MOSCOW (MRC) -- DuPont Co. said that strong seed and insecticide sales, lower taxes and cost controls helped double its fourth-quarter net income, said the producer in its press release.
DuPont's agriculture business usually posts a fourth-quarter seasonal loss, but this time benefited from earlier than expected seed sales in Brazil and North America and strong demand for insecticides in Latin America. Profit in the company's electronics segment jumped on stronger demand for Solamet paste and Tedlar films in photovoltaics used for solar electricity.
DuPont also pointed to better profitability in its safety and protection business driven by more demand for Kevlar fiber used in body armor and fire-resistant Nomex material. And higher pricing and stronger demand for nutritional items such as probiotics boosted earnings in that division.
Lower prices for titanium dioxide (used for white pigments in paint and cosmetics) and refrigerants, as well as higher raw material costs, weighed on profits in the performance chemicals business. DuPont is in the process of spinning off that segment, which generates significant cash but is subject to highly volatile markets.
DuPont earned USD185 million, double the USD92 millio that it reported for the final months of 2012.
Sales rose 6% to USD7.75 billion from USD7.33 billion last year, slightly below the USD7.8 billion analysts expected. Volumes rose in all regions, including double-digit gains in Asia and Latin American markets. That offset lower local selling prices and foreign exchange fluctuations.
For the full year, DuPont earned USD4.8 billion, on sales of about USD35.7 billion, compared with 2012 net income of about USD2.8 billion, on sales of about USD34.8 billion.
According to MRC, DuPont's pure grade titanium dioxide (TiO2) was the most recognizable and popular grade in the Russian market in 2013. Total imports of DuPont's TiO2to Russia was 14,300 tonnes in 2013.
DuPont is an American chemical company that was founded in July, 1802. The company manufactures a wide range of chemical products, leading extensive innovative research in this field. The company is the inventor of many unique plastics and other materials, including neoprene, nylon, Teflon, Kevlar, Mylar, Tyvek, etc. DuPont was the developer and main producer of Freon used in the production of refrigeration equipment.
MRC