| | WILMINGTON, Del., Jan. 24 /PRNewswire-FirstCall/ -- Highlights
-- The company reported fourth quarter earnings of $.16 per share,
compared to fourth quarter 2004 earnings of $.28 per share.
-- Fourth quarter earnings before significant items were $.13 per share
compared to $.37 per share in the fourth quarter 2004. The reduction
in earnings is largely attributable to disruptions from hurricanes and
other plant outages, higher energy and ingredient costs and lower crop
protection product sales.
-- Fourth quarter raw material costs increased $350 million versus last
year. Local price increases of 5 percent offset about 75 percent of
this cost increase.
-- Total worldwide volumes declined 4 percent. Excluding the estimated
impact of business interruptions from Gulf Coast hurricanes, volumes
would have been essentially flat.
-- During the fourth quarter the company completed a $3 billion share
buyback, reducing shares outstanding by 8 percent.
-- Full-year 2005 earnings were $2.07 per share versus $1.77 in 2004.
Before significant items, earnings per share in 2005 totaled $2.34
compared to $2.38 in 2004.
-- The company expects 2006 earnings per share of about $2.60, an increase
of 11 percent, compared to 2005 earnings per share before significant
items.
Global Consolidated Net Income and Sales
Net income for the fourth quarter was $153 million, or $.16 per share, including a $.03 per share significant item benefit from lower than expected tax cost associated with the repatriation of cash under the American Jobs Creation Act of 2004. Fourth quarter 2004 net income was $278 million, or $.28 per share, including significant items totaling a net after-tax charge of $93 million, or $.09 per share. See Schedule B for a summary of significant items.
Current quarter net income reflects the impact of prolonged disruptions to power, logistics and to production and sales resulting from Gulf Coast Hurricanes Katrina and Rita, in addition to temporary unplanned production interruptions at three of the company's plants which are located in Brazil, The Netherlands and the United States. Fourth quarter net income also reflects lower sales of crop protection products, and higher costs. These negatives were partly offset by an income tax benefit recorded in the quarter, resulting from a lower full-year base income tax rate.
Consolidated net sales for the fourth quarter were $5.8 billion, down 3 percent versus the fourth quarter 2004, but were flat on a comparable business basis. Local selling prices were up 5 percent offsetting a 4 percent volume decline.
Hurricane-related production disruptions to U.S. plants affected sales in all regions. Excluding these production disruptions, worldwide volumes would have been flat and U.S. volumes up modestly, as shown in the table below. Volumes in the Asia Pacific region were negatively affected by the hurricane impact and lower sales of crop protection chemicals attributable to lower insect pressure in the growing season.
Volume
% Change
Three Months Ended Percentage Change Due to: Excl. Est.
December 31 Local Currency Hurricane
(Dollars in $ % Change* Price Effect Volume Impact
billions)
U.S. $2.3 1% 5 - (4) 1
Europe 1.6 (7) 4 (5) (6) (4)
Asia Pacific 1.1 - 5 (2) (3) 1
Canada & Latin
America 0.8 13 5 7 1 5
Total Consolidated
Sales $5.8 -% 5 (1) (4) -
* Percentages shown are on a comparable business basis by excluding fourth
quarter 2004 sales of $164 million for former DDE businesses transferred
to Dow on June 30, 2005.
Earnings Per Share
The table below shows the variances in fourth quarter 2005 earnings per share (EPS) versus fourth quarter 2004, by major element:
EPS ANALYSIS
4th Quarter
EPS - 2004 $.28
4Q'04 Significant items (see Schedule B) $.09
Local prices .20
Variable costs (.27)
Volume (.06)
Fixed costs (.11)
Income taxes .07
Currency/Interest (.04)
All other (.03)
4Q'05 Significant item (see Schedule B) .03
EPS - 2005 $.16
The $.20 per share benefit from higher local prices offset about 60 percent of the combined impact of higher raw material costs and lower volumes. Fixed costs increased, principally due to production disruptions from hurricanes and other unplanned plant outages, in addition to higher investment for growth.
Business Segment Performance
Segment pretax operating income (PTOI) for fourth quarter 2005 was $393 million compared to $596 million in the fourth quarter 2004. Segment PTOI and percentage changes versus fourth quarter 2004 are shown in the table below.
