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DuPont 1Q Profit Rises On Pricing, Agricultural Sales

DOW JONES NEWSWIRES DuPont Co.'s (DD) first-quarter profit rose 4% as the chemicals giant benefited from higher pricing and a jump in sales of agricultural products, as well as strong growth in developing markets. DuPont, a diversified U.S. manufacturer, has received a boost from higher pricing in recent quarters, offsetting raw material expenses. The company was one of the first companies last year to highlight the issue of destocking--customers working down their inventories instead of buying new products. The company saw a dip in its profits at the end of the year, and warned that customers in its consumer electronics sector would continue destocking. Dupont saw a brighter outlook in other sectors, however, expecting a bounce from U.S. auto making and other manufacturing. DuPont reported income of $1.49 billion, or $1.57 a share, up from $1.43 billion, or $1.52, a year earlier. Excluding special items, earnings in the latest quarter were $1.61 a share. Net sales were up 12% to $11.23 billion. Volume dropped 2%, offset by prices, which rose 8%. Analysts surveyed by Thomson Reuters estimated a profit of $1.55 on revenue of $11.23 billion. DuPont's agricultural segment, its biggest topline contributor, rose 16% in sales, with growth in volumes and pricing. The company's performance materials segment saw roughly 6% lower sales, while sales of performance coatings were up 6%. Sales in developing markets grew 15%. Shares of DuPont, which affirmed its 2012 guidance, closed Wednesday at $53.27 and were inactive premarket. The stock is up 16% so far this year. --By Kristin Jones, Dow Jones Newswires; 212-416-2208; kristin.jones@dowjones.com

Stock News for Du Pont E I De Nem (DD)
DateTimeHeadline
01/22/201519:45:10Icahn Stirs Activist Pot on Possible Takeovers
01/12/201519:20:44DuPont to Sell Theater Business After Trian Criticism -- Update
01/12/201519:16:06DuPont to Sell Theater Business Amid Criticism From Activists
01/09/201516:48:09U.S. Stocks Slide, Capping Rocky Week
01/09/201516:45:53Peltz Targets DuPont Spinoff's Governance
01/09/201516:45:41U.S. Stocks Fall Despite Stronger-Than-Expected Jobs Report
01/09/201516:41:13U.S. Stocks Extend Losses
01/09/201516:38:54U.S. Stocks Slide
01/09/201516:32:39U.S. Stock Futures Rise After Strong Jobs Report
01/08/201521:08:11Trian Seeks Four Seats on DuPont's Board--2nd update
01/08/201519:41:09Trian Seeks Four Seats on DuPont's Board--update
12/18/201418:07:21DuPont Names Planned Performance Chemicals Spinoff
12/04/201400:00:03Barington Wants Omnova to Break Up
12/03/201423:57:07Correction to Barington Wants Omnova to Break Up Story
12/03/201423:50:31Barington Wants Specialty Chemicals Company Omnova to Break Up...
12/03/201423:19:41Barington Wants Specialty Chemical Company Omnova to Break Up...
12/03/201415:09:27Activist Barington Wants Specialty Chemical Company Omnova to...
12/02/201419:41:20Bank of New York Mellon Gives Activist Trian Fund a Board Seat...
11/13/201400:31:12Agricultural Firms, Farm Groups Strike Deal on Crop Data
10/28/201414:49:21U.S. Stocks Trade Higher

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