DuPont agriculture sales up 7% in Q2 2013

Date:07-25-2013

Sales of DuPont’s agriculture segment, including crop protection and seed business, rose by 7.2% to $3 ,631 million in the second quarter ended June 30, 2013, and the PTOI increased by 26.2% to $ 8 61 million compared with the $682 million of previous year. For the six months of 2013, sales were up by11.1% to $ 8 ,300 million, while the PTOI rose by 18.9% to $ 2,342 million.

For the second quarter of 2013, operating earnings declined by 1 % to $941 million as higher seed input costs were mostly offset by sales growth. Agriculture sales increased 7.2% primarily due to higher seed prices and insecticide and fungicide volumes.

For the first half of 2013, operating earnings of $ 2,457 million increased 8 % , driven by seed price gains and volume growth in corn seeds, insecticides and fungicides, partially offset by higher seed input costs.

DuPont's agriculture segment sales results ($ million)
Q2 Ended June 30	Q2  2013	Q2 2012	Change %	Six-month  2013	Six-month     2012	Change %
Sales	3 ,631	3,388	7.2	8 ,300	7 ,468	11.1
PTOI* (loss)	8 61	682	26.2	2,342	1,970	18.9
* pre-tax operating income excluding significant items

Outlook

As previously announced, the company continues to expect its full-year 2013 operating EPS to be about $3.85, overcoming increased currency headwinds and market challenges associated with a sluggish global economy. The company further expects that approximately 60 percent of its second half 2013 operating EPS outlook of about $1.00 will be earned in the fourth quarter. DuPont anticipates continuing agricultural growth in Latin America and a strong start to the North American season, combined with a gradual increase in demand for its industrial products.