UPDATE: DuPont Posts Better-Than-Expected Q3 Earnings, Sales Miss View

E.I. DuPont de Nemours & Company

reported better-than-expected earnings for the third quarter. The Wilmington, Delaware-based company posted a quarterly net profit of $433 million, or $0.47 per share, versus a year-ago profit of $285 million, or $0.30 per share. Its adjusted profit climbed 20% to $0.54 per share from $0.45 per share. Its revenue rose to $7.87 billion from $7.81 billion, while sales declined to $7.51 billion from $7.74 billion. However, analysts were estimating earnings of $0.53 per share on revenue of $7.95 billion. Operating loss in Agriculture segment narrowed to $55 million, while operating earnings fell 3% to $94 million in Electronics & Communications segment. Operating earnings in Industrial Biosciences segment rose 4% to $47 million, while operating earnings in Nutrition & Health segment climbed 23% to $100 million. Operating earnings in Performance Chemicals segment slipped 5% to $249 million, while Performance Materials' operating earnings rose $3 million to $370 million. Operating earnings in Safety & Protection segment climbed 18% to $201 million in the quarter. "In the third quarter, we improved our operating margins in five of seven segments and grew operating earnings per share 20 percent, despite a weaker Ag environment and sluggish economic growth in most of the world," said DuPont Chair and CEO Ellen Kullman. DuPont backed its operating earnings forecast of $4.00 to $4.10 per share for the full year. However, DuPont projects sluggish growth in the global economy in the fourth quarter, along with continuing headwinds in agriculture and from currency. DuPont shares fell 1.62% to close at $67.88 yesterday.