by Karl Utermohlen | January 28, 2014 1:53 pm
Dupont (DD) is planning on buying back $5 billion of DD stock following a very profitable fourth quarter.
The chemical maker’s fourth-quarter earnings surpassed analysts’ estimates with fourth-quarter profit excluding one-items at 59 cents a share. This figure exceeds the 55-cent average of 19 analysts’ estimates compiled by Bloomberg.
Dupont’s buyback plan is the largest one since 2005 and the largest one since Ellen Kullman took over as CEO. The company will buy back at least $2 billion of its shares in 2014.
The chemical maker’s impressive fourth quarter can be attributed to selling corn and soybean seeds earlier than normal. Latin American insecticide sales also helped Dupont’s agriculture unit record have its first profitable fourth quarter.
DD stock is down 1.3% Tuesday.
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