdrawal from the "Freon" manufacturing business.
 (C) Includes $29 charge for facility shutdowns.
 (D) Includes benefit of $48 from sales of interests in an optical disc business venture and a medical products business, partly offset by $9 charge associated with "Benlate" DF fungicide recall.
 /delval/
 -0- 4/29/92
 /CONTACT: Mike Ricciuto of Du Pont, 302-774-2883/
 (DD) CO: Du Pont ST: Delaware IN: CHM SU: ERN


SF -- PH007 -- 4207 04/29/92 09:21 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 29, 1992
Words:1016
Previous Article:WENDY'S PROFITS UP 30 PERCENT IN FIRST QUARTER
Next Article:ISIS PHARMACEUTICALS REPORTS FIRST QUARTER RESULTS


Related Articles
DU PONT TO CONSOLIDATE NORTH AMERICAN FINISHES PRODUCTION
DU PONT REPORTS EARNINGS
DU PONT, ICI ANNOUNCE AGREEMENTS
SEAGRAM ANNOUNCES AN INCREASE IN INCOME FROM BEVERAGE OPERATIONS AND DU PONT DIVIDENDS
DU PONT ISSUES 'BENLATE' UPDATE
DU PONT REPORTS EARNINGS
SEAGRAM REPORTS HIGHER SECOND QUARTER OPERATING INCOME AND NET INCOME
DU PONT REPORTS EARNINGS
DU PONT REPORTS EARNINGS
DU PONT REPORTS EARNINGS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters