DuPont Delivers Record Full-Year Earnings With 20% Growth in 2011; Posts Fourth Quarter Earnings of $.35 Per Share Ex-Items; Reaffirms 2012 Outlook

WILMINGTON, Del., Jan. 24, 2012 /PRNewswire/ --

Full Year:

• 2011 earnings, before significant items, were up 20 percent to a record $3.93 per share versus $3.28 per share in 2010.  Reported earnings per share were $3.68 versus $3.28 in 2010.
• Sales of $38.0 billion were up 20 percent, with a 27 percent increase in developing markets.
• Excluding significant items and Pharmaceuticals, segment pre-tax operating income increased 31 percent with leading contributions from Performance Chemicals and Agriculture.
• The company generated $3.3 billion free cash flow in 2011 versus $3.1 billion in 2010, driven by increased segment operating income and productivity initiatives.
• Fixed cost productivity of $400 million and working capital productivity of $500 million significantly exceeded the $300 million targets set for each.
• For 2012, DuPont reaffirmed its earnings outlook range of $4.20 to $4.40 per share, which represents 7 to 12 percent growth versus 2011, excluding significant items.

Fourth Quarter:

• Fourth quarter 2011 earnings were $.35 per share, excluding significant items, reflecting a $.23 per share year-over-year headwind from a higher tax rate.  Prior year earnings were $.50 per share, excluding significant items.  Reported fourth quarter 2011 earnings were $.40 per share, unchanged from the prior year.
• Sales grew 14 percent to $8.4 billion, principally from 14 percent higher local prices. A
  10 percent net increase from portfolio changes was offset by a 10 percent volume decline. 
• Agriculture delivered an 8 percent sales gain in the fourth quarter and 23 percent sales growth for the second half. This reflects strong performance during the Latin American selling season. 
• Excluding significant items and Pharmaceuticals, segment pre-tax operating income increased over $100 million, or 18 percent versus the prior year, principally due to Performance Chemicals and acquisitions in Industrial Biosciences and Nutrition & Health.

"We delivered exceptional full-year results in 2011 despite significant market headwinds late in the year," said DuPont Chair and CEO Ellen Kullman.  "Our market-driven science continues to meet customer needs in food, energy and protection.  Acquisitions in Nutrition & Health and Industrial Biosciences, coupled with robust and disciplined productivity efforts across our businesses, contributed to our successful performance. We remain well-positioned to serve customers and innovate as key markets rebound and global population growth drives new opportunities."

Global Consolidated Sales and Net Income

Fourth quarter 2011 consolidated net sales of $8.4 billion were 14 percent higher than the prior year.  Volume declines in all regions were driven by destocking in photovoltaics, polymer and industrial supply chains, as well as weaker demand for products supplying consumer electronics and construction. Agriculture volume increased and primarily reflects growth and penetration in the Latin American summer season. The table below shows regional sales and variances versus the fourth quarter 2010.

Fourth quarter 2011 net income attributable to DuPont was $373 million versus $376 million in the fourth quarter 2010. Excluding significant items, net income attributable to DuPont was $325 million versus $463 million in the prior year.  The decrease principally reflects a higher tax rate.  Higher selling prices more than offset increased spending for selling, marketing and research and development, higher costs for raw materials, energy and freight, and lower volume.

Earnings Per Share

The table below shows year-over-year earnings per share (EPS) variances for the fourth quarter.

Business Segment Performance - 4th Quarter

The table below shows fourth quarter 2011 segment sales and related variances versus the prior year.

Segment pre-tax operating income (PTOI), excluding significant items, increased 16 percent to $763 million largely driven by improvements in Performance Chemicals and Agriculture, and acquisitions in Nutrition & Health and Industrial Biosciences, as shown in the table below.

Business Segment Performance - Full Year

The tables below show full-year 2011 segment sales with related variances versus the prior year, and full-year PTOI excluding significant items.

The following is a summary of business results for each of the company's reportable segments, comparing fourth quarter 2011 with fourth quarter 2010, for sales and PTOI (loss) excluding significant items. References to selling price are on a U.S. dollar basis, including the impact of currency.

