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 26, 1995
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 and/or Equity 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 26, 1995
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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 26, 1995
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EXHIBIT INDEX
Exhibit
Number Description
- ------- -------------------------------------------------------
99 Copy of the Registrant's Earnings Press Release, dated
July 26, 1995.
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EXHIBIT 99
Contact: Mike Ricciuto
(302) 774-2883
WILMINGTON, Del., July 26 -- DuPont reported record
earnings per share for the second quarter of 1995 of $1.70, up
47 percent from the $1.16 earned in the second quarter 1994.
Excluding nonrecurring items, earnings for the quarter were
$1.75 per share. Net income totaled $938 million, compared to
$792 million earned in 1994.
During the second quarter, average shares outstanding
were substantially reduced, principally due to the redemption of
DuPont common stock from Seagram. Excluding the effect of
accretion, which totaled $.23 per share, both earnings per share
and net income increased 27 percent. "These outstanding results
continue to reflect strong revenue gains and ongoing productiv-
ity improvements," said DuPont Chairman Edgar S. Woolard Jr.
"During the first half, our chemicals and specialties
businesses grew revenue 13 percent and improved productivity
8 percent, generating after-tax operating margins of 14 percent
- -- 30 percent higher than last year -- with Europe and Asia
recording the largest gains," said Woolard. "Clearly we are
pleased with these very strong results. Although we are seeing
some signs of slower economic growth, particularly in North
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America, we expect sales and earnings improvement to continue
versus last year. Our agricultural products business should
have a stronger than normal third quarter as weather conditions
in the U.S. midwest delayed sales into the third quarter, and
the Petroleum segment is anticipating improved second-half
results compared to last year."
Sales for the second quarter were $11.1 billion, up
9 percent from prior year. Petroleum segment sales were up
10 percent on higher refined product sales outside the United
States. Combined segments other than Petroleum were up
8 percent, with 2 percent higher volume and 6 percent higher
selling prices. Two-thirds of the increase in selling prices is
attributable to the weaker U.S. dollar.
Nonrecurring charges were recorded in both second
quarter periods -- $29 million after-tax or $.05 per share in
1995, and $47 million after-tax or $.07 per share in 1994. The
1995 charge reflects the current estimate of costs related to
the recall of "Benlate" DF 50 fungicide, partly offset by a
reduction in estimates for certain restructuring costs taken in
prior periods.
For the first six months of 1995, earnings per share
totaled $3.07 and exceeded 1994 previous record first-half
earnings per share by 46 percent. Net income for the first six
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months of 1995 was $1.9 billion compared to $1.4 billion in the
same period last year. Sales totaled $21.6 billion, up
12 percent.
The following compares second quarter 1995 results
with second quarter 1994, for each industry segment excluding
the impact of nonrecurring items described in the accompanying
segment footnotes:
Chemicals segment earnings were $172 million, up
$71 million, or 70 percent, reflecting better results for white
pigments and specialty chemicals. Segment sales increased
13 percent reflecting 3 percent higher sales volume and
10 percent higher selling prices.
Fibers segment earnings of $208 million were up
$31 million, or 18 percent, with the most significant earnings
improvement in aramids. Segment sales were 6 percent higher on
6 percent higher selling prices.
Polymers segment earnings were $230 million, up
$47 million, or 26 percent, from last year reflecting improved
results in engineering polymers and elastomers. Segment sales
improved 14 percent, reflecting 5 percent higher volume, and
9 percent higher selling prices.
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Petroleum segment earnings were $198 million, about
the same as last year. Upstream's results were $131 million,
down 14 percent, largely attributed to higher exploration
expenses. Higher crude oil prices during the period were offset
by lower international volumes and U.S. natural gas prices.
Downstream earnings were $67 million, up 40 percent, principally
on lower costs in the United States.
Diversified Businesses segment earnings totaled
$320 million, up $65 million or 25 percent principally
reflecting earnings improvement from agricultural products.
Segment sales were up 2 percent due to 2 percent higher sales
volume.
