DuPont’s earnings remain flat in second quarter
E.I. du Pont de Nemours & Co., parent company of Johnston-based Pioneer Hi-Bred International Inc., reported flat earnings for the second quarter as higher sales were offset by a rise in energy and ingredient costs. Better sales abroad were also offset by a slump in the United States from a weakness in the housing and automotive markets.
“We generated solid volume growth in all regions outside the United States and increased local selling prices for the 14th consecutive quarter, while reducing fixed costs as a percentage of sales,” said Charles Holliday Jr., DuPont chairman and chief executive officer. “We are executing our growth strategies and continuing to increase return on invested capital.”
Net income for the three months ended June 30 was $972 million, or $1.04 per share, compared with $975 million, or $1.04 per share, in the year-ago period. Excluding tax benefits, net income was $944 million, or $1.01 per share, in the in the second quarter of 2006.
Consolidated net sales grew 6 percent to $7.9 billion from a 2 percent rise in local prices, a 1 percent increase in volume, and a 3 percent currency benefit. Sales in the company’s agriculture and nutrition sector rose 7 percent to $2.1 billion from strong U.S. seed corn and cereal herbicide sales.