July 26, 2012

In the second quarter ended June 30, DuPont's net income eased 3% to US$1,179 million, equal to US$1.26/share on the common stock, down from US$1,218 million, or US$1.31/share, on year, but excluding significant items, net income increased 7% to US$1,394 million from $1,299 million.

Net sales rose 7% to US$11,006 million from US$10,264 million. DuPont said the increase reflected a higher local prices and portfolio changes, partially offset by a currency reduction and lower sales volume.

"Our agriculture, food and bioscience businesses are performing exceptionally well globally, and our advanced materials businesses are achieving solid results despite slower growth in some key markets and continued weakness in Europe," said Ellen Kullman, chairman. "Our global teams continue to execute well in a dynamic environment, while investing for growth driven by science-powered innovation and collaboration."

Pre-tax operating income in the company's Agriculture segment during the second quarter increased 12% to US$926 million from US$826 million, while sales rose 13% to US$3,388 million from US$2,997 million.

"Pioneer seed maintained its momentum delivering 12% sales growth on agriculture macros and strong business performance in both North America corn and soy," DuPont said. "Crop Protection sales growth of 15% was underpinned by strong demand across all product lines."

Nutrition & Health pre-tax operating income was US$112 million in the second quarter, up 195% from US$38 million in the same period a year ago. Net sales increased 82% to US$885 million from US$486 million.

"Sales of US$885 million were up US$399 million, or 82%, primarily reflecting two months acquisition benefit from the Danisco specialty food ingredients business," DuPont said. "Higher volume reflects continued strong demand in Solae specialty soy products."

For the six months ended June 30, overall net income was US$2,667 million, or US$2.82 per share, up narrowly from US$2,649 million, or US$2.80 per share, in the same period a year ago. Net sales totalled US$22,236 million, up 10% from US$20,298 million.