Du Pont Co reporting lower first quarter profits said a drop in energy earnings was only partially offset by surging chemical and specialty products. Du Pont earned 391 mln dlrs or 1.62 dlrs a share in the latest quarter down from 404 mln or 1.67 dlrs a share in 1986s initial quarter. It had sales of 7.13 billion dlrs down from 7.17 billion last year and total revenues of 7.20 billion dlrs down from 7.29 billion dlrs. Du Pont said after-tax operating income for its chemical and specialty products businesses totaled 393 mln dlrs in the latest quarter rising 55 pct from last years first quarter due to improved results from most businesses notably fibers white pigments and specialty polymers. Results benefited from improved worldwide demand and lower costs attributable to lower energy feedstock prices earlier restructurings and efforts to improve productivity. It said sales of these businesses were up eight pct to 4.2 billion dlrs on a sales volume increase of five pct and three pct higher average prices reflecting a weaker dollar. Du Pont said after-tax operating income from the petroleum segments dropped 64 pct from a year ago to 55 mln dlrs in the latest quarter. These results reflect lower refined petroleum product margins and lower worldwide crude oil and domestic natural gas prices. Coal earnings were down 27 pct on lower prices. The company said it anticipates continued strong results from chemicals and specialty products as worldwide demand remains high. Improvement in petroleum will require flat or improved crude oil prices and improved refined product margins.
DU PONT <DD> NET DOWN ON OIL EARNINGS DECLINE