Summary
E. I. du Pont de Nemours and Company (DuPont) reported a 6% increase in net sales for the third quarter of 2007, reaching $6.7 billion, compared to the same period in the prior year. This growth was driven by a combination of a 2% increase in local selling prices, a 2% favorable currency exchange impact, and a 2% increase in volume, with significant growth observed outside the United States. Net income for the quarter was $526 million, or $0.56 per share, an increase from $485 million, or $0.52 per share, in the prior year. This improvement was primarily attributed to higher selling prices, increased Cozaar®/Hyzaar® income, and a weaker U.S. dollar, partially offset by higher raw material and energy costs, and investments in growth, particularly in the Agriculture & Nutrition segment. The company also updated its full-year 2007 earnings per share outlook to a range of $3.06 to $3.11.
Key Highlights
- 1Net sales increased by 6% to $6.7 billion in Q3 2007, driven by price increases, favorable currency exchange, and volume growth.
- 2Net income rose by 8% to $526 million ($0.56 per share) in Q3 2007, compared to $485 million ($0.52 per share) in Q3 2006.
- 3Sales growth was stronger outside the U.S. (11%), with the Agriculture & Nutrition segment seeing a 25% increase in non-U.S. sales.
- 4The company updated its full-year 2007 EPS guidance to a range of $3.06 to $3.11.
- 5Significant investments in research and development continue, particularly in the Agriculture & Nutrition segment, to drive future growth.
- 6The company experienced a notable increase in cash provided by operating activities, rising from $763 million to $1,426 million year-to-date.
- 7The company announced an 11% increase in its fourth-quarter common stock dividend to $0.41 per share.