3Q Business Segment Results
The following summary of business results for each of the company’s operating segments compares third quarter 2009 with third quarter 2008, for sales and pre-tax operating income (PTOI). All references to selling price changes are on a U.S. dollar basis, including the impact of currency.
Agriculture & Nutrition
* Sales of $1.2 billion were down 5%, reflecting unfavorable currency impact, partly offset by agriculture market share gains and strong seed pricing.
* Seasonal third quarter pre-tax loss was $113 million versus a loss of $21 million in the prior year, which included a $49 million gain on the settlement of soybean contracts. Current quarter earnings reflected continued spending for growth initiatives and higher input costs.
Coatings & Color Technologies
* Sales of $1.5 billion were down 16%, primarily reflecting continued weakness in motor vehicle markets.
* PTOI of $182 million was 4% lower, reflecting lower sales volumes and unfavorable currency, partly offset by lower variable costs, fixed cost reductions and pricing gains.
Electronic & Communication Technologies
* Sales of $919 million were down 13%, reflecting 10% lower volume and 3% lower selling prices. Weak demand in consumer and general industrial markets offset increased demand in photovoltaics and packaging graphics.
* PTOI of $125 million was down 9%, reflecting lower volumes and lower costs.
* Sales of $1.3 billion were down 24%, reflecting weak demand in major markets in all regions, particularly in general industrial and motor vehicle markets.
* PTOI of $230 million was up versus a prior year loss of $91 million, which included hurricane-related charges of $216 million. The improvement also reflected lower cost partly offset by lower sales volume, unfavorable product mix and currency. Current quarter included $24 million of insurance recoveries related to the hurricane.
Safety & Protection
* Sales of $1.0 billion were down 32%, reflecting a 22% volume decline primarily in industrial and construction markets. Pricing decreases reflected the pass-through of lower chemicals raw material costs.
* PTOI of $93 million principally reflected lower market demand, partly offset by lower raw material costs, fixed cost reductions and pricing actions. Current quarter included a $26 million asset impairment charge
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