SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported) July 27, 1994
E. I. du Pont de Nemours and Company
(Exact Name of Registrant as Specified in Its Charter)
Delaware 1-815 51-0014090
(State or Other Jurisdiction (Commission (I.R.S Employer
of Incorporation) File Number) Identification No.)
1007 Market Street
Wilmington, Delaware 19898
(Address of principal executive offices)
Registrant's telephone number, including area code: (302) 774-1000
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Item 7. Financial Statements and Exhibits
In connection with Debt Securities that may be offered on a delayed
or continuous basis under Registration Statements on Form S-3 (No. 33-48128
and No. 33-53327), we hereby file the following press release.
Exhibit
Number Description of Exhibit
------- -------------------------------------------------
99 Copy of the Registrant's Earnings Press Release,
dated July 27, 1994
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
E. I. DU PONT DE NEMOURS AND COMPANY
(Registrant)
/s/ D. B. Smith
------------------------------------
D. B. Smith
Assistant Controller
July 27, 1994
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EXHIBIT INDEX
Exhibit
Number Description
- ------- -------------------------------------------------------
99 Copy of the Registrant's Earnings Press Release, dated
July 27, 1994.
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EXHIBIT 99
Contact: Mike Ricciuto
(302) 774-2883
WILMINGTON, Del., July 27 -- DuPont reported net
income for the second quarter of 1994 of $792 million, or $1.16
per share, a record high for any quarter, up 53 percent from the
$516 million, or $.76 per share, earned in the second quarter
1993.
Earnings per share for the first six months of 1994
were $2.10, also a record, compared to $1.49 earned in 1993.
Excluding nonrecurring charges from both periods, second quarter
1994 net income was up 56 percent, and first half 1994 net
income was up 48 percent.
"This impressive performance reflects tremendous
efforts by our employees to improve productivity and grow our
businesses, while maintaining tight constraints on spending in a
very competitive market," said chairman Edgar S. Woolard Jr.
"Strong earnings and spending controls have generated
$900 million of net cash flow for the first half of this year."
Sales for the second quarter were $10.2 billion, up
6 percent from prior year. Petroleum segment sales were up
6 percent on higher oil volumes outside the United States and
improved U.S. refinery operations. Combined segments other than
Petroleum were up 7 percent, reflecting 10 percent higher
volume, partly offset by 3 percent lower selling prices.
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Petroleum segment earnings of $201 million were up
$23 million, or 13 percent. After adjusting 1993 results to
exclude a nonrecurring after-tax charge of $21 million related
to the sale of petroleum producing properties, earnings were up
slightly, despite significantly lower refined product margins
and lower crude oil prices. Upstream earnings were
$153 million, up 19 percent, reflecting higher volumes,
principally outside the United States, and lower operating and
dryhole costs, partly offset by lower crude oil prices.
Downstream earnings were $48 million, down 31 percent, on lower
worldwide refined product margins.
Chemicals segment earnings were $101 million, up
$10 million, or 11 percent, reflecting 4 percent higher sales
and lower costs. Sales volume increased 9 percent, while
selling prices declined 5 percent.
Fibers segment earnings of $177 million were up
$67 million, or 61 percent, reflecting improvements in nylon,
aramids, and nonwovens. Segment sales were 13 percent higher.
Excluding additional sales from the acquisition of ICI's nylon
business, sales were up 3 percent, reflecting 6 percent higher
volume, partly offset by 3 percent lower prices.
Polymers segment earnings were $183 million, up
$76 million, or 71 percent from last year. Packaging, indus-
trial, and engineering polymers improved, reflecting lower
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costs and higher sales. Adjusting for the absence of sales from
the divested acrylics and polyethylene businesses, segment sales
increased 13 percent, due to 16 percent higher volume, partly
offset by 3 percent lower prices.
Diversified Businesses segment earnings totaled
$208 million, including an after-tax charge of $47 million, or
$.07 per share, reflecting an update of the estimate of costs
related to the recall of "Benlate" DF 50 fungicide. This update
is based on recent trial results, settlement experience, and the
rate of spending on litigation associated with the recall.
Excluding this charge, earnings were $255 million, up
$134 million, or 111 percent from the prior year. This reflects
higher sales and lower costs in crop protection chemicals, a
significant turnaround in printing and publishing, and recovery
of coal earnings which were adversely affected last year by
strikes. Segment sales were up 10 percent after adjusting for
prior-year divestiture of the sporting goods business. Higher
sales volume, up 14 percent, was partly offset by 4 percent
lower prices.