7/26/95
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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 June 30 June 30
- -----------------------------------------------------------------------------------------------------
(Dollars in millions, except per share) 1995 1994 1995 1994
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SALES ............................................. $11,076 $10,161 $21,578 $19,351
Other Income ...................................... 253 278 614 483
------- ------- ------- -------
Total ......................................... 11,329 10,439 22,192 19,834
------- ------- ------- -------
Cost of Goods Sold and Other Expenses ............. 8,030 7,492 15,633 14,167
Selling, General and Administrative Expenses ...... 812 709 1,552 1,373
Depreciation, Depletion and Amortization .......... 642 670 1,290 1,373
Exploration Expenses, Including Dry Hole Costs
and Impairment of Unproved Properties ........... 88 53 142 112
Interest and Debt Expense ......................... 236 148 356 290
------- ------- ------- -------
Total ......................................... 9,808 9,072 18,973 17,315
------- ------- ------- -------
EARNINGS BEFORE INCOME TAXES ...................... 1,521 1,367 3,219 2,519
Provision for Income Taxes ........................ 583 575 1,322 1,085
------- ------- ------- -------
NET INCOME ........................................ $ 938 $ 792 $ 1,897 $ 1,434
======= ======= ======= =======
EARNINGS PER SHARE OF COMMON STOCK<Fa> ............ $ 1.70 $ 1.16 $ 3.07 2.10
======= ======= ======= =======
DIVIDENDS PER SHARE OF COMMON STOCK ............... $ .52 $ .44 $ .99 $ .88
======= ======= ======= =======
<FN>
<Fa>Earnings per share are calculated on the basis of the following average
number of common shares outstanding:
Three Months Ended Six Months Ended
June 30 June 30
------------------ ----------------
1995 550,445,989 615,537,673
1994 679,925,200 679,204,899
Earnings per share for the six months ended June 30, 1995 of $3.07, do
not equal the sum of the first quarter's earnings per share ($1.40) and
the second quarter's earnings per share ($1.70) due to a significant
change in average common shares outstanding for the second quarter.
During the second quarter, the Company redeemed 156 million shares of
its common stock from Seagram and subsequently sold, through public and
private offerings, 27,339,375 shares of newly-issued common stock.
Also in the second quarter, 24 million shares of newly-issued common
stock were sold to the DuPont Flexitrust. These shares are not
considered outstanding for purposes of computing the foregoing average
shares outstanding.
</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, except per share) 1995 1994 1995 1994
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SALES
- -----
Chemicals ........................................... $ 1,088 $ 959 $ 2,123 $ 1,807
Fibers .............................................. 1,832 1,722 3,686 3,367
Polymers ............................................ 1,844 1,619 3,621 3,102
Petroleum ........................................... 4,556 4,139 8,809 8,001
Diversified Businesses .............................. 1,756 1,722 3,339 3,074
------- ------- ------- -------
Total ........................................... $11,076 $10,161 $21,578 $19,351
======= ======= ======= =======
AFTER-TAX OPERATING INCOME
- --------------------------
Chemicals ........................................... $ 179<Fa> $ 101 $ 346<Fa>$ 184
Fibers .............................................. 235<Fa> 177 440<Fa> 321
Polymers ............................................ 230 183 465 330
Petroleum ........................................... 198 201 384 416
Diversified Businesses .............................. 257<Fb> 208<Fb> 494<Fb> 356<Fb>
------- ------- ------- -------
Total ........................................... 1,099 870 2,129 1,607
Interest and Other Corporate
Expenses Net of Tax ............................... (161) (78) (232) (173)
------- ------- ------- -------
NET INCOME .......................................... $ 938 $ 792 $ 1,897 $ 1,434
- ---------- ======= ======= ======= =======
<FN>
<Fa>The Chemicals and Fibers segments reflect a benefit of $7 and $27,
respectively, principally an adjustment of estimates associated with
the third quarter 1993 restructuring charge.
<Fb>Includes charges of $63 and $47 for quarters ended June 30, 1995 and
1994, respectively, associated with "Benlate" DF 50 fungicide recall.
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