UPDATE: DuPont (DD) Misses Q1 EPS by 1c
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Revenue Growth %: -6.3%
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DuPont (NYSE: DD) reported Q1 EPS of $1.58, $0.01 worse than the analyst estimate of $1.59. Revenue for the quarter came in at $10.1 billion versus the consensus estimate of $10.45 billion.
First quarter 2014 net sales were $10.1 billion, down 3 percent versus last year, reflecting 1 percent lower volume, 1 percent lower local selling prices and 1 percent negative currency impact. The table below shows first quarter regional sales and variances versus first quarter 2013.
Three Months Ended March 31, 2014 | Percentage Change Due to: | |||||||||||
(Dollars in millions) | $ | % Change | Local Price | Currency Effect | Volume | Portfolio/ Other | ||||||
U.S. & Canada | $ 4,456 | (8) | - | - | (7) | (1) | ||||||
EMEA* | 2,952 | 8 | 1 | 1 | 6 | - | ||||||
Asia Pacific | 1,749 | - | (3) | (3) | 6 | - | ||||||
Latin America | 971 | (10) | (1) | (4) | (5) | - | ||||||
- | ||||||||||||
Total Consolidated Sales | $ 10,128 | (3) | (1) | (1) | (1) | - | ||||||
* Europe, Middle East & Africa |
Segment Sales – 1st Quarter
The table below shows first quarter 2014 segment sales with related variances versus first quarter 2013.
SEGMENT SALES | Three Months Ended | Percentage Change | |||||||
(Dollars in millions) | March 31, 2014 | Due to: | |||||||
$ | % Change | USD Price | Volume | Portfolio/ Other | |||||
Agriculture | $ 4,394 | (6) | 1 | (7) | - | ||||
Electronics & Communications | 580 | (6) | (12) | 6 | - | ||||
Industrial Biosciences | 301 | 4 | (1) | 5 | - | ||||
Nutrition & Health | 861 | (1) | (1) | - | - | ||||
Performance Chemicals | 1,532 | (3) | (7) | 6 | (2) | ||||
Performance Materials | 1,593 | 2 | - | 2 | - | ||||
Safety & Protection | 947 | 4 | (1) | 5 | - | ||||
Other | 1 | - | |||||||
Total segment sales | 10,209 | ||||||||
Elimination of transfers | (81) | ||||||||
Consolidated net sales | $ 10,128 |
Agriculture – Operating earnings of $1,442 million declined $74 million, or 5 percent, on lower volumes due to the earlier timing of seed shipments realized in the fourth quarter of 2013 versus the first quarter, lower corn planted area in Brazil's Safrinha season and in North America, and lower herbicide volumes in North America. This was partially offset by pricing gains in seeds, higher insecticide volumes in Latin America, and lower seed input costs.
Electronics & Communications – Operating earnings of $75 million increased $26 million, or 53 percent, largely because of higher sales volumes, mainly in photovoltaic markets.
Industrial Biosciences – Operating earnings of $56 million increased $15 million, or 37 percent, from increased demand for enzymes for ethanol production and lower costs.
Nutrition & Health – Operating earnings of $93 million increased $17 million, or 22 percent, driven by improved product mix, productivity gains and lower raw material costs.
Performance Chemicals – Operating earnings of $200 million were down $51 million, or 20 percent, due primarily to lower prices in fluoroproducts, principally refrigerants. Higher raw material and energy costs as a result of the adverse weather and lower Ti02 prices were also contributors. Segment earnings benefitted from higher volumes and productivity improvements.
Performance Materials – Operating earnings of $299 million increased $7 million, or 2 percent, reflecting stronger volumes in automotive markets, largely offset by higher ethane and natural gas costs due primarily to weather related factors.
Safety & Protection – Operating earnings of $175 million increased $37 million, or 27 percent, primarily due to productivity gains and higher volumes.
DuPont reaffirmed FY2014 guidance.
For earnings history and earnings-related data on DuPont (DD) click here.
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