DuPont’s second-quarter sales were $8.6 billion, down 11 percent compared with last year. The company said the drop was due to negative impacts from currents, portfolio changes, volume and its local product and price mix.
Second-quarter operating earnings were $1.18 per share, compared to $1.17 per share in the prior year. GAAP1 earnings were $1.03 per share, compared to $1.15 per share in the prior year.
Segment pre-tax operating earnings of $1,586 million included about $210 million, or $0.17 per share, of negative impact from currency. Operating earnings included $0.09 per share of benefit related to exchange gains and taxes, attributable to prior periods. Performance Chemicals segment operating earnings were $113 million, or $0.10 per share, a 55 percent reduction versus prior year.
DuPont’s board of directors approved a third quarter dividend of 38 cents per share payable on Sept. 11 to stockholders of record at the close of business on Aug. 14. Regular quarterly dividends of $1.125 per share on the $4.50 series preferred stock and $0.875 cents per share on the $3.50 series preferred stock also were declared, both payable on Oct. 23, to stockholders of record as of Oct. 9.
The separation of Chemours was completed on July 1. In connection with the completion of the spin, DuPont’s board has authorized the company to purchase and retire $2 billion of common stock by Dec. 31 with the remainder to be purchased and retired by Dec. 31, 2016. The company expects to use an accelerated share repurchase plan in connection with the $2 billion buyback by year end.
“We continued to improve margins across most of our ongoing businesses through our constant focus on productivity, even as we address industrywide challenges in agriculture and ongoing currency headwinds,” said Ellen Kullman, DuPont chair and CEO. “With the separation of our Performance Chemicals segment now complete, the next generation DuPont is leveraging our innovation platform to drive greater growth and value, with a continued emphasis on cost productivity, actively managing our portfolio, and the disciplined return of capital.”