DuPont Reports 1Q 2014 Operating EPS of $1.58

WILMINGTON, Del., April 17, 2014 – DuPont (NYSE: DD), a science company that brings world-class, innovative products, materials, and services to the global marketplace, today announced first quarter 2014 operating earnings of $1.58 per share compared to $1.56 per share in the prior year.  GAAP1 EPS was $1.54 versus $1.47 last year.

Consolidated sales were $10.1 billion, 3 percent below last year, principally due to differences in timing and planted area for Agriculture sales, negative currency impact, and adverse weather conditions in North America.  However, volume grew in each of DuPont’s industrial related segments and operating margins increased in 6 of 7 segments versus last year’s first quarter.

“We achieved substantial earnings growth in most of our segments in the first quarter as we advanced our strategic and operational priorities,” said Ellen Kullman, DuPont Chair and CEO.  “We delivered near record earnings per share despite the challenges of harsh weather and differences in year-on-year comparisons in our Agriculture Segment, and our key initiatives remain on track.  I’m pleased with the progress we are making to deliver further value to shareholders and strengthen DuPont’s position as an engine of science-driven innovation.”

“Looking ahead, we will continue to operate our businesses with focused discipline and increasing productivity.  We expect steady growth in industrial production to continue to drive increases in demand for DuPont products worldwide.  As a result, we are reaffirming our outlook for operating earnings per share growth in 2014,” said Kullman.

First Quarter Highlights

  • Substantial earnings increases and operating margin improvement across most segments including:  Safety & Protection; Electronics & Communications; Nutrition & Health; and Industrial Biosciences.
  • Strong sales volume growth outside the Americas.  Combined European and Asian developing markets volume up 10 percent; Europe, Middle East, & Africa volumes up 6 percent.  Volume growth in the Americas constrained by shifts in timing and planted area in agriculture and the impact of harsh weather.
  • Adverse weather conditions reduced first quarter earnings by an estimated $.07 per share reflecting increased operating costs and lost sales.
  • Productivity initiatives, share repurchase program and Performance Chemicals separation remain on track.
  • The company reaffirms full-year operating earnings guidance of $4.20 to $4.45 per share.

1Generally Accepted Accounting Principles (GAAP)

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Forward-Looking Statements: This news release contains forward-looking statements which may be identified by their use of words like “plans,” “expects,” “will,” "believes," “intends,” “estimates,” “anticipates” or other words of similar meaning. All statements that address expectations or projections about the future, including statements about the company’s growth strategy, product development, regulatory approval, market position, anticipated benefi ts of acquisitions, outcome of contingencies, such as litigation and environmental matters, expenditures and financial results, are forward-looking statements. Forward-looking statements are not guarantees of future performance and are based on certain assumptions and expectations of future events which may not be realized. Forward-looking statements also involve risks and uncertainties, many of which are beyond the company’s control. Some of the important factors that could cause the company’s actual results to differ materially from those projected in any such forward-looking statements are: fluctuations in energy and raw material prices; failure to develop and market new products and optimally manage product life cycles; significant litigation and environmental matters; failure to appropriately manage process safety and product stewardship issues; changes in laws and regulations or political conditions; global economic and capital markets conditions, such as inflation, interest and currency exchange rates; business or supply disruptions; security threats, such as acts of sabotage, terrorism or war, weather events and natural disasters; ability to protect and enforce the company's intellectual property rights; successful integration of acquired businesses and separation of underperforming or non-strategic assets or businesses and successful completion of the proposed spinoff of the Performance Chemicals segment including ability to fully realize the expected benefits of the proposed spinoff.

The company undertakes no duty to update any forward-looking statements as a result of future developments or new information.

Contact:    Patti Seif

Investor Contact:  302-774-4994