Thursday, August 21, 2014
Inquirer Daily News

PhillyInc plants the seed that DuPont is raising 2011 guidance

The Wilmington chemical giant reported higher sales and profits for its second quarter and boosted its earnings forecast for the rest of the year.

PhillyInc plants the seed that DuPont is raising 2011 guidance

DuPont raised its earnings guidance for the rest of 2011 to $3.90 to $4.50 (excluding items) from $3.65 to $3.85. The Wilmington chemical giant reports strong sales for its biotech seeds and paint pigment. Q2 earnings per share of $1.37 were up 17 percent compared with $1.17 per share last year.

Revenues for DuPont climbed to $10.5B from $9.1B for the 2d qtr. of 2010. The company says it will now report results with two new business segments: Industrial Biosciecnes (following its acquisition of Danisco) and Nutrition & Health (which was broken out from its previous Agriculture & Nutrition unit).

AmerisourceBergen's new CEO, Steven Collis, got to deliver good news in his first earnings announcement. The Valley Forge-based wholesale drug distributor squeezed out a 2.9 percent rise in revenue to $20.2B for its Q3. Net income of $184.4M, or 66 cents per share, increased by 13 percent.

Airgas reported higher profits for its Q1 ended June 30. The Radnor-based distributor of industrial and medical gases had net income of $74.8M, or 93 cents per share, vs. $64.8M, or 76 cents per share. Net sales were up slightly to $1.16B.

Here's what CEO Peter McCausland had to say:

Although more than a year old, the economic recovery has been slow, and the strength displayed in manufacturing-intensive regions of the U.S. and in our hardgoods business is indicative of the early stages of a recovery.

Also, Exton's ViroPharma reported lower net income for its Q2 - $22.8M, or 28 cents per share, vs. $28.5M, or 34 cents per share. The maker of Cinryze and Vancocin did see net sales rise to $128.8M from $109.0M.

Mike Armstrong Inquirer Columnist
About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at marmstrong@phillynews.com.

Mike Armstrong Inquirer Columnist
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