DuPont reports strong financial results

Wilmington, Delaware - DuPont has registered a strong fourth quarter for 2014, saying its GAAP earnings from continuing operations had risen to $668 million versus $183 million last year.

“Fourth quarter results reflect a 20-percent increase in operating earnings per share year-over-year realized from a number of company actions,” said the report.

For the full year 2014, DuPont delivered operating earnings of $4.01 per share compared to $3.88 per share in the prior year.

In performance materials segment in the fourth quarter, DuPont announced that its earnings increased by 13 percent from $332 million to $370 million.

The company cited “increased ethylene and performance polymer volumes, productivity improvements, and lower costs,” as the main reasons behind the rise.

Full year 2014 operating earnings remained unchanged at $1.3 billion, said the company, adding that despite an increase in automotive demand, “the impact of the [poor] sale of GLS/Vinyls” offset the profit.

On the back of its strong results, and despite its ongoing row with its major shareholders at New York-based Trian Partners, DuPont said it would continue with its plans to sell its Chemours performance chemicals in 2015.

"Our 2014 results demonstrate continued progress on our strategic plan to deliver higher growth and higher value, including ongoing portfolio refinement through several strategic portfolio actions,” DuPont CEO, Ellen Kullman said.

The company, she added, was also making “steady progress” on the planned Chemours separation, substantial cost reductions from our operational redesign and productivity initiatives.

"Rapid progress in our redesign initiative has enabled us to achieve a $1 billion run-rate target by year end 2015, well ahead of schedule, and we have identified at least $300 million of additional opportunities to streamline our operations and reduce costs.

“This initiative remains a priority and we expect to see further results over time," Kullman added.