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DU PONT REPORTS EARNINGS

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


reported second quarter net income of $440 million, or 65 cents a share, compared with $549 million, or 81 cents a share, earned in the second quarter of 1991.
 The second quarter includes a previously announced nonrecurring charge of $134 million, or 20 cents a share, for additional costs associated with the recall of "Benlate" DF fungicide. The prior-year quarter included a net benefit from nonrecurring items of 7 cents a share, and currency exchange losses totaling 8 cents a share. Excluding these items from both periods, net income rose 3 percent.
 Sales for the second quarter were $9.8 billion, an increase of 4 percent after adjustment to reflect the new coal joint venture accounted for under the equity method. Combined sales for chemicals, fibers, polymers and diversified businesses were 3 percent above last year due to 6 percent higher volume partly offset by 3 percent lower prices. Combined earnings for these businesses were up 37 percent, excluding nonrecurring items.
 Earnings for Petroleum were 65 percent below last year, primarily due to lower worldwide refined product margins, absence of prior-year benefit from crude oil forward sales contracts at favorable prices, and lower natural gas prices.
 "A number of our businesses are achieving solid sales and earnings growth in spite of an uneven economic recovery. At the same time, we continue to benefit from cost and productivity improvements," said Edgar S. Woolard Jr., chairman. "The resulting gains have more than offset the downturn in our petroleum business."
 The following compares second quarter 1992 results to the same period last year, excluding the impact of nonrecurring items described in the accompanying footnotes.
 Chemicals earnings were up 42 percent, reflecting sales increases across most businesses and lower raw material and fixed costs. Sales were 8 percent higher, reflecting increased volume, partly offset by lower prices.
 Fibers earnings were 22 percent above last year, reflecting higher "Dacron" polyester and textile specialities sales volumes, and cost improvements for most businesses. Segment sales were 3 percent lower, principally due to decreased sales of advanced material products and the absence of sales from the acrylic fibers business, which has been discontinued.
 Polymers earnings increased 76 percent, with significant improvements for finishes and engineering polymers, largely due to the rebound in U.S. auto production. Results for elastomers and specialty polymers also improved, reflecting increased demand and lower costs. Segment sales were 4 percent higher, reflecting increases in volume partly offset by lower prices.
 Diversified Businesses segment earnings increased 28 percent, principally due to improved earnings for agricultural and medical products, partly offset by lower results for electronics. Combined sales were up 5 percent, reflecting increased volume partly offset by lower prices. Segment results also benefited from reduced costs.
 Net income for the first six months of 1992 was $922 million, or $1.36 per share, compared to $1,139 million, or $1.69 per share, in the same period last year. Excluding nonrecurring items, net income was 4 percent below the prior year. First half sales totaled $19.0 billion, an increase of 1 percent after adjustment to reflect the new coal joint venture accounted for under the equity method.
 E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES
 CONSOLIDATED INCOME STATEMENT
 (Dollars in millions, except per share)
 Periods ended Three months Six months
 June 30 1992 1991 1992 1991
 SALES $9,774 $9,825(A) $18,959 $19,504(A)
 Other Income 125 206 286 374
 Total 9,899 10,031 19,245 19,878
 Cost of Goods Sold and
 Other Expenses 7,305(B) 7,074(B) 14,061(B) 13,885(B)
 Selling, General and
 Administrative Expenses 937 969 1,798 1,851
 Depreciation, Depletion
 and Amortization 597 607 1,212 1,277
 Exploration Expenses, Including
 Dry Hole Costs and Impairment
 of Unproved Properties 125 116 220 253
 Interest and Debt Expense 165 190 316 379
 Total 9,129 8,956 17,607 17,645
 EARNINGS BEFORE INCOME TAXES 770 1,075 1,638 2,233
 Provision for Income Taxes 330 526 716 1,094
 NET INCOME 440 549 922 1,139
 EARNINGS PER SHARE
 OF COMMON STOCK(C) $.65 $.81 $1.36 $1.69
 DIVIDENDS PER SHARE
 OF COMMON STOCK .44 .42 .86 .84
 (A) Includes sales of $389 for quarter and $812 for six months associated with the coal business now part of a joint venture accounted for under the equity method.
 (B) Includes charges of $212 and $50 for quarter ended June 30, 1992, and 1991, respectively, associated with "Benlate" DF fungicide recall. Six months 1991 includes an additional $15 charge associated with the recall.
 (C) Earnings per share are calculated on the basis of the following average number of common shares outstanding.
 Six Months Ended June 30:
 1992 -- 672,551,641
 1991 -- 670,367,826
 E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES
 CONSOLIDATED INDUSTRY SEGMENT INFORMATION
 (Dollars in millions)
 Three Months Six Months
 Periods ended June 30 1992 1991 1992 1991
 SALES:
 Chemicals $ 991 $ 918 $1,856 $1,765
 Fibers 1,542 1,590 3,064 3,042
 Polymers 1,528 1,476 2,937 2,821
 Petroleum 3,898 3,721 7,715 7,777
 Diversified Businesses 1,815 2,120(A) 3,387 4,099(A)
 Total $9,774 $9,825 $18,959 $19,504
 AFTER-TAX OPERATING INCOME:
 Chemicals $ 109 $ 77 $ 181 $ 155(B)
 Fibers 177 145 342 230(C)
 Polymers 144 93(D) 250 161(D)
 Petroleum 80 229 198 551
 Diversified Businesses 31(E) 166(A)(E)(F) 151(E)298(A)(E)(F)
 Total $ 541 $ 710 $ 1,122 $1,395
 Interest and Other Corporate
 Expenses Net of Tax (101) (161)(A) (200) (256)(A)
 NET INCOME $ 440 $ 549 $ 922 $ 1,139
 (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 a part of a corporate joint venture accounted for under the equity method. Interest and Other Corporate Expenses Net of Tax related to the coal businesses for 1991 have been reclassified to the Diversified Businesses segment to conform to 1992 classifications. Sales for 1991 include $389 for quarter and $812 for six months associated with the coal business.
 (B) Includes charge of $18 associated with a partial withdrawal from the "Freon" chlorofluorocarbon manufacturing business.
 (C) Includes $29 charge for facility shutdowns.
 (D) Includes $11 gain from sale of a business.
 (E) Includes charges of $134 and $32 for quarter ended June 30, 1992, and 1991, respectively, associated with "Benlate" DF fungicide recall. Six months 1991 includes an additional $9 charge associated with the recall.
 (F) Includes $69 gain from the sale of an interest in a medical products business. Six months also includes $48 gain from sales of interests in two businesses.
 /delval/
 -0- 7/29/92
 /CONTACT: Mike Ricciuto of Du Pont, 302-774-2883/
 (DD) CO: Du Pont ST: Delaware IN: CHM SU: ERN


MP-SF -- PH003 -- 4445 07/29/92 09:08 EDT
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