Du Pont Income Rises Sharply in 1st Quarter
Du Pont Co. reported that its first-quarter net income was $404 million, compared to $143 million for the same quarter last year.
Revenue for the quarter totaled $7.28 billion, slightly higher than the $7.27 billion of the first quarter of 1985, the company said.
It noted that its first-quarter net income in 1985 reflected non-recurring charges of $131 million for its early retirement program and disposal of Du Pont Canada’s interest in Petrosar Ltd.
Excluding such non-recurring charges, earnings increased $130 million, or 47% from last year.
After-tax operating income for the company’s chemical and specialty products businesses was $253 million, or $38 million ahead of the same quarter last year.
After-tax operating income for the energy businesses was $195 million, or $53 million more than last year’s first quarter.
Interest and other corporate expenses net of taxes were $44 million, or $39 million less than last year’s first quarter, reflecting lower interest expense and exchange gains in the current quarter versus exchange losses last year.