DuPont Boosts Profit Forecast Amid Rise in Revenue
October 25 2016 - 6:06AM
Dow Jones News
By Joshua Jamerson
Chemical giant DuPont Co., looking to wrap up its merger with
Dow Chemical Co., boosted its profit outlook for the year as it
reported higher sales from its agriculture and performance
materials segments in the latest period.
"We continue to work constructively with regulators in key
jurisdictions to close the merger as soon as possible," Ed Breen,
DuPont's chief executive, said in prepared remarks.
The European Union's antitrust authority earlier this month set
a new date of February 2017 to complete its review of the
merger.
"In the event that regulators in those jurisdictions use their
full allotted time, closing would be expected to occur in the first
quarter of 2017," Mr. Breen said.
The company said Tuesday it now sees adjusted earnings coming in
at $3.25 a share, compared with its prior guidance range of $3.15
to $3.20.
In the September quarter, DuPont's agriculture sales rose 2% to
$1.12 billion, as sales from performance materials, its largest
segment, also increased 2%, to $1.33 billion. Both segments were
helped by 4% higher volume.
Over all, DuPont earned $2 million, compared with $235 million a
year ago. On a per-share basis, the company broke even in the
quarter, compared with a 26 cent-a-share profit in the year-prior
period.
Excluding certain items, the company earned 34 cents a share, up
from 13 cents a year ago. Analysts surveyed by Thomson Reuters had
forecast 21 cents a share.
DuPont's sales in the quarter rose 1% to $4.92 billion. Analysts
projected $4.87 billion in sales.
Shares, which have risen 16% in the past three months, were
unchanged premarket.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
October 25, 2016 06:51 ET (10:51 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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