by Christopher Freeburn | July 24, 2012 12:41 pm
DuPont (NYSE:DD) announced today that its second-quarter net income 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.
Source URL: http://investorplace.com/2012/07/dupont-lower-q2-earnings-top-forecasts/
Short URL: http://invstplc.com/1fCsGq8
Copyright ©2014 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.