DuPont sales slump in second quarter

July 29 01:40 2015

DuPont’s (DD) net income in the second quarter fell 12%, as it also reported a drop in sales for the quarter. The Wilmington-based chemical company reported 1.18 earnings per share, down from $1.17 per share a year earlier. DuPont’s second quarter sales totaled $8.6 billion, an 11% drop from $9.7 billion during the same period in 2014.DuPont-Research-Center

The combination of the weakened U.S. dollar in overseas market, a decrease in overall sales volume, and changes to its portfolio were responsible for the sales decline, the company said in a Tuesday morning earnings statement. Sales for nearly all of DuPont’s business sectors dropped in the second quarter.

DuPont’s performance chemicals unit, now operating as Chemours, an independent company, recorded a 55% sales decline over the previous year. The unit posted sales of $113 million, a 55% drop from $251 million during the second quarter of 2014. DuPont blamed the decrease on negative impact from currency, noting had the dollar remained strong overseas the unit’s sales would have decreased by 38%. Industrial biosciences posted $50 million in earnings during the second quarter, a $9 million, or 15%, decrease from 2014’s second quarter totals. The reduced sales were impacted by lower prices and the weakened U.S. dollar, according to DuPont.

The safety and protection unit posted a 7% decrease in sales with $195 million, a $14 million, drop from 2014 second quarter sales. DuPont noted productivity improved in the unit, currency, the divestiture of Sontara and lower demand for its products by the oil and gas industry were all factors in the decrease. DuPont’s agriculture unit posted $778 million in sales, a 7% decline from $836 million during last year’s second quarter. The company cited reduced soybean sales and currency impacts for the decrease.