Three Months Ended December 31
PRETAX OPERATING INCOME % Change
(Dollars in millions) 2005 2004* vs. 2004
Agriculture & Nutrition $(272) $(125) n/m**
Coatings & Color Technologies 162 236 (31)
Electronic & Communication
Technologies 87 93 (6)
Performance Materials 54 26 108
Pharmaceuticals 203 186 9
Safety & Protection 210 227 (7)
Other (including divested
T&I businesses) (51) (47) n/m**
Total $393 $596 (34)
* See Schedule B for detail of significant items included in fourth
quarter 2004.
** Percentage change not meaningful (n/m).
Volume
Percentage % Change
Three Months Ended Change Due to: Excl. Est.
SEGMENT SALES* December 31 U.S. $ Hurricane
(Dollars in $ % Change Price Volume Impact
billions)
Agriculture & Nutrition $0.9 (6) (1) (5) (5)
Coatings & Color
Technologies 1.5 (4) 3 (7) 1
Electronic & Communication
Technologies 0.8 5 1 4 4
Performance Materials 1.6 1 5 (4) (1)
Safety & Protection 1.3 3 4 (1) 3
* Segment sales include intersegment transfers and a pro rata share of
affiliates' sales. Percentages shown for Performance Materials are
after excluding fourth quarter 2004 sales of $164 million for former DDE
businesses transferred to Dow on June 30, 2005.
Agriculture & Nutrition
-- PTOI decreased $147 million with a current quarter seasonal loss of
$272 million versus a $125 million loss in the prior year. The decline
reflects 5 percent lower worldwide volumes and higher costs.
-- Fourth quarter sales of $0.9 billion were down 6 percent, principally
reflecting lower insecticide demand in Asia and lower herbicide sales
in the United States.
-- Cost of goods sold increased significantly as a result of higher raw
material costs. Fixed costs were also higher due in part to a
production disruption at the segment's crop protection chemicals plant
in Brazil.
-- Nine new products were introduced during the quarter, including new
herbicide registrations for cereals and specialties. One hundred
sixty-five new products were introduced during 2005.
Coatings & Color Technologies
-- PTOI was $162 million versus $236 million earned in the prior year.
PTOI declined 31 percent, primarily due to production and sales
disruptions in the titanium dioxide business caused by Hurricane
Katrina, and higher raw material costs across all businesses.
-- Fourth quarter sales were $1.5 billion, down 4 percent. U.S. dollar
("USD") prices increased 3 percent, while volumes were 7 percent lower,
primarily due to the Gulf Coast hurricanes.
-- Higher selling prices largely reflect local price improvements for
titanium dioxide, refinish and OEM products, partly offset by a
negative currency impact.
-- Sixty-five new products were launched during the quarter, including new
waterborne basecoats for conversion from solvent to waterborne paint
systems and an expanded line of inks. Three hundred sixty-two new
products were introduced during 2005.
Electronic & Communication Technologies
-- PTOI was $87 million versus $93 million in the prior year, down 6
percent. The decline is primarily due to higher raw material and other
costs.
-- Fourth quarter sales were $0.8 billion, up 5 percent. Sales growth
reflects 1 percent higher USD prices and 4 percent higher volume.
-- Revenue growth reflects higher sales volumes for electronic materials
and higher prices and volumes for fluoroproducts.
-- Seventy-six new products were introduced during the quarter, including
new fluoropolymer films for photovoltaic and fuel cell applications.
Two hundred eighteen new products were introduced during 2005.
Performance Materials
-- PTOI was $54 million versus $26 million in 2004 which included a $118
million litigation charge. Excluding this charge, PTOI declined 62
percent, primarily due to lower earnings from packaging and industrial
polymers reflecting business interruptions resulting from the
hurricanes and higher raw material costs.
-- Fourth quarter sales of $1.6 billion, increased marginally versus
fourth quarter 2004, on a comparable business basis. Higher prices
essentially offset lower volume.
-- Fifty-seven new products were launched during the quarter, including
new packaging resins and new compounds for improved processing. One
hundred eighty-four new products were introduced during 2005.
Safety & Protection
-- PTOI was $210 million versus $227 million in the prior year. The
earnings decline was largely due to hurricane disruptions to production
and sales, higher raw material costs, and increased spending for growth
initiatives.
