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PIONEER HI-BRED INTERNATIONAL'S 1992 EARNINGS LIKELY TO EXCEED EXPECTATIONS

 PIONEER HI-BRED INTERNATIONAL'S 1992 EARNINGS
 LIKELY TO EXCEED EXPECTATIONS
 DES MOINES, Iowa, May 15 /PRNewswire/ -- It was announced today that 1992 earnings for Pioneer Hi-Bred International, Inc. (NASDAQ-NMS: PHYB) will likely exceed earlier expectations, according to Thomas N. Urban, the company's chairman and president.
 Urban said that the Iowa-based genetic supply company had been looking for a significant improvement over the past year's results. "We expected a sales increase because farmers planned to plant more corn than last year and because of outstanding product performance over the past two years," he noted.
 Late buying by farmers seeking to fill out their planting needs will probably boost sales well beyond those expected two months ago, Urban remarked. He now believes unit sales of the company's seed corn in North America could rise by as much as 8 to 10 percent.
 "We suspected that we were going to have a banner year when our customers began coming back for more seed corn," he commented, "but we couldn't be sure until the planting season was further along." He cited last year's experience as a reason for being cautious about predictions: many acres intended to be planted to corn were not planted at all because of cold, wet spring weather.
 Securities analysts following Pioneer had the company's earnings pegged at $3.80 to $4.00 per share for 1992, compared to the 1991 figure of $3.44. "With most of the North American corn acres planted, we would now feel comfortable with earnings estimates higher than $4.00 per share," Urban stated.
 He pointed out that other Pioneer seed products -- especially soybeans and sorghum -- are having outstanding years as well. "We also expect our international contributions to increase modestly over last year," he noted. "All in all, we expect to have an outstanding fiscal 1992, thanks to Pioneer people and especially, Pioneer customers."
 -0- 5/15/92
 /CONTACT: James Ansorge of Pioneer Hi-Bred, 515-245-3578/
 (PHYB) CO: Pioneer Hi-Bred International Inc. ST: Iowa IN: MTC SU: ERP


SH -- NY043 -- 0672 05/15/92 10:51 EDT
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Publication:PR Newswire
Date:May 15, 1992
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