USA: DuPont Hit By Increased Cost Of Raw Materials
DuPont announced positive second quarter results this week, though the higher cost for raw materials adversely affected earnings from nylon volumes.Second quarter underlying earnings per share of $.90 were up 15 per cent as compared with 1999. Underlying after-tax operating income (ATOI) of $1,169m was up 16 per cent despite a $170m after-tax cost increase for raw materials. Sales of $7.9 billion increased 13 percent versus 1999 and were up in all segments. Strong ATOI growth came from the Performance Coatings & Polymers, Specialty Polymers, and Pigments & Chemicals segments, and from increased ownership in Pioneer Hi-Bred International.Worldwide segment sales volume grew 6 per cent, reflecting growth in all regions.Average selling prices (ex-currency) were up 2 per cent, the first significant year-over-year increase since the first quarter of 1998.
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