DuPont earnings jump in first quarter

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E.I. du Pont de Nemours & Co.’s earnings for the first quarter rose 19 percent (excluding a one-time significant charge in 2007) on strong sales in its agriculture and nutrition segment, which includes Johnston-based Pioneer Hi-Bred International Inc., and strong demand abroad.

“Our investments in agriculture and emerging markets enabled us to capitalize on robust growth in those areas which, when combined with gains from our productivity improvement programs, more than offset higher ingredient costs and weakness in certain U.S. markets,” said DuPont Chairman and CEO Charles Holliday Jr., in a release.

Net income for the first quarter was $1.2 billion, or $1.31 per share, compared with $945 million, or $1.01 per share, in the year-ago period, which included a one-time significant item charge of $52 million. Consolidated net sales rose 9 percent to $8.6 billion, with sales outside the United States representing 62 percent of total sales. Sales in emerging markets rose 25 percent, led by Brazil, China, India and Eastern Europe. U.S. sales were equal to those of last year’s quarter.

Sales in the company’s agriculture and nutrition segment increased 18 percent to $2.9 billion, reflecting a strong global demand for seed technology and crop protection products. Sales of coatings and color technologies increased 6 percent, electronic and communication technology sales jumped 12 percent, performance materials sales increased 8 percent, and safety and protection sales were equal to the prior-year quarter.

The company reaffirmed its full-year 2008 earnings outlook of $3.40 to $3.55 per share.