GAAP earnings per share from continuing operations was $0.76. Adjusted earnings1 per share increased 41 percent to $1.37, compared with pro forma adjusted earnings1 per share in the year-ago period of $0.97.[break]
Adjusted earnings per share excludes significant items in the quarter totaling net charges of $0.50 per share and an $0.11 per share charge for DuPont amortization of intangible assets.
Net sales increased 17 percent to $24.2 billion, with double-digit growth in all divisions and gains in all geographic regions, from pro forma net sales of $20.7 billion in the year-ago period.
The Agriculture division increased sales 25 percent, driven by a recovery from weather-related delays in the first quarter and local price gains. The Materials Science division grew sales 18 percent, with double-digit gains in all segments and in all regions.
The Specialty Products division increased sales 10 percent, with gains in most segments and all regions.
Volume grew 10 percent on a pro forma basis from the year-ago period, with gains in all divisions and all regions, led by double-digit gains in U.S. & Canada and Asia Pacific.
Agriculture volume increased 20 percent, primarily driven by a recovery from weather-related delays in the first quarter. Materials Science and Specialty Products volume increased 10 percent and 4 percent, respectively, both with gains in all segments and regions.
Local price rose 4 percent on a pro forma basis, with gains in all divisions and all regions, led by a 5 percent increase in Materials Science and a 4 percent increase in Agriculture.
Operating EBITDA1 increased 29 percent on a pro forma basis from the year-ago period to $5.7 billion. Agriculture achieved 45 percent operating EBITDA growth. Specialty Products delivered operating EBITDA growth of 23 percent. Materials Science delivered operating EBITDA growth of 22 percent.
Operating EBITDA drivers in the quarter included volume and local price gains, cost synergies, currency, lower pension/OPEB costs2 and higher equity earnings.
DowDuPont achieved cost synergy savings of more than $375 million in the quarter, reaching cumulative savings of nearly $900 million since merger close. The company now expects to achieve year-over-year savings of $1.4 billion in 2018, a more than 15 percent increase from its previous target.
Cash flow from operations was $2.1 billion, driven by increased cash earnings.
The company returned nearly $2 billion to shareholders in the quarter through dividends ($0.9 billion) and share repurchases ($1 billion). Since merger close, DowDuPont has returned $5.6 billion to shareholders. ■