US-based chemicals company DuPont has reported that its net earnings for the first quarter of 2013 increased by 124.1% to $3.34bn, compared with $1.49bn in the same quarter in 2012.
The increase in net income was driven by strong operating earnings in the company's agricultural segment offset by an expected decline in Performance Chemicals.
Net sales in the quarter ended 31 March 2013 increased by 2.16% to $10.18bn, compared with $10.4bn for the corresponding period in the fiscal 2012 due to higher prices for seeds and crop-protection products and demand in North America and Latin America.
DuPont stated that its agricultural business contributed almost 45% to its revenue in the first quarter.
Operating earnings in the agricultural business increased 13% to $1.5bn driven by a 14% rise in sales reflecting strong corn seed sales in North America and Brazil and strong crop protection volumes in North America and Latin America.
DuPont chair and CEO Ellen Kullman said the first quarter finished as expected, with the strong Agriculture performance and Performance Chemicals' decline from peak levels last year.
"We remain committed to delivering value to our shareholders as demonstrated by executing our share buyback, strengthening our balance sheet and increasing our dividend," Kullman added.
For H1 2013, the company expects operating earnings per share to be about 7-9% lower than the first H1 2012, primarily reflecting, as in the first quarter, lower Performance Chemicals earnings from peak levels in the prior year.
For full-year 2013, the company expects operating earnings of $3.85-$4.05 per share, an increase of 2-7 percent from $3.77 per share earned in 2012, based on continued growth in agriculture and anticipated overall improvement in global industrial market demand.
