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DuPont: 1Q 2011 earnings, 2011 guidance on business strength

DuPont“s first-quarter 2011 earnings were USD 1.52 per share, compared to USD 1.24 per share in the prior year, despite a Pharmaceuticals earnings decline of USD .14 per share. Sales increased 18% to…

DuPont“s first-quarter 2011 earnings were USD 1.52 per share, compared to USD 1.24 per share in the prior year, despite a Pharmaceuticals earnings decline of USD .14 per share. Sales increased 18% to USD 10.0 billion with 9% higher sales volume, 8% higher local price and a 1% increase from portfolio changes. Sales in developing markets grew 30%. Customer-driven innovation contributed to the company achieving five consecutive quarters of pricing gains. All segments recorded double-digit sales growth, driving a 31% increase in segment pre-tax operating income, excluding Pharmaceuticals. Volumes were especially strong in Safety & Protection, Agriculture & Nutrition, and Electronics & Communications. Our science-powered innovation, keen focus on customers and disciplined execution contributed to delivering outstanding results, including double-digit sales increases in every segment and in every region, said DuPont Chair and CEO Ellen Kullman. Innovation that addresses population-driven megatrends around food, energy and protection coupled with ongoing productivity and execution will continue to differentiate DuPont. Our top-line growth and productivity results support our confidence in raising the full-year earnings outlook. The company increased its full-year 2011 earnings outlook to a range of USD 3.65 to USD 3.85 per share from its previous range of USD 3.45 to USD 3.75. This revision reflects strong first quarter earnings and execution of the company“s growth plans with the expectation of continued global economic growth. As previously announced, the planned Danisco acquisition could reduce 2011 earnings by USD .30-USD .45 per share on a reported basis

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