Cleaning & Restoration Breaking News

DuPont reports disappointing fourth quarter, full-year 2001 earnings

January 24, 2002
/ Print / Reprints /
ShareMore
/ Text Size+
DuPont reported disappointing earnings of 12-cents per share for the fourth quarter, a significant drop for the 47-cents per share earned in the same period a year earlier. Full-year earnings per share were $1.19 in 2001 versus $2.73 for the year 2000.

WILMINGTON, Del.-- DuPont (NYSE:DD) reported earnings of 12-cents per share for the fourth quarter, a significant drop for the 47-cents per share earned in the same period a year earlier. Full-year earnings per share were $1.19 in 2001 versus $2.73 for the year 2000.

Segment sales in the fourth quarter of 2001 were down 17 percent from the previous year to $ 5.9 billion. This reflects a 9 percent reduction from lower volume, 3 percent from lower U.S. dollar prices and a 5 percent reduction from portfolio changes.

"In 2001, we restructured to meet current and future challenges; we focused capital and research expenditures on growth; and we sold the Pharmaceuticals and selected Polyester businesses. These actions helped us come out of a difficult year with exceptional financial strength," said Charles O. Holliday, Jr., DuPont chairman and CEO. "Clearly more remains to be done for us to deliver competitively superior earnings performance, which we will do."

For the quarter, consolidated sales totaled $5.2 billion compared to $6.3 billion in 2000. Segment sales were $5.9 billion versus $7.2 billion in 2000. Segment sales were down 12 percent, while fourth quarter income was down $370 million from the previous year to $124 million versus $494 million.

Following are highlights of results by business segment: Specialty Fibers -- Sales were10 percent lower reflecting a 6 percent volume reduction and 4 percent lower prices. After-tax operating income (ATOI) was 52 percent lower resulting from lower sales and margins. In the Apparel & Textile Science businesses, nylon textile prices and volumes were down significantly, reflecting a global recession in the apparel industry, while higher spandex volumes were more than offset by significantly lower prices. Sales and earnings from Nonwovens increased, reflecting strong sales of protective apparel, medical fabrics and construction products.

Pigments & Chemicals -- Sales declined 16 percent on 10 percent lower volume and 6 percent lower prices. Forty-four percent lower segment earnings principally reflect lower demand and prices for White Pigment & Mineral Products, significant declines in DuPont Chemical Solutions Enterprise volumes, and lower demand in Fluorochemical markets.

Nylon -- Sales decreased 19 percent with ATOI down 73 percent, principally reflecting the impact of significantly lower worldwide flooring and intermediates volumes and lower margins. Demand continued to weaken in the flooring market, reflecting reduced spending and significant inventory reductions at carpet mills.

DuPont said it expects 2002 underlying earnings per share to exceed those of 2001, despite continual recessionary pressures through at least the first quarter 2002. It also anticipates its first quarter 2002 underlying earnings per share will be substantially above fourth quarter 2001, though below first quarter 2001.

"We recognize that there is more rough water ahead for manufacturers, at least through the first half of 2002," Holliday said. "But the actions we took last year position us to grow earnings per share in 2002, and we will continue to take the steps necessary to meet our longer term growth targets."

DuPont (www.DuPont.com) is a science company, delivering science-based solutions in markets such as food and nutrition, health care, apparel, home and construction, electronics and transportation.

Did you enjoy this article? Click here to subscribe to i Cleaning Specialist Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

The 2014 Experience Conference and Exhibition

A look in photos at the 2014 Experience Conference and Exhibition, which was held from April 24-26 at the Embassy Suites Convention Center and Spa in Frisco, Texas.

1/27/15 2:00 pm EST

Grow Your Business and Improve Operations with New Payment Technology

Attend this free webinar to learn how new developments in payment technology can help you close more jobs, increase upselling opportunities and improve operations.

Podcasts

While winter is considered the "slow season" for carpet cleaners, it can also be a season of great opportunity. In this episode of The Hitman Advertising Show, John Braun offers advice for keeping revenue consistent during the cold weather months so you're thriving - and not just surviving - the winter.
More Podcasts

ICS Cleaning Specialist Magazine

CoverImage

2015 Jan/Feb

The Jan/Feb ICS issue features content on cleaning services during the winter time, commercial cleaning, rug cleaning, new with rugs, marketing for restoration and new products.

Table Of Contents Subscribe

Janitorial Work

In addition to residential and commercial carpet cleaning, do you do any janitorial work on the side?
View Results Poll Archive

THE ICS STORE

FinalCover.gif
The Carpet Cleaner's Book of Unlimited Success! (ebook)

Don’t worry about the recession or about your competition.  Now you can be the owner of over 400 ways for carpet cleaning professionals to make more money and get more jobs!

More Products

ICS DIRECTORY AND BUYING GUIDE

Director_Buyer.jpgThe premier resource and reference guide for the cleaning and restoration industries.

Click here to view

STAY CONNECTED

facebook_40.png twitter_40px.png youtube_40px.png

TRUCKMOUNT EQUIPMENT AND ACCESSORIES GUIDE

Truckmount.jpgEquipment listings and specifications from the leading industry manufacturers.

Click here to view