DuPont reports first quarter 2003 earnings

DuPont reported that first quarter 2003 earnings, before special items and cumulative effect of changes in accounting principles, were up 11 percent, at $0.61 per share compared with first quarter 2002 earnings of $0.55.

First quarter 2003 income before cumulative effect of changes in accounting principles was $564 million, or $0.56 per share, compared with $479 million, or $0.48 per share, for the first quarter 2002.

Consolidated net sales for the first quarter were $7 billion, up 14 percent, driven by a 7 percent volume increase and a 6 percent benefit from the currency effect of a weaker U.S. dollar, the company reported.

Consolidated net sales totaled $7 billion compared to $6.1 billion in first quarter 2002, up 14 percent. This includes 7 percent higher sales volume, a 2 percent benefit attributable to the net impact of acquired and divested businesses, and a 6 percent benefit from the weaker dollar, partly offset by 1 percent lower local selling prices.

First quarter net income was $535 million, compared to a loss of $2,465 million in the first quarter of 2002. Income before cumulative effect of changes in accounting principles was $564 million in the current quarter versus $479 million in the first quarter 2002, up 18 percent. The increase in income principally reflects higher sales volumes, the benefit of a weaker U.S. dollar and lower income taxes, partly offset by increases in raw material costs and pension expense, DuPont said.