Summary
E. I. du Pont de Nemours and Company (DuPont) reported its third quarter and year-to-date results for 2009, reflecting continued impact from the global economic recession. While total net sales declined year-over-year due to lower volumes and selling prices, the company saw an improvement in net income attributable to DuPont for the quarter, reaching $409 million, an 11% increase compared to the prior year period. This improvement was driven by cost reductions, productivity gains, and lower raw material costs, partially offset by the absence of a significant hurricane-related charge in the prior year's third quarter. For the nine-month period, net income attributable to DuPont decreased by 50% to $1.3 billion, largely due to lower sales volumes, unfavorable currency impacts, and restructuring charges. The company has implemented cost control measures and restructuring programs to improve long-term competitiveness. DuPont's balance sheet remains strong, with significant cash reserves and access to credit lines, supporting its belief in its ability to meet financial obligations. Strategic investments in growth areas like agriculture, photovoltaics, and applied bio-sciences continue to be a priority.
Financial Highlights
47 data points| Revenue | $5.96B |
| R&D Expenses | $335.00M |
| SG&A Expenses | $770.00M |
| Operating Expenses | $5.76B |
| Interest Expense | $100.00M |
| Net Income | $414.00M |
| EPS (Basic) | $0.45 |
| EPS (Diluted) | $0.45 |
| Shares Outstanding (Basic) | 904.62M |
| Shares Outstanding (Diluted) | 910.29M |
Key Highlights
- 1Net sales for the third quarter of 2009 were $6.0 billion, an 18% decrease compared to $7.3 billion in the prior year, reflecting lower sales volumes and prices.
- 2Net income attributable to DuPont increased by 11% to $409 million in Q3 2009, from $367 million in Q3 2008, primarily due to cost efficiencies and lower hurricane-related charges in the prior year.
- 3For the nine months ended September 30, 2009, net income attributable to DuPont was $1.3 billion, a 50% decrease from $2.6 billion in the same period of 2008.
- 4The company recorded a $340 million restructuring charge in the nine months ended September 30, 2009, as part of an initiative to address the global economic downturn.
- 5Cash provided by operating activities increased to $923 million for the nine months ended September 30, 2009, up from $494 million in the prior year, driven by working capital reductions.
- 6Total debt increased to $11.1 billion at September 30, 2009, from $9.7 billion at December 31, 2008, to fund working capital needs, capital projects, and dividends.
- 7DuPont is actively managing market risks through various hedging instruments for foreign currency, interest rates, and commodity prices.