-- Fourth quarter sales of $1.3 billion were up 3 percent as 4 percent
higher USD prices were partly offset by lower volume. The volume
decline is largely attributable to the impact of hurricanes on Gulf
Coast operations. Volumes grew in all businesses except industrial
chemicals.
-- Twenty-four new products were introduced during the quarter, including
new transformer applications for Nomex(R) and new products for medical
packaging. Two hundred four new products were introduced during 2005.
Additional information on segment performance is available on the DuPont Investor Center at http://www.dupont.com/.
Outlook
We will continue to face challenging headwinds during 2006, and our priorities for the year are very clear. Each of the four improvement actions we announced on Nov. 7 are on or ahead of schedule," said Chairman and CEO Charles O. Holliday, Jr. "Our strategies and these actions are the right steps to accelerate creation of superior value for our customers and shareholders."
The company expects several factors to negatively impact first quarter 2006 results versus the first quarter 2005 earnings of $.96 per share:
-- Results for the Agriculture & Nutrition segment are forecast to be
below last year's first quarter based on an expectation of lower
volumes in crop protection chemicals, competitive pressures, and a
shift in seasonal revenues between the first and second quarters.
-- Results of the Performance Materials and Coatings & Color Technologies
segments will continue to be significantly impacted by the effects of
Hurricanes Katrina and Rita. The company's DeLisle titanium dioxide
plant, damaged by Hurricane Katrina, is not expected to resume full
operations until April of 2006. In addition, historically high energy
and ingredient costs will continue to constrain earnings in these
segments.
Taking these factors into account, first quarter 2006 earnings are expected to be about $.70 per share. The company's recently announced initiatives to accelerate value creation, combined with the share repurchase program, should enable the company to earn about $2.60 per share in 2006. The company reported $2.34 per share before significant items in 2005.
Use of Non-GAAP Measures
Management believes that measures of income excluding significant items ("non-GAAP" information) are meaningful to investors because they provide insight with respect to ongoing operating results of the company. Such measurements are not recognized in accordance with generally accepted accounting principles (GAAP) and should not be viewed as an alternative to GAAP measures of performance. Reconciliations of non-GAAP measures to GAAP are provided in Schedule E.
DuPont (NYSE:DD) is a science company. Founded in 1802, DuPont puts science to work by creating sustainable solutions essential to a better, safer, healthier life for people everywhere. Operating in more than 70 countries, DuPont offers a wide range of innovative products and services for markets including agriculture, nutrition, electronics, communications, safety and protection, home and construction, transportation and protective apparel.
Forward-Looking Statements: This news release contains forward-looking statements based on management's current expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the company's strategy for growth, product development, market position, expected expenditures and financial results are forward-looking statements. Some of the forward-looking statements may be identified by words like "expects," "anticipates," "plans," "intends," "projects," "indicates," and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in documents filed with the Securities and Exchange Commission by DuPont, particularly its latest annual report on Form 10-K and quarterly report on Form 10-Q, as well as others, could cause results to differ materially from those stated. These factors include, but are not limited to changes in the laws, regulations, policies and economic conditions, including inflation, interest and foreign currency exchange rates, of countries in which the company does business; competitive pressures; successful integration of structural changes, including restructuring plans, acquisitions, divestitures and alliances; cost of raw materials, research and development of new products, including regulatory approval and market acceptance; seasonality of sales of agricultural products; and severe weather events that cause business interruptions, including plant and power outages, or disruptions in supplier and customer operations.