Agriculture - Sales of $1.3 billion were up 8 percent, with 5 percent higher selling prices and 3 percent higher volume.  PTOI seasonal loss of $(116) million improved $19 million due to higher sales.  Full-year sales of $9.2 billion grew 17 percent with 10 percent volume gains, 6 percent higher prices and 1 percent impact from portfolio changes.  Full-year PTOI grew 30 percent with 19 percent PTOI margins. In seeds, sales reflected success in each region with volume and price gains. In crop protection, sales growth was delivered in each product line and region.

Electronics & Communications - Sales of $630 million were down 18 percent reflecting 33 percent lower volume partially offset by 15 percent higher selling prices related to pass-through of metal prices.  Lower volume reflects destocking in photovoltaics and softness in consumer electronics.  PTOI of $42 million decreased on lower volume, partially offset by OLED technology licensing income of $20 million.

Industrial Biosciences - Sales of $289 million and PTOI of $34 million reflect the acquisition of Danisco's enzyme business.  PTOI includes $6 million of amortization expense associated with the fair value step-up of acquired intangible assets. 

Nutrition & Health - Sales of $806 million were up $468 million from the acquisition of Danisco's specialty food ingredients business.  PTOI of $52 million reflects the acquisition and favorable product mix in Solae.  PTOI includes $20 million of amortization expense associated with the fair value step-up of acquired intangible assets.

Performance Chemicals - Sales of $1.9 billion were up 12 percent, with 29 percent higher selling prices and 17 percent lower volume.  Higher selling prices reflect pricing actions to offset higher raw material costs.  Lower volume was attributable to a pause in demand for titanium dioxide, particularly in Asia Pacific.  PTOI of $433 million increased $118 million on higher selling prices.

Performance Coatings - Sales of $1.1 billion were up 8 percent, with 10 percent higher selling prices and 2 percent lower volume.  Higher selling prices reflect pricing actions across all market segments to offset higher raw material costs.  Lower volume resulted from destocking and flat/lower builds in all regions except North America.  Demand continued to be strong in the North American OEM motor vehicle and heavy duty truck markets.  PTOI of $58 million decreased on weaker mix and a $7 million settlement.

Performance Materials - Sales of $1.6 billion were up 1 percent, with 14 percent higher selling prices and 13 percent lower volume. Higher selling prices offset higher raw material costs.  Lower volume reflects broad-based channel destocking along with softening in consumer and industrial markets.  PTOI of $151 million decreased due to lower volume and the absence of a prior year $31 million combined benefit from an acquisition and an early termination of a supply agreement.

Safety & Protection - Sales of $943 million were up 10 percent, with a 7 percent increase from the MECS acquisition and 5 percent higher selling prices, partially offset by 2 percent lower volume.  Higher selling prices more than offset raw material cost increases.  Volume was lower on destocking in the industrial markets.  PTOI of $94 million was essentially flat.  Prior year included a net $11 million charge related to an asset impairment and a separate gain on an asset sale. 

Additional information is available on the DuPont Investor Center website at www.dupont.com.

Outlook 

DuPont reaffirms its full-year 2012 earnings outlook of $4.20 to $4.40 per share, an increase of 7 to 12 percent versus 2011, excluding significant items. 

Use of Non-GAAP Measures

Management believes that certain non-GAAP measurements are meaningful to investors because they provide insight with respect to ongoing operating results of the company.  Such measurements are not recognized in accordance with generally accepted accounting principles (GAAP) and should not be viewed as an alternative to GAAP measures of performance.  Reconciliations of non-GAAP measures to GAAP are provided in schedules C and D.

DuPont (NYSE: DD) has been bringing world-class science and engineering to the global marketplace in the form of innovative products, materials, and services since 1802.  The company believes that by collaborating with customers, governments, NGOs, and thought leaders we can help find solutions to such global challenges as providing enough healthy food for people everywhere, decreasing dependence on fossil fuels, and protecting life and the environment.  For additional information about DuPont and its commitment to inclusive innovation, please visit http://www.dupont.com.

