Chemicals manufacturer DuPont Co. doubled its profits in fourth quarter 2013 and boosted its full-year earnings by 76 per cent.
According to Wilmington, Del.-based DuPont, fourth quarter net income was US$185 million compared to US$89 million a year earlier. Sales were US$7.75 billion, up 5.8 percent.
For the full year, the company earned a net US$4.86 billion on $35.73 billion in sales, up from US$2.78 billion in profits on US$34.81 billion in sales in 2012.
A statement from DuPont said higher volumes, new products and gains in productivity helped strengthen its bottom line, with disappointment only in its Performance Chemicals division, which it is spinning off into a separate company.
“For the year, we delivered double-digit operating earnings growth and higher margins, aside from the substantial decline in Performance Chemicals,” said chief executive Ellen Kullman.
“Our 2013 results and strategic actions demonstrate we are advancing our plan to build a higher growth, higher value DuPont and reinforce our decision to separate Performance Chemicals into a strong, independent company.”
The company forecast a 4 per cent gain in sales for 2014.