Did you hear?… Dupont uses restructuring to get its head above water

Dupont suffered financially in 2001, and is using its restructuring of last year to get its head back above water. According to data released in late January, fourth quarter earnings excluding one-time items were $.12 per share, well below fourth quarter earnings 2000 of $.47 a share. Full year earnings per share were $1.19 in 2001 compared to $2.73 for 2000. “In 2001, we restructured to meet current and future challenges; we focused capital and research expenditures on growth; and we sold the Pharmaceuticals and selected Polyester businesses. These actions helped us come out of a difficult year with exceptional financial strength,” said Charles O. Holliday Jr., DuPont chairman and chief executive officer. “Clearly more remains to be done for us to deliver competitively superior earnings performance – which we will do.” For the quarter, consolidated sales totaled $5.2 billion compared to $6.3 billion in 2000. In the segment Specialty Fibers, sales were 10 percent lower reflecting a 6 percent volume reduction and 4 percent lower prices. In the Apparel & Textile Science businesses, nylon textile prices and volumes were down significantly, reflecting a global recession in the apparel industry. Sales and earnings from non-wovens increased, reflecting strong sales of protective apparel, medical fabrics, and construction products. For more, go to www.Dupont.com.