Net income for the first six months of 1994 was
$1.4 billion, or $2.10 per share, compared to $1.0 billion, or
$1.49 per share, in the same period last year. First half sales
totaled $19.4 billion, up 4 percent.
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"Most of our businesses performed very well during the
current quarter, particularly in the United States and Europe,
even though selling prices remain under pressure and are below
last year's levels," said Woolard. "We are continuing our focus
on profitable growth opportunities and productivity improvement,
and, absent a slowdown in worldwide economies, we expect
continued earnings gains compared to last year."
###
7/27/94
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<TABLE>
E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES
<CAPTION>
Three Months Ended Six Months Ended
CONSOLIDATED INCOME STATEMENT<Fa> June 30 June 30
- -------------------------------------------------------------------------------------------------
(Dollars in millions, except per share) 1994 1993 1994 1993
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SALES ............................................ $10,161 $9,546 $19,351 $18,616
Other Income ..................................... 278 153 483 361
------- ------ ------- -------
Total ........................................ 10,439 9,699 19,834 18,977
------- ------ ------- -------
Cost of Goods Sold and Other Expenses ............ 7,492 7,100 14,167 13,872
Selling, General and Administrative Expenses ..... 709 807 1,373 1,549
Depreciation, Depletion and Amortization ......... 670 683 1,373 1,360
Exploration Expenses, Including Dry Hole Costs
and Impairment of Unproved Properties .......... 53 94 112 150
Interest and Debt Expense ........................ 148 176 290 320
------- ------ ------- -------
Total ........................................ 9,072 8,860 17,315 17,251
------- ------ ------- -------
EARNINGS BEFORE INCOME TAXES ..................... 1,367 839 2,519 1,726
Provision for Income Taxes ....................... 575 323 1,085 717
------- ------ ------- -------
NET INCOME ....................................... $ 792 $ 516 $ 1,434 $ 1,009
======= ====== ======= =======
EARNINGS PER SHARE OF COMMON STOCK<Fb>............ $ 1.16 $ .76 $ 2.10 $ 1.49
======= ====== ======= =======
DIVIDENDS PER SHARE OF COMMON STOCK .............. $ .44 $ .44 $ .88 $ .88
======= ====== ======= =======
<FN>
<Fa>Certain reclassifications of 1993 data have been made to conform
to 1994 classifications.
<Fb>Earnings per share are calculated on the basis of the following
average number of common shares outstanding:
Six Months Ended June 30:
1994 -- 679,204,899
1993 -- 675,997,819
</TABLE>
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<TABLE>
E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES
<CAPTION>
Three Months Ended Six Months Ended
CONSOLIDATED INDUSTRY SEGMENT INFORMATION June 30 June 30
- ----------------------------------------------------------------------------------------------------------------
(Dollars in millions) 1994 1993 1994 1993
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SALES
- -----
Chemicals ........................................ $ 959 $ 922 $ 1,807 $ 1,781
Fibers ........................................... 1,722 1,530 3,367 2,977
Polymers ......................................... 1,619 1,527 3,102 2,987
Petroleum ........................................ 4,139 3,923 8,001 7,717
Diversified Businesses ........................... 1,722 1,644 3,074 3,154
------- ------ ------- -------
Total ........................................ $10,161 $9,546 $19,351 $18,616
======= ====== ======= =======
AFTER-TAX OPERATING INCOME
- --------------------------
Chemicals ........................................ $ 101 $ 91 $ 184 $ 160
Fibers ........................................... 177 110 321 212
Polymers ......................................... 183 107 330 184
Petroleum ........................................ 201 178<Fa> 416 410<Fa><Fb>
Diversified Businesses ........................... 208<Fc> 121 356<Fc> 228
------- ------ ------- -------
Total ........................................ 870 607 1,607 1,194
Interest and Other Corporate
Expenses Net of Tax ............................ (78) (91) (173) (185)
------- ------ ------- -------
NET INCOME ....................................... $ 792 $ 516 $ 1,434 $ 1,009
- ---------- ======= ====== ======= =======
<FN>
<Fa>Includes $21 loss from sale of petroleum producing properties.
<Fb>Includes $32 gain from exchange of North Sea properties.
<Fc> Includes $47 charge associated with "Benlate" DF 50 fungicide recall.
</TABLE>
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