E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES
SCHEDULE A
Three Months Ended Year Ended
CONSOLIDATED INCOME December 31, December 31,
STATEMENT
(Dollars in millions,
except per share) 2005 2004 2005 2004
NET SALES $5,827 $6,000 $26,639 $27,340
Other Income (a) 408 31 1,852 655
Total 6,235 6,031 28,491 27,995
Cost of Goods Sold and Other
Operating Charges (b) 4,721 4,637 19,701 20,416
Selling, General and
Administrative Expenses 799 812 3,223 3,141
Amortization of Intangible
Assets 59 55 230 223
Research and Development
Expense 360 355 1,336 1,333
Interest Expense 154 110 518 362
Employee Separation Costs and
Asset Impairment Charges (c) (13) (22) (13) 411
Separation Charges - Textiles
& Interiors (d) - 37 (62) 667
Total 6,080 5,984 24,933 26,553
INCOME BEFORE INCOME TAXES
AND MINORITY INTERESTS 155 47 3,558 1,442
Provision for (Benefit from)
Income Taxes (e) 7 (215) 1,468 (329)
Minority Interests in Earnings
(Losses) of Consolidated
Subsidiaries (f) (5) (16) 37 (9)
NET INCOME $153 $278 $2,053 $1,780
BASIC EARNINGS PER SHARE
OF COMMON STOCK (g,h) $.16 $.28 $2.08 $1.78
DILUTED EARNINGS PER SHARE
OF COMMON STOCK (g,h) $.16 $.28 $2.07 $1.77
DIVIDENDS PER SHARE OF
COMMON STOCK $.37 $.35 $1.46 $1.40
NOTES TO CONSOLIDATED INCOME STATEMENT
(a) Total year 2005 includes a gain of $31 resulting from the sale of
certain North American assets in the Safety & Protection segment, a
gain of $23 resulting from the disposition of certain assets of DuPont
Dow Elastomers LLC (DDE) to The Dow Chemical Company (Dow), a $28
benefit related to interest on certain prior year tax contingencies,
and a gain of $48 resulting from the sale of the company's equity
interest in DuPont Photomasks, Inc.
Fourth quarter 2004 includes a benefit of $15 resulting from the
reversal of accrued interest related to certain prior year tax
contingencies. Total year 2004 also includes an additional benefit of
$35 related to prior year tax contingencies, and a charge of $150 in
the Performance Materials segment to provide for the company's share
of anticipated losses associated with DDE litigation.
(b) Total year 2005 includes third quarter charges of approximately $146
for charges associated with damaged facilities, inventory write-offs
and clean-up costs related to Hurricanes Katrina and Rita at several
facilities and a charge of $34 related to the shutdown of an
Elastomers manufacturing facility in the United States.
Fourth quarter 2004 includes a charge of $118 in the Performance
Materials segment to provide for additional anticipated losses
associated with DDE antitrust litigation matters; this charge is
partially offset by an $18 liability recorded against Minority
Interests in Earnings of Consolidated Subsidiaries to recognize Dow's
share of anticipated losses. Fourth quarter 2004 also includes a
benefit of $20 in Other from insurance proceeds related to Benlate(R)
litigation. In addition, total year 2004 includes a charge of $108 in
the Electronic & Communication Technologies segment associated with
the proposed settlement of the PFOA class action litigation in West
Virginia, and a charge of $36 in the Coatings & Color Technologies
segment to provide for the settlement of litigation for the refinishes
business.
(c) Results for the fourth quarter and full year 2005 include a benefit of
$13 to reflect changes in estimates related to prior years'
restructuring programs.
Fourth quarter 2004 includes a benefit of $22 to reflect changes in
estimates related to current and prior years' restructuring programs.
Total year 2004 also includes charges of $312 to provide severance
benefits for approximately 2,700 employees in the following segments:
Agriculture & Nutrition - $36; Coatings & Color Technologies - $64;
Electronic & Communication Technologies - $42; Performance Materials -
$45; Safety & Protection - $29; and Other - $96. In addition, total
year 2004 includes charges of $42 related to the impairment of certain
European manufacturing assets in the Safety & Protection segment; $23
related to the shutdown of manufacturing assets at a U.S. facility in
the Performance Materials segment; $29 to write off abandoned
technology in the Other segment; and $27 to reflect a decline in the
value of an investment security in the Electronic & Communication
Technologies segment.
(d) Total year 2005 includes a net gain of $62 relating to the disposition
of four equity affiliates, partly offset by other separation costs.
Fourth quarter 2004 includes charges of $37 principally related to the
settlement of working capital on the sale of INVISTA to Koch
Industries, Inc. Total year 2004 also includes an additional charge
of $630, consisting of $244 due primarily to an increase in the book
value of net assets sold and additional separation costs; $345 related
to an agreed upon reduction in sales price and other changes in
estimates associated with the sale; and $41 related to the write-down
of an equity affiliate to fair market value.
