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) April 23, 1997
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
1
<PAGE>
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. 33-53327, No. 33-61339 and No. 33-60069), we hereby file the following
press release.
Exhibit
Number Description of Exhibit
------- -------------------------------------------------
99 Copy of the Registrant's Earnings Press Release,
dated April 23, 1997
2
<PAGE>
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
April 23, 1997
3
<PAGE>
EXHIBIT INDEX
Exhibit
Number Description of Exhibits
- ------- ------------------------------------------------------------
99 Copy of the Registrant's Earnings Press Release, dated
April 23, 1997.
4
<PAGE>
EXHIBIT 99
Contact: Susan Gaffney
(302) 774-2698
Wilmington, Del., April 23 -- DuPont reported record
first quarter earnings of $1.80 per share, exceeding the $1.57
per share earned in the first quarter of 1996. Net income
totaled $1,020 million and was up 16 percent compared to
$879 million earned in 1996. Excluding a $.04 per share non-
recurring charge in last year's first quarter, earnings per
share increased 12 percent from 1996.
"Our results this quarter reflect record Petroleum and
near-record Fibers segment earnings, up 55 percent and
30 percent, respectively, from last year's first quarter," said
DuPont President and CEO John A. Krol. "These outstanding
results, together with continued control over costs, enabled us
to maintain strong earnings growth."
Sales for the first quarter were $11.2 billion, up
4 percent from $10.8 billion last year. Volumes remained strong
in most Chemicals and Specialties markets, but selling prices
were down largely due to the stronger dollar. Increased
petroleum sales principally reflect higher oil and natural gas
prices.
5
<PAGE>
Combined sales for Chemicals and Specialties segments
were $5.9 billion, up 3 percent after adjusting the prior year
for businesses divested or placed in joint ventures. Volumes
were up 7 percent, with the United States up 6 percent, Europe
up 5 percent, and combined other regions up 13 percent. Selling
prices declined 4 percent, down 1 percent for the United States
and an average of 7 percent for other regions, with 5 of the
7 percent decline attributable to currency.
Petroleum segment sales were $5.4 billion, up 15 percent
over last year. Crude oil prices averaged $20.52 per barrel for
the period, 15 percent higher than last year. U.S. natural gas
prices were 63 percent higher averaging $2.81 per thousand cubic
feet, while worldwide gas prices increased 42 percent to $3.05
per thousand cubic feet. Crude oil production decreased
5 percent while natural gas deliveries were down 9 percent
because of the milder winter.
The following commentary compares first quarter 1997
results with first quarter 1996, for each industry segment,
excluding the earnings impact of 1996 nonrecurring items and
adjusting sales for changes in business composition.
Chemicals segment earnings were $143 million, the same
as last year as lower white pigments earnings were offset by
higher results in specialty chemicals. Segment sales increased
1 percent as 10 percent higher sales volume was nearly offset by
9 percent lower selling prices, primarily due to significantly
lower selling prices for white pigments.
6
<PAGE>
Fibers segment earnings of $233 million were up
30 percent from $179 million last year, reflecting strong demand
in most market segments. "Lycra" brand spandex, "Dacron"
polyester and nylon all recorded strong earnings gains. Segment
sales were 10 percent higher, reflecting 11 percent higher
volume partly offset by 1 percent lower prices.
Polymers segment earnings were $208 million, up
5 percent from $198 million in 1996. Higher earnings from
automotive products were partly offset by lower earnings from
the engineering polymers and fluoropolymers businesses. Segment
sales were up 4 percent, reflecting 8 percent higher volumes
partly offset by 4 percent lower prices.
Petroleum segment earnings were an all time record of
$331 million, up $117 million, or 55 percent from $214 million
in 1996. Upstream earnings were $269 million, up 41 percent,
largely reflecting higher crude oil and natural gas prices.
Despite higher crude costs, downstream earnings were
$62 million, up 170 percent, reflecting higher margins and
additional refinery production. Lower costs and better
operating performance also contributed to the improvement.
Life Sciences segment earnings were $141 million, down
37 percent from $223 million in 1996. This reflects lower
earnings from both pharmaceuticals and agricultural products.
The decrease in pharmaceuticals earnings results from the
7
<PAGE>
anticipated reduced allocation of operating income to DuPont
from the DuPont Merck joint venture. Agricultural products
earnings declined primarily due to adverse currency effects in
Europe and Asia, and lower volume largely in Japan. Segment
sales were down 6 percent reflecting 4 percent lower selling
prices and 2 percent lower sales volume.
Diversified Businesses segment earnings totaled
$56 million, down $4 million or 7 percent. Earnings reflect
improved results from photopolymer and electronic materials,
offset by lower earnings from films, and the absence of earnings
from medical products businesses that were divested in 1996.
Segment sales decreased 5 percent, reflecting 4 percent higher
volume, more than offset by 9 percent lower selling prices.
4/23/97
8
<PAGE>
E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES
Three Months Ended
CONSOLIDATED INCOME STATEMENT March 31
- ----------------------------------------------------------------------
(Dollars in millions, except per share) 1997 1996
- ---------------------------------------------------------------------
SALES .......................................... $11,211 $10,769
Other Income ................................... 339 362
------- -------
Total ...................................... 11,550 11,131
------- -------
Cost of Goods Sold and Other Expenses .......... 8,275 7,985
Selling, General and Administrative Expenses ... 632 740
Depreciation, Depletion and Amortization ....... 604 653
Exploration Expenses, Including Dry Hole Costs
and Impairment of Unproved Properties ........ 91 79
Interest and Debt Expense ...................... 149 204
------- -------
Total ...................................... 9,751 9,661
------- -------
EARNINGS BEFORE INCOME TAXES ................... 1,799 1,470
Provision for Income Taxes ..................... 779 591
------- -------
NET INCOME ..................................... $ 1,020 $ 879
======= =======
EARNINGS PER SHARE OF COMMON STOCK<Fa>.......... $ 1.80 $ 1.57
======= =======
DIVIDENDS PER SHARE OF COMMON STOCK ............ $ .57 $ .52
======= =======
[FN]
<Fa>Earnings per share are calculated on the basis of the following
average number of common shares outstanding:
Three Months Ended
March 31
1997 564,777,476
1996 557,711,183
9
<PAGE>
E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES
Three Months Ended
CONSOLIDATED INDUSTRY SEGMENT INFORMATION March 31
- ----------------------------------------------------------------------
(Dollars in millions) 1997 1996
- ---------------------------------------------------------------------
SALES
- -----
Chemicals ................................. $ 1,006 $ 994
Fibers .................................... 1,913 1,744
Polymers .................................. 1,630 1,784
Petroleum ................................. 5,360 4,657
Life Sciences ............................. 625 667
Diversified Businesses .................... 677 923
------- -------
Total ................................. $11,211 $10,769
======= =======
AFTER-TAX OPERATING INCOME
- --------------------------
Chemicals ................................. $ 143 $ 122<Fa>
Fibers .................................... 233 147<Fa>
Polymers .................................. 208 198
Petroleum ................................. 331 214
Life Sciences ............................. 141 223
Diversified Businesses .................... 56 93<Fb>
------- -------
Total ................................. 1,112 997
Interest and Other Corporate
Expenses Net of Tax ..................... (92) (118)
------- -------
NET INCOME ................................ $ 1,020 $ 879
- ---------- ======= =======
[FN]
<Fa> The Chemicals and Fibers segments include a charge of $21 and
$32, respectively, principally for employee separation costs in
the United States.
<Fb> Includes a benefit of $33 related to sale of stock received in
connection with the previously sold connector systems business.
10
