DuPont 1Q Sales Jump 23%; Income Hits $1.1 Billion

April 26, 2010  by in UnCategorized   

By Home Furnishings Business in Financial Reports on April 27, 2010

DuPont (NYSE:DD) posted net sales of $8.5 billion for the first quarter ended March 31, a 23 percent increase compared to $6.9 billion posted in the same quarter last year.

First quarter net income for the company, which is a supplier of Teflon for the furniture industry, was $1.1 billion, compared to $489 million posted in the first quarter of last year. The company attributed the increase to higher sales volume, increased manufacturing capacity utilization, higher selling prices, currency benefit and lower raw material csts.

"Our intense focus on customers, sustained R&D investments and productivity improvements are delivering growth," said Ellen Kullman, chairman and chief executive officer. "Macro trends drove first-quarter demand for our science-based innovations, and DuPont was ready. The actions taken last year are benefiting the company as we emerge stronger in 2010."

Looking toward the future, DuPont increased its full-year earnings guidance to a range of $2.50 to $2.70 per share from its previous range of $2.15 to $2.45 per share. The new outlook reflects the company's expected stronger sales growth and improved pre-tax operating margins, supported by continuing global economic expansion with particularly strong demand in Asia Pacific. The company expects free cash flow to be about $200 million higher than originally anticipated, and has increased its outlook from greater than $1.5 billion to more than $1.7 billion.

Click here for the complete release.