DuPont's sales in emerging markets soared 15% in the first quarter
Chemical giant DuPont announced that its first-quarter profit increased by 4% year-on-year, mainly due to rising product pricing and rising sales of agricultural products, and the company’s strong growth in emerging markets. According to Thomson Reuters analyst survey data, DuPont's profit per share revenue exceeded market expectations, while revenue was flat with expectations.
DuPont, who is also a diversified manufacturing company, pointed out that in the past few quarters, the company's performance has been driven by rising product prices, which offset the impact of rising raw material price expenditures.
Last year, DuPont was one of the first companies to be adversely affected by the destocking of customers. The so-called destocking is that customers are committed to reducing inventory rather than buying new products. DuPont’s profits fell at the end of last year, when DuPont also warned that customers in the consumer electronics industry will continue to reduce their own inventory.
Dupont said that expectations for other business areas have improved, and it is estimated that these businesses will be promoted by the rebound of US auto manufacturing and other manufacturing industries.
Today, DuPont announced that its first-quarter profit was 1.49 billion U.S. dollars, or 1.57 U.S. dollars per share, which was more than the profit of 1.34 billion U.S. dollars in the same period of last year, or a level of 1.52 U.S. dollars per share. Excluding special items, DuPont’s profit per share was $1.61. All-quarter net sales increased by 12% to US$11.23 billion, and sales volume dropped by 2%, but this factor was offset by a 8% increase in product pricing. According to a survey by the Thomson Reuters Group, analysts expected DuPont to average a profit of $1.55 per share in the first quarter, with revenue of approximately $112.3.
DuPont's Agricultural Products Division is the largest contributor to revenue. Its first-quarter sales rose 16%, and sales and pricing both increased. DuPont Performance Materials' quarterly sales decreased by about 6%, while Performance Coatings' sales increased by 6%.
In the first quarter, DuPont’s sales in emerging markets soared by 15%. Today, DuPont also reiterated that its expectations for 2012 results remain unchanged. DuPont shares closed at 53.27 U.S. dollars on Wednesday. After the earnings announcement, the stock was not active during the pre-market trading on Thursday. Since the beginning of this year, DuPont’s share price has risen by 16%.
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