DuPont announced second quarter 2015 operating earnings of $1.18 per share compared to $1.17 per share in the prior year. GAAP earnings were $1.03 per share, compared to $1.15 per share in the prior year.
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Second quarter sales were $8.6 billion, down 11 percent versus prior year due to negative impacts from currency (5 percent), portfolio changes (2 percent), volume (2 percent) and local price and product mix (2 percent). Segment pre-tax operating earnings of $1,586 million included about $210 million, or $0.17 per share, of negative impact from currency.
Operating earnings included $0.09 per share of benefit related to exchange gains and taxes, attributable to prior periods. Performance Chemicals segment operating earnings were $113 million, or $0.10 per share, a 55 percent reduction versus prior year.
DuPont's board of directors approved a third quarter dividend of 38 cents per share, the 444th consecutive quarterly dividend since the company's first dividend in the fourth quarter of 1904.
The third quarter dividend of 38 cents per share of common stock is payable on Sept. 11, 2015, to stockholders of record at the close of business on August 14, 2015. Regular quarterly dividends of $1.125 per share on the $4.50 series preferred stock and $0.875 cents per share on the $3.50 series preferred stock also were declared, both payable on Oct. 23, 2015, to stockholders of record as of Oct. 9, 2015.
The separation of Chemours was completed on July 1, 2015. In the first quarter 2015, DuPont announced its intention to buy back shares using the approximately $4 billion of distribution proceeds received from Chemours.
In connection with the completion of the spin, DuPont's board has authorized the company to purchase and retire $2 billion of common stock by December 31, 2015 with the remainder to be purchased and retired by December 31, 2016.
The company expects to use an accelerated share repurchase plan in connection with the $2 billion buyback by year end. ■