EIDP, Inc. Quarterly Report for Q1 Ended Mar 31, 2010

Summary

E. I. du Pont de Nemours and Company (DuPont) reported a significant turnaround in its first quarter 2010 performance compared to the same period in 2009. Net sales surged by 23% to $8.5 billion, driven by a broad-based economic recovery, particularly in emerging markets, coupled with higher sales volumes and improved pricing. Net income attributable to DuPont more than doubled, reaching $1.13 billion, or $1.24 per diluted share, a substantial increase from $488 million, or $0.54 per diluted share, in Q1 2009. This strong performance was supported by increased manufacturing utilization, lower raw material and energy costs, and favorable currency impacts. DuPont raised its full-year earnings guidance to $2.50-$2.70 per share and increased its free cash flow outlook to over $1.7 billion. The company continues to focus on capital productivity, cost reduction, and strategic growth initiatives in areas like agriculture and advanced materials. While the company faces ongoing legal and environmental contingencies, the robust financial results and positive outlook suggest a strong recovery and improved operational efficiency.

Key Highlights

• 1Net sales increased by 23% to $8.5 billion in Q1 2010 compared to $6.9 billion in Q1 2009.
• 2Net income attributable to DuPont rose by 131% to $1.13 billion ($1.24 EPS) from $488 million ($0.54 EPS) year-over-year.
• 3Sales volumes increased by 19%, with emerging markets showing a strong 33% growth.
• 4The company raised its full-year earnings per share guidance to $2.50-$2.70 from $2.15-$2.45.
• 5Full-year free cash flow outlook was increased to greater than $1.7 billion.
• 6Cost of Goods Sold as a percentage of net sales improved from 75% to 68%, reflecting better manufacturing utilization and lower input costs.
• 7The company's credit outlook was revised to 'Stable' by Standard & Poor's.

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