Summary
E.I. du Pont de Nemours and Company (DuPont) reported net sales of $7.5 billion for the third quarter of 2014, a 3% decrease from the prior year, primarily due to portfolio changes. Despite the sales decline, income from continuing operations after income taxes significantly increased by 65% to $434 million, driven by the absence of prior year charges and improved operating income. For the first nine months of 2014, net sales were $27.3 billion, down 2% year-over-year, while income from continuing operations after taxes rose 10% to $3.0 billion. The company is actively managing its portfolio, with plans to separate its Performance Chemicals segment by mid-2015. Significant events include the sale of Glass Laminating Solutions/Vinyls and the ongoing restructuring initiative aimed at improving productivity and agility. DuPont also continued its share repurchase program, demonstrating a commitment to returning capital to shareholders.
Financial Highlights
52 data points| Revenue | $5.91B |
| Cost of Revenue | $3.70B |
| Gross Profit | $2.21B |
| R&D Expenses | $486.00M |
| SG&A Expenses | $1.16B |
| Operating Expenses | $5.63B |
| Operating Income | $686.00M |
| Interest Expense | $93.00M |
| Net Income | $434.00M |
| EPS (Basic) | $0.47 |
| EPS (Diluted) | $0.47 |
| Shares Outstanding (Basic) | 910.76M |
| Shares Outstanding (Diluted) | 917.76M |
Key Highlights
- 1Net sales for Q3 2014 were $7.5 billion, down 3% from $7.7 billion in Q3 2013, attributed to portfolio changes.
- 2Income from continuing operations after taxes for Q3 2014 significantly increased by 65% to $434 million, compared to $263 million in Q3 2013.
- 3For the first nine months of 2014, net sales were $27.3 billion (down 2% year-over-year), and income from continuing operations after taxes was $3.0 billion (up 10% year-over-year).
- 4The company is proceeding with the separation of its Performance Chemicals segment, expected by mid-2015.
- 5DuPont recorded a $263 million pre-tax restructuring charge in the first nine months of 2014 for a global initiative to improve productivity and agility.
- 6Cash used for operating activities was $1.8 billion for the nine months ended September 30, 2014, an improvement from $2.3 billion used in the prior year period.
- 7The company repurchased approximately $2 billion in shares through accelerated share repurchase agreements and open market purchases in the first nine months of 2014.