(e) Fourth quarter 2005 includes a benefit of $28 associated with lower
than expected costs related to the repatriation of foreign earnings
under The American Jobs Creation Act of 2004 (AJCA). Year-to-date
2005 includes net charges of $292 for repatriation of $9.1 billion
under AJCA and a net tax benefit of $24 related to certain prior year
tax contingencies previously reserved.
Total year 2004 includes $320 in INVISTA-related tax benefits, a tax
benefit of $160 related to certain prior year tax contingencies
previously reserved, and a $137 benefit associated with recording an
increase in deferred tax assets in two European subsidiaries.
(f) Total year 2004 reflects a minority interest adjustment related to the
consolidation of DDE as a variable interest entity.
(g) Earnings per share are calculated on the basis of the following
average number of common shares outstanding:
Three Months Ended Twelve Months Ended
December 31 December 31
Basic Diluted Basic Diluted
2005 941,433,495 948,329,588 982,192,597 988,954,063
2004 993,616,121 999,509,461 997,624,239 1,003,392,242
(h) Total year earnings per share do not equal the sum of quarterly
earnings per share due to changes in average share calculations.
E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES
SCHEDULE B
SIGNIFICANT ITEMS
(Dollars in millions,
except per share)
Pretax After-Tax ($ Per Share)
2005 2004 2005 2004 2005 2004
1st Quarter - Total $- $(531) $- $(296) $- $(.30)
2nd Quarter - Total $118 $(661) $111 $(302) $.11 $(.30)
3rd Quarter - Total $(146) $(130) $(415) $78 $(.42) $.08
4th Quarter:
Income Taxes - AJCA
Benefit $- $28 $.03
DDE-Related Items $(118) $(93) $(.09)
Textiles & Interiors
Related Items (37) (40) (.04)
Other Items (1) 57 40 .04
4th Quarter - Total $- $(98) $28 $(93) $.03 $(.09)
Full Year - Total $(28) $(1,420) $(276) $(613) $(.27)(2) $(.61)
(1) Includes a benefit associated with a change in estimate for
restructuring programs, benefit associated with settlement of certain
Benlate(R) litigation and a corporate tax related item.
(2) Total year per share amounts do not equal the sum of quarterly per
share amounts due to changes in average share calculations.
SIGNIFICANT ITEMS BY SEGMENT
(Dollars in millions on pretax basis)
Three Months Ended Year Ended
December 31, December 31,
2005 2004 2005 2004
Agriculture & Nutrition $- $2 $- $(34)
Coatings & Color Technologies - 4 (113) (96)
Electronic & Communication Technologies - 2 48 (175)
Performance Materials - (117) (8) (335)
Safety & Protection - 1 (22) (70)
Textiles & Interiors - (27) - (657)
Other (1) - 22 39 (103)
Total (excluding Corporate) $- $(113) $(56) $(1,470)
(1) Beginning in 2005, Textiles & Interiors is no longer an operating
segment of the company. The remaining assets and charges related to
separation activities are reported under Other.
E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES
SCHEDULE C
Three Months Ended Year Ended
CONSOLIDATED SEGMENT INFORMATION (1) December 31, December 31,
(Dollars in millions) 2005 2004 2005 2004
SALES (2)
Agriculture & Nutrition $939 $998 $6,394 $6,244
Coatings & Color Technologies 1,513 1,575 6,234 6,028
Electronic & Communication
Technologies 844 803 3,506 3,279
Performance Materials 1,590 1,739 6,750 6,633
Safety & Protection 1,292 1,253 5,230 4,696
Textiles & Interiors N/A 255 N/A 3,250
Other 13 7 52 44
Elimination of Transfers (66) (70) (294) (553)
Elimination of Equity Affiliate Sales (298) (560) (1,233) (2,281)
CONSOLIDATED NET SALES $5,827 $6,000 $26,639 $27,340
PRETAX OPERATING INCOME (LOSS)
(PTOI) (3)
Agriculture & Nutrition (c) $(272) $(125) $862 $769
Coatings & Color Technologies (b,c) 162 236 564 718
Electronic & Communication
Technologies (a,b,c) 87 93 532 192
Performance Materials (a,b,c) 54 26 523 295
Pharmaceuticals 203 186 751 681
Safety & Protection (a,b,c) 210 227 980 837
Textiles & Interiors (c,d) N/A (36) N/A (515)
Other (b,c,d) (51) (11) (78) (242)
Total Segment PTOI 393 596 4,134 2,735
Exchange Gains and Losses (4) 80 (300) 445 (411)
Corporate Expenses & Interest (a) (318) (249) (1,021) (882)
INCOME BEFORE INCOME TAXES AND
MINORITY INTERESTS $155 $47 $3,558 $1,442
(1) Certain reclassifications of segment data have been made to reflect
changes in organizational structure. Beginning in 2005, Textiles &
Interiors is no longer an operating segment of the company. The
remaining assets and charges related to separation activities are
reported under Other.
