DuPont triples its profits in the second quarter of 2010.
The Wilmington-based chemical giant posted big gains for the second quarter. DuPont’s quarterly profit totaled $1.16 billion, three times more than the $417 million in the second quarter of 2009.
DuPont Chair and CEO Ellen Kullman says, “We grew sales across every segment. Several businesses, including electronics and titanium dioxide, delivered results that far exceeded pre-recession levels.” Despite the major gains, Kullman calls the company’s growth, “slow, sequential improvement.”
Total sales for the quarter were $8.6 billion, a 26% increase over last year. Sales in emerging markets like Asia increased 32%. Kullman says, “We continue to hit our productivity and cost-control targets, and remain highly disciplined in creating operating leverage to further grow the company.” Kullman says the company is hiring workers and contractors in response to increased demand for the company’s products.
The company has increased its 2010 earnings guidance to $2.90 to $3.05 per share, compared to the previous guidance of $2.50 to $2.70 per share.