the republic logo

DuPont 2nd-quarter profit increases 3.9 percent

Share/Save/Bookmark

WILMINGTON, Delaware — DuPont Co. (DD) on Tuesday reported net income that climbed by 3.9 percent in its second quarter, matching analyst expectations.

Shares of the Wilmington, Delaware, company jumped before markets opened and after it released results.

DuPont said profit increased to $1.07 billion, or $1.15 per share, from $1.03 billion, or $1.11 per share, in the same quarter a year earlier.

Earnings, adjusted for non-recurring costs, were $1.17 per share. The average per-share estimate of analysts surveyed by Zacks Investment Research was for profit of $1.17.

PHOTO: FILE - This Jan. 23, 2012 file photo shows the Dupont logo on sheets of Tyvek insulation covering the outside wall of a home under construction in Springfield, Ill. Dupont reports quarterly financial results before the market opens on Tuesday, July 22, 2014. (AP Photo/Seth Perlman, File)
FILE - This Jan. 23, 2012 file photo shows the Dupont logo on sheets of Tyvek insulation covering the outside wall of a home under construction in Springfield, Ill. Dupont reports quarterly financial results before the market opens on Tuesday, July 22, 2014. (AP Photo/Seth Perlman, File)

The company said revenue decreased 1.4 percent to $9.71 billion from $9.84 billion in the same quarter a year earlier, and missed Wall Street forecasts. Analysts expected $10.02 billion, according to Zacks.

The chemical giant booked a $263 million charge in the quarter tied to severance payments and other costs from the separation of its performance chemicals segment and a push to improve productivity. It also recorded a $391 million gain from the sale of a business.

DuPont said its board approved a 2-cent increase in the quarterly dividend it pays shareholders. The new payout of 47 cents per share is payable Sept. 12 to shareholders of record on Aug. 15.

Company shares rose more than 4 percent, or $2.78, to $68.32 in premarket trading. The stock had climbed only 57 cents, or less than 1 percent, to $65.54 since the beginning of the year, as of Monday's market close. The Standard & Poor's 500 index has climbed 6.8 percent over the same span.

_____

Keywords:DuPont,Earnings Report

Think your friends should see this? Share it with them!

All comments are moderated before posting. Your email address must be verified with Disqus in order for your comment to appear.
View our commenting guidelines and FAQ's here.

Story copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Feedback, Corrections and Other Requests: AP welcomes feedback and comments from readers. Send an email to info@ap.org and it will be forwarded to the appropriate editor or reporter.


We also have more stories about:
(click the phrases to see a list)

Category:

Follow The Republic:

All content copyright ©2014 The Republic, a division of Home News Enterprises unless otherwise noted.
All rights reserved. Privacy policy.