Forward-Looking Statements:  This news release contains forward-looking statements which may be identified by their use of words like "plans," "expects," "will," "believes," "intends," "estimates" or other words of similar meaning.  All statements that address expectations or projections about the future, including statements about the company's growth strategy, product development, regulatory approval, market position, anticipated benefits of acquisitions, outcome of contingencies, such as litigation and environmental matters, expenditures and financial results, are forward-looking statements.  Forward-looking statements are not guarantees of future performance and are based on certain assumptions and expectations of future events which may not be realized.  Forward-looking statements also involve risks and uncertainties, many of which are beyond the company's control.  Some of the important factors that could cause the company's actual results to differ materially from those projected in any such forward-looking statements are: fluctuations in energy and raw material prices; failure to develop and market new products and optimally manage product life cycles; significant litigation and environmental matters; failure to appropriately manage process safety and product stewardship issues; changes in laws and regulations or political conditions; global economic and capital markets conditions, such as inflation, interest and currency exchange rates; business or supply disruptions; security threats, such as acts of sabotage, terrorism or war, weather events and natural disasters; inability to protect and enforce the company's intellectual property rights; and integration of acquired businesses and completion of divestitures of underperforming or non-strategic assets or businesses.  The company undertakes no duty to update any forward-looking statements as a result of future developments or new information.

E. I. du Pont de Nemours and Company Condensed Consolidated Statement of Cash Flows (Dollars in millions)
SCHEDULE A (continued)
	Year Ended December 31,
	2011		2010
Cash provided by (used for) operating activities	$          5,152		$          4,559
Investing activities
Purchases of property, plant and equipment	(1,843)		(1,508)
Investments in affiliates	(67)		(100)
Payments for businesses (net of cash acquired)	(6,459)		(637)
Net (increase) decrease in short-term financial instruments	2,149		(457)
Other investing activities - net	(18)		263
Cash provided by (used for) investing activities	(6,238)		(2,439)
Financing activities
Dividends paid to stockholders	(1,533)		(1,501)
Net increase (decrease) in borrowings	1,561		(778)
Repurchase of common stock	(672)		(250)
Proceeds from exercise of stock options	952		708
Other financing activities - net	95		(8)
Cash provided by (used for) financing activities	403		(1,829)
Effect of exchange rate changes on cash	6		(49)
Increase (decrease) in cash and cash equivalents	(677)		242
Cash and cash equivalents at beginning of period	4,263		4,021
Cash and cash equivalents at end of period	$          3,586		$          4,263

