DuPont: Lower Q2 Earnings Top Forecasts

by Christopher Freeburn | July 24, 2012 12:41 pm

DuPont: Lower Q2 Earnings Top Forecasts

Real America Index1 DuPont: Lower Q2 Earnings Top Forecasts[1]DuPont (NYSE:DD[2]) announced today that its second-quarter net income[3] slipped to $1.18 billion, down 3% from $1.22 billion last year.

During the quarter, revenue increased to $11 billion, up 7% from $10.26 billion during the same time last year, but fell short of Wall Street’s estimate of $11.27 billion, the Associated Press noted.

Adjusted EPS was $1.48, which topped analysts who forecast $1.46.

Shares of DuPont slipped almost 2% in Tuesday mid-day trading.

The performance chemical unit saw its volume fall 10% during the quarter, while sales in its electronics and communications business dropped 10%. The safety and protection unit recorded a 4% dip in sales, while sales at its agriculture unit jumped 13%.

Overall sales in Europe, Africa and the Middle East fell 2%.

The company said that it now anticipates that earnings for the year will trend toward the lower part of its previously announce range of between $4.20 and $4.40 a share.

During the quarter, the company took a $137 million charge resulting from a lawsuit with Invista. DuPont also recorded a $265 million charge to settle claims arising from its Imprelis weed-killing product.

Endnotes:
  1. [Image]: http://investorplace.com/real-america-index/delawares-dupont-better-things-for-better-living/
  2. DD: http://studio-5.financialcontent.com/investplace/quote?Symbol=DD
  3. announced today that its second-quarter net income: http://hosted.ap.org/dynamic/stories/U/US_EARNS_DUPONT?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-07-24-07-46-11

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