DuPont's emerging markets sales show 25% robust growth for Q3-08

DuPont's Q3-08 consolidated net sales grew 9% to US$7.3 bln compared to the same quarter previous year. Net income for the quarter stood at US$367 mln versus US$526 mln in the prior year. Excluding the hurricane charge in the current quarter and a prior-year litigation charge, net income was US$513 mln versus US$552 mln in the same quarter previous year. Earnings per share for the quarter stood at $0.40, including a hurricane-related charge of $0.16/share. Excluding significant items, earnings were $0.56/share compared to $0.59/share in Q3 2007. Sales outside the United States grew 16% and accounted for 68% of worldwide sales. Sales in emerging markets grew 25%. A 9% increase in local selling prices more than offset lower global sales volumes resulting from weak demand in motor vehicle and construction-related markets, and hurricane disruptions. In DuPont's 'Coatings and Color Technologies' segment posted sales of US$1.8 bln up 7% from same quarter previous year. Pre tax operating income (PTOI) of US$190 mln declined 7% as cost productivity, pricing improvements, and favorable currency only partially offset the impact of weak automotive and housing markets and higher raw material, energy and freight costs. 'Performance Materials' segment posted a sales growth of 3% to US$1.7 bln, with price gains offsetting lower demand. The segment also noted a US$91 mln PTOI loss which included a US$216 mln hurricane charge. Excluding this charge, PTOI declined 36% to US$125 mln due to weak markets, weather-related business interruptions and rising raw material costs that were not fully offset by higher prices. The company's 'Safety & Protection' segment showed sales of US$1.5 bln up 9 % year on year. The PTOI of US$251 mln was down 20%. Earnings growth in chemicals and services was more than offset by lower earnings due to weak housing markets and growth investments in Kevlar® and Nomex® expansions. The company's 'Electronics and Communications Technologies' segment noted sales growth of 13% to US$1.1 bln, with strength in fluoropolymers and microcircuit materials for photovoltaic applications partially offset by weakness in automotive and consumer electronics. Segment's PTOI of US$137 mln was essentially flat versus last year as increased revenue was offset by higher ingredient costs and growth investments for photovoltaics.
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