DuPont to Begin Reporting 'Operating Earnings' in 2013
DuPont (NYSE: DD) announced the introduction of operating earnings as the basis for reporting results to provide more transparency to the company's operational results and pension costs. The company defines operating earnings (non-GAAP) as earnings from continuing operations (GAAP) excluding significant items and non-operating pension and other postretirement employee benefit (OPEB) costs, which are impacted by changes in interest rates and plan returns. The pension/OPEB service cost component is included in operating earnings as this reflects the ongoing costs of providing postretirement benefits to the company's eligible employees.
DuPont will begin reporting operating earnings in 2013. For the nine-month period ended Sept. 30, 2012, non-operating pension/OPEB costs were approximately $.36 per share on a continuing operations basis. The company has provided additional information regarding this change in reporting as well as a summary of operating earnings and segment earnings by quarter for 2010, 2011 and third quarter year-to-date 2012 on the DuPont Investor Center website at www.investors.dupont.com.
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