Pioneer reports 5 percent seed sales gain

DuPont said Tuesday that seed sales in its Pioneer Hi-Bred unit increased by 5 percent for the third quarter ending Sept. 30 from the previous year’s quarter and 9 percent for the first nine month of 2010.

Pioneer, based in Johnston, is the nation’s largest seller of soybean seeds and second-largest seller of corn seeds.

The company said its share of corn seed sales in North America rose 3 point to 35 percent in the first nine months of this year. LeaderMonsanto has claimed a 36 percent share in the North American market with its DeKalb, Kruger, Holden’s and Fontanelle brands.

Soybean market share rose 5 percentage points, DuPont said, to 31 percent.

DuPont chief executive officer Ellen Kullman said she was “extremely pleased” with Pioneer’s performance and said the company’s “right product, right acre” marketing strategy “clearly is working.”

Kullman predicted some price increases in seeds as demand grows for more corn acres next spring. RivalMonsanto has cut prices this year on some of its newer seed lines in face of farmer resistance.

DuPont said its agriculture and nutrition division reported a quarterly loss of $181 million versus a loss of $118 million a year earlier. Seed companies typically lose money in the late-summer quarters before the selling season begins after Labor Day. DuPont said the widened loss for the segment reflected the impact of divested businesses.

Company wide, DuPont reported net income of $367 million for the quarter against profit of $409 million for the previous year’s quarter. Sales were up 17 percent, primarily in electronics, chemicals and performance materials segments that had been depressed over the last 24 months in the economic downturn.

DuPont increased its full-year 2010 earnings guidance to about $3.10 per share, excluding significant items. The company’s previous guidance was a range of $2.90 to $3.05 per share.