DuPont Posts 2Q Results
DuPont’s second quarter net income reached $417 million compared to $1.078 billion in the prior year. The decline in net income was attributed to significantly lower sales volume, current quarter restructuring charges and adverse currency impact. Consolidated net sales in the second quarter totaled $6.9 billion, 22% lower than the prior year, principally reflecting 19% lower volume and a net 1% reduction due to portfolio changes. Lower sales volume was attributed to the recessionary impact across global markets served by DuPont. Combined sales volumes of Coatings & Color Technologies, Electronic & Communication Technologies, Performance Materials and Safety & Protection segments were 25% below second quarter 2008 but showed solid increases from the first quarter 2009 beyond the normal seasonal run-up. In the safety and protection segment sales tallied $1 billion, a decline of 37%, reflecting a 29% volume decline and 8% lower selling prices. Significant volume declines occurred primarily in general industrial and construction markets. PTOI of $71 million principally reflects lower market demand, partly offset by lower raw material costs and fixed cost reductions, according to the company.