DuPont Profit Tops Estimates; 2011 Forecast Raised |
| Bloomberg - Jan 25, 2011 |
DuPont Co., the third-biggest U.S. chemical maker, posted fourth-quarter earnings that beat analysts’ estimates as paint-pigment and solar-materials jumped and the company paid tax at a lower rate. DuPont raised its 2011 profit forecast.
Net income fell 15 percent to $376 million, or 40 cents a share, from $441 million, or 48 cents, a year earlier, Wilmington, Delaware-based DuPont said today in a statement. Profit excluding gains related to tax accruals and restructuring and costs for a licensing agreement and the refinancing of debt was 50 cents a share, topping the 31-cent average profit estimate of 13 analysts in a Bloomberg survey.
The company said earnings per share this year will rise to $3.45 to $3.75, compared with its Dec. 9 forecast of $3.30 to $3.60. The revision was mostly attributable to a U.S. research and development tax credit approved last month and lower-than- anticipated pension costs, Karen Fletcher, a DuPont spokeswoman, said in a telephone interview.
DuPont has topped estimates in each of the eight quarters in which Chief Executive Officer Ellen Kullman has been in charge. She’s investing in industrial enzymes, solar energy and modified seeds to offset as the expiration of drug patents erodes income from pharmaceutical royalties.
Read Full Article from Bloomberg
- Posted: 2011-01-25 09:10:46
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