DU PONT <DD> NET DOWN ON OIL EARNINGS DECLINE
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
1986's 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 year's 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.
 Reuter
