E I Du Pont De Nemours And Co (NYSE:DD) has released its earnings report for the second quarter of 2016.
DuPont’s second quarter of 2016 saw the company reporting earnings per share of $1.24. This is a 14% increase over the $1.09 per share that it reported during the same time last year. It also beat out Wall Street’s estimates by 14 cents.
DD reported revenue of $7.06 billion for the second quarter of the year. This is down around 1% from revenue reported in the second quarter of 2015. However, it did come in above the $7.01 billion that analysts were expecting for the quarter.
DuPont was able to surpass expectations for the second quarter of 2016 despite negative impacts from currency. It noted that its earnings per share saw a 5-cent negative impact from currency. The strong dollar was also to blame for its sales being down from last year, despite sale volume being up 2%.
DD’s outlook for the full year of 2016 includes earnings per share ranging from $3.15 to $3.20. This is a 10-cent increase on the low-end over its previous outlook for the year. Wall Street is currently expecting the company to report earnings per share of $3.16 for 2016.
DuPont is also preparing for its merger with Dow Chemical Co (NYSE:DOW). It’s been cutting costs and is on track to reach its goal of $1 billion in savings on a run-rate basis by the end of the year. The merger has been approved by shareholders and is now waiting for approval from regulators. If approved, it’s expected to be completed later this year.
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