DuPont closed its fourth quarter with sales of $6.4 billion, an increase of 10% from the prior year, led by sales growth greater than 20% for titanium dioxide, electronic materials, performance polymers and seed products.
Consolidated net sales in the fourth quarter were $6.4 billion, 10% higher than the prior year, reflecting 10% higher volume, 3% lower local prices, a 4% positive impact from currency exchange rates and a 1% reduction from portfolio changes.
In the Safety and Protection segment, sales were $759 million, a decline of 9%, reflecting a volume decline. Sales into automotive and consumer markets rebounded, while industrial and law enforcement markets continued to lag. PTOI was $135 million, an improvement of $48 million. The increase primarily reflected lower raw material costs and fixed cost reductions, partly offset by lower volumes.
In the Performance Materials segment, sales increased 20% to $1.4 billion, reflecting 24% higher volumes led by improvement in automotive, industrial, consumer and electrical markets with strong volume recovery in all regions, particularly in the Asia-Pacific. Segment PTOI for the quarter was $174 million, an improvement of $303 million, reflecting strong volume and variable margin expansion, as lower selling prices were more than offset by the benefits of sharply lower raw material costs.
“Across the organization, DuPont delivered on its commitments in 2009,” said DuPont chair and CEO Ellen Kullman. “We intend to emerge stronger in 2010 by building on the work we accomplished last year, with a focus on sales growth through market-driven innovation and operating leverage. We remain committed to compound annual growth targets of 10% for top-line and 20% for earnings through 2012.”