DuPont: 3Q 2010 earnings per share; 2010 EPS guidance

DuPont announced on 26 October third quarter 2010 earnings per share of USD 0.40, compared to USD 0.45 per share in the prior year, despite a USD 0.13 decline in Pharmaceuticals income related to pate…

DuPont announced on 26 October third quarter 2010 earnings per share of USD 0.40, compared to USD 0.45 per share in the prior year, despite a USD 0.13 decline in Pharmaceuticals income related to patent expirations. Sales of USD 7.0 billion grew 17% versus the prior year, principally reflecting 14% higher volume, and sales in emerging markets increased 22%. All segments had robust volume increases, with Safety & Protection up 31% and Electronics & Communications up 24%. DuPont made a USD 500 million voluntary contribution to its principal U.S. pension plan in September. The company expects 2010 free cash flow to be about USD 1.7 billion. DuPont increased its full-year 2010 earnings guidance to about USD 3.10 per share, excluding significant items. The company“s previous guidance was a range of USD 2.90 to USD 3.05 per share. I am proud of our business teams“ performance this quarter, with segment pre-tax earnings up 33% excluding Pharmaceuticals income. DuPont“s market focus and science-based innovations helped drive outstanding sales growth, with all business segments and regions contributing. Our deep customer engagement and disciplined execution are gaining traction toward achieving our long-term growth targets, said DuPont Chair and CEO Ellen Kullman. This quarter“s results were complemented by ongoing productivity improvements and rigorous cost management that contributed to profitable growth. The company expects full-year earnings to be about USD 3.10 per share, excluding significant items which will include a fourth quarter USD .13 per share loss on the early extinguishment of debt. The previous guidance range was USD 2.90 to USD 3.05 per share. The increased outlook reflects strong third quarter results and expectations for sustained demand in key global markets, continued pricing momentum and benefits from ongoing productivity. The outlook also assumes Pharmaceuticals full-year pre-tax income will be about USD 480 million. The company expects full-year free cash flow to be about USD 1.7 billion. DuPont is a science-based products and services company. Founded in 1802, DuPont operates in more than 90 countries, offering a wide range of innovative products and services.