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DUPONT REPORTS EARNINGS

 WILMINGTON, Del., July 28 /PRNewswire/ -- DuPont (NYSE: DD) reported net income for the second quarter of 1993 of $516 million, or $.76 per share, compared with $277 million, or $.41 cents per share earned in the second quarter 1992.
 Nonrecurring charges were recorded in both periods -- $21 million, or $.03 per share in 1993, on the sale of a U.S. petroleum property, compared to $207 million, or $.31 per share in 1992. Excluding these items from both periods, net income was up 11 percent.
 Sales were $9.5 billion, down $199 million or 2 percent, principally reflecting lower volumes and selling prices in the chemicals and specialties segments, including absence of sales from divested businesses.
 "The increase in second quarter earnings results from substantial improvement in Petroleum earnings," said Edgar S. Woolard Jr., chairman. "This has offset lower results in the chemicals and specialties segments, where several of our key businesses continue to be adversely affected by pricing pressures worldwide, a stronger dollar, and generally weak economies in Europe."
 Excluding the nonrecurring charge of $21 million, Petroleum segment earnings were $199 million, up $121 million, or 155 percent. Despite lower crude oil prices, the improvement reflects much stronger upstream earnings on new oil and gas production from properties outside of the United States, higher U.S. natural gas prices, and lower exploration and other costs. Downstream results were up 56 percent due to lower costs.
 Chemicals segment earnings were $91 million, down 4 percent, principally due to lower earnings for white pigments and specialty chemicals. Sales were also down 4 percent, principally due to lower volume.
 Fibers segment earnings were $110 million, off 27 percent, reflecting lower results for "Lycra" spandex, flooring systems, and "Dacron" polyester. Sales were down 1 percent, mainly attributable to Europe, but also reflecting lower worldwide selling prices.
 Polymers segment earnings were $107 million, down 14 percent. Results for automotive finishes continue strong, but were offset by lower earnings in other Polymers businesses. Segment sales were unchanged from last year as 3 percent lower selling prices were offset by 3 percent higher volume.
 Earnings for Diversified Businesses were $121 million, down 15 percent, excluding last year's nonrecurring charges. This reflects lower coal results which have been affected by selective strikes at several UMWA sites, and lower earnings for crop protection chemicals, principally related to U.S. weather conditions. Partly offsetting these declines were improved results for electronics and printing and publishing. Segment sales were 9 percent lower, principally reflecting absence of sales from divested businesses and 1 percent lower selling prices.
 Net income for the first six months of 1993 was $1.0 billion, or $1.49 per share, compared to $716 million, or $1.05 per share, in the same period last year, before one-time charges totaling $4.8 billion in the first quarter of 1992 for adoption of new accounting standards. Excluding nonrecurring items, net income was 15 percent higher than prior year, even though sales declined 2 percent. First half sales totaled $18.6 billion.
 "Absent an increase in economic activity, business conditions are likely to remain difficult, with excess capacity and resultant downward price pressures in our major markets," said Woolard. "We will continue to take aggressive actions to improve the earnings and cash flow of our businesses, with major emphasis on productivity improvements in all areas of the Company."
 E.I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES
 CONSOLIDATED INCOME STATEMENT
 (Dollars in millions, except per share)
 Periods ended June 30 Three Months Six Months
 1993 1992 1993 1992
 SALES $ 9,546 $ 9,745 $18,616 $18,905
 Other Income 153 125 361 286
 Total 9,699 9,870 18,977 19,191
 Cost of Goods Sold
 and Other Expenses 7,058 7,345(A) 13,756 14,149(A)
 Selling, General and
 Administrative
 Expenses 849 953 1,665 1,832
 Depreciation, Depletion
 and Amortization 683 597 1,360 1,212
 Exploration Expenses,
 Including Dry Hole
 Costs and Impairment
 of Unproved Properties 94 126 150 221
 Interest and Debt
 Expense 176 165 320 316
 Total 8,860 9,186 17,251 17,730
 EARNINGS BEFORE INCOME
 TAXES 839 684 1,726 1,461
 Provision for Income
 Taxes(B) 323 407 717 745
 INCOME BEFORE TRANSITION
 EFFECT OF ACCOUNTING
 CHANGES 516 277 1,009 716
 Transition Effect of
 Change in Accounting
 for Postretirement
 Benefits Other Than
 Pensions -- -- -- (3,788)
 Transition Effect of
 Change in Accounting
 for Income Taxes -- -- -- (1,045)
 NET INCOME (LOSS) $ 516 $ 277 $ 1,009 $(4,117)
 EARNINGS PER SHARE OF
 COMMON STOCK(C)
 Income Before Transition
 Effect of Accounting
 Changes $ .76 $ .41 $ 1.49 $ 1.05
 Transition Effect of
 Change in Accounting
 for Postretirement
 Benefits Other Than
 Pensions -- -- -- (5.63)
 Transition Effect of
 Change in Accounting
 for Income Taxes -- -- -- (1.55)
 EARNINGS (LOSS) PER
 SHARE OF COMMON STOCK $ .76 $ .41 $ 1.49 $ (6.13)
 DIVIDENDS PER SHARE OF
 COMMON STOCK $ .44 $ .44 $ .88 $ .86
 (A) Includes a charge of $212 associated with "Benlate" DF fungicide recall.
 (B) Lower 1993 tax rates reflect absence of nonrecurring exchange loss in 1992 related to certain deferred tax liabilities established on the adoption of SFAS No. 109, and a lower effective tax rate in 1993 for non-U.S. petroleum operations.
 (C) Earnings per share are calculated on the basis of the following average number of common shares outstanding:
 Six Months Ended June 30:
 1993 -- 675,997,819
 1992 -- 672,551,641
 E.I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES
 CONSOLIDATED INDUSTRY SEGMENT INFORMATION
 (Dollars in millions)
 Periods ended June 30 Three Months Six Months
 1993 1992 1993 1992
 SALES
 Chemicals $ 922 $ 962 $ 1,781 $ 1,802
 Fibers 1,530 1,542 2,977 3,064
 Polymers 1,527 1,528 2,987 2,937
 Petroleum 3,923 3,898 7,717 7,715
 Diversified Businesses 1,644 1,815 3,154 3,387
 Total $ 9,546 $ 9,745 $18,616 $18,905
 AFTER-TAX OPERATING
 INCOME
 Chemicals $ 91 $ 95 $ 160 $ 154
 Fibers 110 151 212 287
 Polymers 107 125 184 211
 Petroleum 178(A) 78 410(A)(B) 191
 Diversified Businesses 121 8(C) 228 103(C)
 Total 607 457 1,194 946
 Interest and Other
 Corporate Expenses
 Net of Tax (91) (180)(D) (185) (230)(D)
 NET INCOME $ 516 $ 277 $ 1,009 $ 716(E)
 (A) Includes $21 loss from sale of petroleum producing properties.
 (B) Includes $32 gain from exchange of North Sea properties.
 (C) Includes $134 charge associated with "Benlate" DF fungicide recall.
 (D) Includes exchange loss of $73 for the quarter and $18 for the six months related to unhedged non-U.S. deferred tax liabilities, which were established on the adoption of SFAS No. 109.
 (E) Before transition effect of accounting changes.
 /delval/
 -0- 7/28/93
 /CONTACT: John Stowell of DuPont, 302-774-8142/
 (DD)


CO: DuPont ST: Delaware IN: CHM SU: ERN

LJ-SF -- PH003 -- 6624 07/28/93 09:02 EDT
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Date:Jul 28, 1993
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