DuPont sales down, income up in Q2 2014

Chemical company E.I. DuPont has reported mixed second quarter 2014 results, with profit improving compared to the year-ago quarter but revenue dipping slightly.

DuPont reported US$9.7 billion in second quarter revenue, a one per cent drop over the US$9.8 billion recorded as revenue in the year-ago period.

The company’s net income came in at US$1.07 billion, up 3.9 per cent from the prior-year quarter.

DuPont’s performance chemicals segment was its second-largest performer in sales for Q2 2014, reporting sales of approximately US$1.7 billion – but still a drop of eight per cent compared to 2013. The performance chemicals business was DuPont’s third best performer among its seven primary business segments.

“While lower agriculture earnings impacted our results this quarter, we continue to see strong science-driven growth in this segment over the long term,” DuPont chair and CEO Ellen Kullman said in a statement. “We are steadily advancing DuPont’s strategy to build and strengthen world-leading positions in agriculture and nutrition, bio-based industrials and advanced materials.”

Kullman also repeated DuPont’s plans to separate the performance chemicals segment from the business by mid-2015.