E. I. du Pont de Nemours and Company Schedule of Significant Items (Dollars in millions, except per share amounts)
SCHEDULE B
SIGNIFICANT ITEMS
		Pre-tax				After-tax				($ Per Share)
		2011		2010		2011		2010		2011		2010
1st Quarter - Total		$              -		$              -		$              -		$              -		$              -		$              -
2nd Quarter
	Transaction costs related to Danisco (a)	$        (103)		$              -		$          (81)		$              -		$       (0.08)		$              -
	Adjustments related to income tax settlements (b)	-		59		-		87		-		0.09
2nd Quarter - Total		$        (103)		$            59		$          (81)		$            87		$       (0.08)		$         0.09
3rd Quarter
	Transaction costs and restructuring charge
	related to Danisco (c)	$       (171)		$               -		$       (122)		$               -		$      (0.13)		$              -
	Customer claims charge (d)	(75)		-		(48)		-		(0.05)		-
	Milestone payment for licensing agreement (e)	(50)		-		(33)		-		(0.03)		-
3rd Quarter - Total		$        (296)		$              -		$        (203)		$              -		$       (0.21)		$              -
4th Quarter
	Customer claims charge (d)	$        (100)		$              -		$          (64)		$              -		$       (0.07)		$              -
	Sale of a business (f)	49		-		122		-		0.13		-
	Restructuring charge / adjustments (g)	(14)		34		(10)		23		(0.01)		0.02
	Charge related to early extinguishment of debt (h)	-		(179)		-		(117)		-		(0.13)
	Upfront payment for licensing agreement (e)	-		(50)		-		(32)		-		(0.03)
	Reversal of tax valuation allowances (i)	-		-		-		39		-		0.04
4th Quarter - Total		$          (65)		$        (195)		$            48		$          (87)		$         0.05		$       (0.10)
Full Year - Total(j)		$        (464)		$        (136)		$        (236)		$              -		$       (0.25)		$              -
(a)	Second quarter 2011 included charges related to the Danisco acquisition of $(103) recorded in Cost of goods sold and other operating charges.  These charges included $(60) of transaction costs and a $(43) charge related to the fair value step-up of inventories that were acquired from Danisco and sold in the second quarter 2011. Pre-tax charges by segment were: Industrial Biosciences - $(17), Nutrition & Health - $(33), and Corporate expenses - $(53).
(b)	Second quarter 2010 included benefits for the adjustment of accrued interest of $59 ($38 after-tax) recorded in Other income, net and the adjustment of income tax accruals of $49 associated with settlements of tax contingencies related to prior years.
(c)	Third quarter 2011 included charges related to the Danisco acquisition of $(171).  These charges included $(135) recorded in Cost of goods sold and other operating charges for $(3) of transaction costs and a $(132) charge related to the fair value step-up of inventories that were acquired from Danisco and sold in the third quarter 2011.  These charges also included a $(36) restructuring charge recorded in Employee separation / asset related charges, net related to severance and related benefit costs.  Pre-tax charges by segment were: Industrial Biosciences - $(61), Nutrition & Health - $(89), Other - $(18), and Corporate expenses - $(3).
(d)	Third quarter and fourth quarter 2011 included charges of $(75) and $(100), respectively, recorded in Cost of goods sold and other operating charges associated with the company's process to fairly resolve claims associated with the use of Imprelis® herbicide.  The company will continue to evaluate reported claim damage as additional information becomes available, which could result in future charges that cannot be reasonably estimated at this time; the company intends to seek recovery from its insurance carriers for costs associated with this matter in excess of $100.  This matter relates to the Agriculture segment.
(e)	Third quarter 2011 and fourth quarter 2010 each included a $(50) charge recorded in Research and development expense in connection with payments associated with a Pioneer licensing agreement.
(f)	Fourth quarter 2011 included a pre-tax gain of $49 recorded in Other income, net associated with the sale of a business in the Performance Materials segment and a related tax benefit of $73.
(g)	Fourth quarter 2011 included a $(14) restructuring charge recorded in Employee separation / asset related charges, net primarily related to severance and related benefit costs associated with the Danisco acquisition, partially offset by a reversal of prior year restructuring accruals.  Pre-tax charges by segment were: Industrial Biosciences - $(1), Nutrition & Health - $(4), Performance Coatings - $3, Performance Materials - $(2) , and Other - $(10). Fourth quarter 2010 included a net reduction of $34 for estimated costs recorded in Employee separation / asset related charges, net related to the 2008 and 2009 restructuring programs primarily due to the achievement of work force reductions through non-severance programs.  Total pre-tax amounts by segment were: Electronics and Communications - $8, Performance Chemicals - $10, Performance Coatings - $(6), Performance Materials - $16, Safety & Protection - $5, and Other - $1.
(h)	Fourth quarter 2010 included a $(179) charge recorded in Interest expense associated with the early extinguishment of debt.
(i)	Fourth quarter 2010 included a $39 benefit for the reversal of a tax valuation allowance related to the net deferred tax assets of a foreign subsidiary.
(j)	Earnings per share for the year do not equal the sum of quarterly earnings per share due to changes in average share calculations.
See Schedule C for detail by segment.

E. I. du Pont de Nemours and Company Consolidated Segment Information (Dollars in millions)
SCHEDULE C
	Three Months Ended December 31,				Year Ended December 31,
SEGMENT SALES (1)	2011		2010		2011		2010
Agriculture	$    1,297		$    1,204		$    9,166		$    7,845
Electronics & Communications	630		773		3,173		2,764
Industrial Biosciences	289		-		705		-
Nutrition & Health	806		338		2,460		1,240
Performance Chemicals	1,860		1,664		7,794		6,322
Performance Coatings	1,083		1,005		4,281		3,806
Performance Materials	1,618		1,599		6,815		6,287
Safety & Protection	943		859		3,934		3,364
Other	1		40		40		194
Total Segment sales	8,527		7,482		38,368		31,822
Elimination of transfers	(102)		(78)		(407)		(317)
Consolidated net sales	$    8,425		$    7,404		$  37,961		$  31,505
(1)   Sales for the reporting segments include transfers.

