DuPont reports strong performance for Q1

Chemical maker DuPont Co. continued its turnaround with a strong first quarter performance, as business improved across all operating units and market regions.

The company also increased its full-year earnings guidance as it reported earnings of about US$1.14 billion, or US$1.24 per share, for the quarter ending March 31, up from US$488 million, or 54 cents per share, for the first quarter of last year.

Revenue totalled US$8.48 billion, up 23% from US$6.87 billion, as DuPont, based in Wilmington, Del., saw its first significant increase in sales and volume in the US in more than a year.

"I am very pleased with our performance; the way we responded to changing market demands and our momentum going forward," said CEO Ellen Kullman.

The company had been relying on results from its agriculture and nutrition business while units that sold coatings and other products to the automotive and housing markets struggled during the recession. Those businesses saw strong gains in revenue and operating profit during the first quarter, even as the agriculture unit saw volumes increase a scant 1%. Officials said strong North American seed sales by the agriculture and nutrition unit were partly offset by delays in the European planting season.

DuPont's strong first-quarter performance followed a turnaround in the fourth quarter of last year, when it swung to a US$441 million profit from a US$629 million loss in the final three months of 2008.

Kullman said the first-quarter results reflect DuPont's efforts to cut costs, respond to customers needs and focus on research and development.

"Our intense focus on customers, sustained R&D investments and productivity improvements are delivering growth," Kullman said. "Macro trends drove first-quarter demand for our science-based innovations, and DuPont was ready."