(2) Sales for the reporting segments include transfers and a pro rata
share of equity affiliate sales.
(3) See respective Notes to Consolidated Income Statement for additional
information on significant items and letter references below.
(4) Net after-tax exchange activity for fourth quarter 2005 and 2004 were
a loss of $8 and a gain of $15, respectively. Gains and losses
resulting from the company's hedging program are largely offset by
associated tax effects.
E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES
SCHEDULE D
SELECTED INCOME STATEMENT DATA
(Dollars in millions, except per share)
Three Months Ended Year Ended
December 31, December 31,
2005 2004 % Chg. 2005 2004 % Chg.
Consolidated Net Sales $5,827 $6,000 (3)% $26,639 $27,340 (3)%
Segment Sales 6,191 6,630 (7) 28,166 30,174 (7)
Segment PTOI 393 596 (34) 4,134 2,735 51
EBIT* 261 105 149 3,876 1,687 130
EBITDA* 600 444 35 5,201 3,000 73
Income Before Income
Taxes and Minority
Interests 155 47 230 3,558 1,442 147
EPS - Diluted $0.16 $0.28 (43) $2.07 $1.77 17
* See Reconciliation of Non-GAAP measures (Schedule E).
SCHEDULE E
RECONCILIATION OF NON-GAAP MEASURES
(Dollars in millions)
Reconciliation of EBIT/EBITDA
to Consolidated Income Statement
Three Months Ended Year Ended
December 31, December 31,
2005 2004 2005 2004
Income Before Income Taxes
and Minority Interests $155 $47 $3,558 $1,442
Less: Minority Interest in Earnings
of Consolidated Subsidiaries (1) (2) (24) (43) (36)
Add: Net Interest Expense (2) 108 82 361 281
EBIT 261 105 3,876 1,687
Add: Depreciation and
Amortization (3) 339 339 1,325 1,313
EBITDA $600 $444 $5,201 $3,000
(1) Excludes income taxes.
(2) Includes interest expense plus amortization of capitalized interest
less interest income.
(3) Excludes amortization of capitalized interest.
SCHEDULE E -- (Continued)
Reconciliation of Earnings Per Share (EPS)
Three Months Ended Year Ended
December 31, December 31,
2005 2004 2005 2004
Earnings Per Share before
Significant Items $.13 $.37 $2.34 $2.38
Significant Items included in EPS .03 (.09) (.27) (.61)
EPS $.16 $.28 $2.07 $1.77
Reconciliation of Base Income Tax Rate
to Effective Income Tax Rate
Three Months Ended Year Ended
December 31, December 31,
2005 2004 2005 2004
Income Before Income Taxes and
Minority Interests $155 $47 $3,558 $1,442
Remove: Significant Items -
Charge/(Benefit) - 98 28 1,420
Net Exchange (Gains)/Losses (80) 300 (445) 411
Income Before Income Taxes,
Significant Items, Exchange Gains/
Losses and Minority Interests $75 $445 $3,141 $3,273
Provision for (Benefit from) Income Taxes $7 $(215) $1,468 $(329)
Remove: (Expense)/Benefit
Tax on Significant Items 28 (13) (248) 789
Tax on Exchange Gains/Losses (88) 315 (483) 360
Provision for Income Taxes, Excluding Taxes
on Significant Items and Exchange
Gains/Losses $(53) $87 $737 $820
Effective Income Tax Rate 4.5% (457.4)% 41.3% (22.8)%
Base Income Tax Rate (69.9)% 19.5% 23.5% 25.0%
Source: DuPont
CONTACT: Clif Webb of DuPont, +1-302-774-4005,
r-clifton.webb@usa.dupont.com
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