  

E. I. du Pont de Nemours and Company Consolidated Segment Information (Dollars in millions)
SCHEDULE C (continued)
		Three Months Ended December 31,				Year Ended December 31,
PRE-TAX OPERATING INCOME/(LOSS) (PTOI)		2011		2010		2011		2010
Agriculture		$     (216)		$    (185)		$    1,527		$   1,293
Electronics & Communications		42		106		355		445
Industrial Biosciences		33		-		(1)		-
Nutrition & Health		48		18		44		62
Performance Chemicals		433		325		1,923		1,081
Performance Coatings		61		65		271		249
Performance Materials		198		222		971		994
Safety & Protection		94		97		500		454
Pharmaceuticals		89		87		289		489
Other		(84)		(94)		(263)		(205)
Total Segment PTOI		698		641		5,616		4,862
Net exchange gains (losses) (1)		(18)		12		(163)		(13)
Corporate expenses & net interest		(258)		(427)		(1,171)		(1,138)
Income before income taxes		$       422		$      226		$    4,282		$   3,711
		Three Months Ended December 31,				Year Ended December 31,
SIGNIFICANT ITEMS BY SEGMENT (PRE-TAX) (2)		2011		2010		2011		2010
Agriculture		$     (100)		$      (50)		$     (225)		$      (50)
Electronics & Communications		-		8		-		8
Industrial Biosciences		(1)		-		(79)		-
Nutrition & Health		(4)		-		(126)		-
Performance Chemicals		-		10		-		10
Performance Coatings		3		(6)		3		(6)
Performance Materials		47		16		47		16
Safety & Protection		-		5		-		5
Pharmaceuticals		-		-		-		-
Other		(10)		1		(28)		1
Total significant items by segment		$       (65)		$      (16)		$     (408)		$      (16)
		Three Months Ended December 31,				Year Ended December 31,
PTOI EXCLUDING SIGNIFICANT ITEMS		2011		2010		2011		2010
Agriculture		$     (116)		$    (135)		$    1,752		$   1,343
Electronics & Communications		42		98		355		437
Industrial Biosciences		34		-		78		-
Nutrition & Health		52		18		170		62
Performance Chemicals		433		315		1,923		1,071
Performance Coatings		58		71		268		255
Performance Materials		151		206		924		978
Safety & Protection		94		92		500		449
Pharmaceuticals		89		87		289		489
Other		(74)		(95)		(235)		(206)
Total Segment PTOI excluding significant items		$       763		$      657		$    6,024		$   4,878
(1)  See Schedule D for additional information on exchange gains and losses.
(2)  See Schedule B for detail of significant items.

E. I. du Pont de Nemours and Company Reconciliation of Non-GAAP Measures (Dollars in millions, except per share amounts)
SCHEDULE D
Summary of Earnings Comparisons
	Three Months Ended December 31,						Year Ended December 31,
	2011		2010		% Change		2011		2010		% Change
Segment PTOI	$                 698		$               641		9%		$            5,616		$           4,862		16%
Significant items (benefit) charge included in PTOI (per Schedule C)	65		16				408		16
Segment PTOI excluding significant items	$                 763		$               657		16%		$            6,024		$           4,878		23%
Net income attributable to DuPont	$                 373		$               376		-1%		$            3,474		$           3,031		15%
Significant items (benefit) charge included in net income
attributable to DuPont (per Schedule B)	(48)		87				236		-
Net income attributable to DuPont
excluding significant items	$                 325		$               463		-30%		$            3,710		$           3,031		22%
EPS	$                0.40		$              0.40		0%		$              3.68		$             3.28		12%
Significant items (benefit) charge included in EPS (per Schedule B)	(0.05)		0.10				0.25		-
EPS excluding significant items	$                0.35		$              0.50		-30%		$              3.93		$             3.28		20%
Average number of diluted shares outstanding	935,709,000		928,800,000		0.7%		941,029,000		921,655,000		2.1%

