DuPont says first-quarter net income soars
The DuPont Co. said its net income more than doubled in the first quarter on a gain from the sale of its performance coatings unit and strong continuing results in its agricultural unit. DuPont, based in Wilmington, Del., reported net income of $3.35 billion or $3.58 per share for the quarter ended March 31. That’s up from $1.49 billion, or $1.58 per share, a year ago. Revenue increased 2 percent to $10.4 billion, matching Wall Street expectations, with 4 percent volume growth in North American and Latin America. Sales were flat in the Asia-Pacific region and down slightly in Europe, the Middle East and Africa. Overall, global volume was up 2 percent. DuPont’s results include net income from discontinued operations after taxes of $1.9 billion, compared to $95 million in last year’s first quarter. The latest results reflect completion of the company’s sale of its performance coatings unit, which produces automotive and industrial paints, for $4.9 billion to The Carlyle Group, a private equity firm.
• Johnson Controls Inc. said that it made $148 million, or 21 cents per share, for the three months ended March 31. That compared with $379 million, or 55 cents per share, a year earlier. Revenue was $10.4 billion, down 1 percent from a year ago. The Milwaukee-based company, which makes heating and ventilation systems for buildings, as well as automotive batteries and other parts, said it earned 42 cents per share, matching Wall Street’s expectations. Analysts polled by data provider FactSet, on average, expected 42 cents per share on revenue of $10.5 billion.
• Coach Inc. said it earned $238.9 million, or 84 cents per share. That’s compared with $225 million, or 77 cents per share, a year ago. Revenue rose 7 percent to $1.19 billion. The financial news came as Coach also announced that Reed Krakoff, its president and executive creative director, will not renew his contract when it expires in June 2014.
Analysts expected a profit of 80 cents per share on sales of $1.18 billion, according to Thomson Reuters.