DuPont Delivers Earnings, Sales Beat Ahead of Merger
25 April 2017 - 1:38PM
Dow Jones News
By Imani Moise
DuPont Co., looking to wrap up its merger with Dow Chemical Co.,
said its sales rose as the science company benefited from a change
in the timing of seed deliveries.
The Delaware-based company also gave a downbeat outlook for the
current quarter, projecting adjusted earnings of about $1.26 a
share, below the Thomson Reuters consensus of $1.31 a share. As
reported, DuPont expects earnings to fall about 5% due to merger
related expenses.
Chief Executive Ed Breen reaffirmed that the pending merger is
on track to be closed by August.
Agriculture sales, over 50% of total revenue, rose 3.8% during
the first quarter as a change in the timing seed deliveries spurred
volume growth. The impact of the timing change boosted overall
sales by about 2%.
Volume growth also drove increased revenue across most of the
company's businesses.
Like other seed makers, DuPont benefited from currency shifts in
Latin America. Revenue in the region shot up 14%.
In all for the quarter ended in March, DuPont reported a profit
of $1.12 billion or $1.27 a share, down from $1.23 billion or $1.39
a share a year earlier. Excluding items such as nonoperating
pension costs, the company earned $1.64 a share up from $1.26.
Revenue rose 4.6% to $7.74 billion.
Analysts had forecast earnings of $1.39 a share on $7.5 billion
in sales.
Shares, inactive premarket, have risen 8.1% to $79.37 so far
this year.
Write to Imani Moise at imani.moise@wsj.com
(END) Dow Jones Newswires
April 25, 2017 07:23 ET (11:23 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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