E. I. du Pont de Nemours and Company Reconciliation of Non-GAAP Measures (Dollars in millions, except per share amounts)
SCHEDULE D (continued)
Reconciliations of Adjusted EBIT / EBITDA to Consolidated Income Statements
	Three Months Ended December 31,				Year Ended December 31,
	2011		2010		2011		2010
Income before income taxes	$             422		$             226		$          4,282		$          3,711
Less: Net income attributable to noncontrolling interests	4		2		36		21
Add:  Interest expense	116		281		447		590
Adjusted EBIT	534		505		4,693		4,280
Add: Depreciation and amortization	421		334		1,560		1,380
Adjusted EBITDA	$             955		$             839		$          6,253		$          5,660
Calculation of Free Cash Flow
	Year Ended December 31,
	2011		2010
Cash provided by (used for) operating activities	$          5,152		$          4,559
Less: Purchases of property, plant and equipment	1,843		1,508
Free cash flow	$          3,309		$          3,051
Reconciliations of Fixed Costs as a Percent of Sales
	Three Months Ended December 31,				Year Ended December 31,
	2011		2010		2011		2010
Total charges and expenses - consolidated income statements	$          8,346		$          7,516		$        34,437		$        29,022
Remove:
Interest expense	(116)		(281)		(447)		(590)
Variable costs (1)	(4,172)		(3,734)		(18,377)		(15,329)
Significant items - benefit (charge) (2)	(114)		(16)		(513)		(16)
Fixed costs	$          3,944		$          3,485		$        15,100		$        13,087
Consolidated net sales	$          8,425		$          7,404		$        37,961		$        31,505
Fixed costs as a percent of consolidated net sales	46.8%		47.1%		39.8%		41.5%
(1)  Includes variable manufacturing costs, freight, commissions and other selling expenses which vary with the volume of sales.
(2)  See Schedule B for detail of significant items.

  

E. I. du Pont de Nemours and Company Reconciliation of Non-GAAP Measures (Dollars in millions, except per share amounts)
SCHEDULE D (continued)
Exchange Gains/(Losses)
The company routinely uses forward exchange contracts to offset its net exposures, by currency, related to the foreign currency denominated monetary assets and liabilities of its operations. The objective of this program is to maintain an approximately balanced position in foreign currencies in order to minimize, on an after-tax basis, the effects of exchange rate changes. The net pre-tax exchange gains and losses are recorded in Other income, net and the related tax impact is recorded in Provision for (benefit from) income taxes on the Consolidated Income Statements.
		Three Months Ended December 31,				Year Ended December 31,
		2011		2010		2011		2010
Subsidiary/Affiliate Monetary Position Gain (Loss)
Pre-tax exchange gains (losses) (includes equity affiliates)		$       (87)		$          (5)		$       (30)		$      (130)
Local tax benefits (expenses)		5		(11)		36		(30)
Net after-tax impact from subsidiary exchange gains (losses)		$       (82)		$        (16)		$           6		$      (160)
Hedging Program Gain (Loss)
Pre-tax exchange gains (losses)		$         69		$          17		$     (133)		$        117
Tax benefits (expenses)		(24)		(6)		46		(41)
Net after-tax impact from hedging program exchange gains (losses)		$         45		$          11		$       (87)		$          76
Total Exchange Gain (Loss)
Pre-tax exchange gains (losses)		$       (18)		$          12		$     (163)		$        (13)
Tax benefits (expenses)		(19)		(17)		82		(71)
Net after-tax exchange gains (losses)		$       (37)		$          (5)		$       (81)		$        (84)
As shown above, the "Total Exchange Gain (Loss)" is the sum of the "Subsidiary/Affiliate Monetary Position Gain (Loss)" and the "Hedging Program Gain (Loss)."
Reconciliation of Base Income Tax Rate to Effective Income Tax Rate
Base income tax rate is defined as the effective income tax rate less the effect of exchange gains/losses, as defined above, and significant items.
		Three Months Ended December 31,				Year Ended December 31,
		2011		2010		2011		2010
Income before income taxes		$       422		$        226		$    4,282		$     3,711
Add:  Significant items - (benefit) charge (1)		65		195		464		136
Less:  Net exchange gains (losses)		(18)		12		(163)		(13)
Income before income taxes, significant items and exchange gains/losses		$       505		$        409		$    4,909		$     3,860
Provision for (benefit from) income taxes		$         45		$      (152)		$       772		$        659
Add:  Tax benefits (expenses) on significant items		113		108		228		136
Tax benefits (expenses) on exchange gains/losses		(19)		(17)		82		(71)
Provision for income taxes, excluding taxes on significant items    and exchange gains/losses		$       139		$        (61)		$    1,082		$        724
Effective income tax rate		10.7%		(67.3)%		18.0%		17.8%
Significant items effect		21.7%		56.9%		3.1%		2.9%
Tax rate before significant items		32.4%		(10.4)%		21.1%		20.7%
Exchange gains (losses) effect		(4.9)%		(4.5)%		0.9%		(1.9)%
Base income tax rate		27.5%		(14.9)%		22.0%		18.8%
(1)  See Schedule B for detail of significant items.

 

SOURCE DuPont