Tags: dupont | earnings outlook | farm sales | profit forecast

DuPont Cuts Full-year Outlook on Weak Farm Sales

Tuesday, 28 Jul 2015 08:27 AM

Chemical and crop company DuPont reduced its earnings forecast for the year to account for the spin-off of its performance chemicals unit and a weak demand for agricultural products.

DuPont said it expects its full-year operating earnings of about $3.10 per share. The company in April had forecast earnings at the low end of the $4.00-$4.20 range for the period.

The company, whose international business accounts for about 60 percent of its overall sales, also reduced the impact of a strong dollar to its full-year earnings to 60 cents per share from 80 cents, due to the spin-off.

Shares of DuPont, which completed the spin-off of Chemours Co. on July 1, were down about 1.5 percent at $55.89 in premarket trading on Tuesday.

The company in May defeated a campaign by Trian Fund Management to land seats on DuPont's board, delivering a landmark setback to one of the most influential activist investor firms.

DuPont's agriculture business, which accounted for about 37 percent of its sales, is being weighed down by weak global demand for crop protection products, reduced corn farming in Latin America and lower soybean volumes in North America.

On an operating basis, DuPont reported earnings of $1.18 per share, in line with analysts' average estimate, according to Thomson Reuters I/B/E/S.

Net income attributable to DuPont fell to $940 million, or $1.03 per share, in the second quarter ended June 30, from $1.07 billion, or $1.15 per share, a year earlier. Net sales fell 11.5 percent to $8.60 billion.

Through Monday's close of $56.73, DuPont's shares have fallen nearly 20 percent this year.

© 2017 Thomson/Reuters. All rights reserved.

 
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Chemical and crop company DuPont reduced its earnings forecast for the year to account for the spin-off of its performance chemicals unit and a weak demand for agricultural products.
dupont, earnings outlook, farm sales, profit forecast
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2015-27-28
Tuesday, 28 Jul 2015 08:27 AM
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