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DuPont Net Down 3.2% amid Lower Volume

DuPont Co.'s (DD) second-quarter profit slid 3.2% as the chemical giant's higher sales were offset by lower volume and currency headwinds. The company said it expected full-year adjusted earnings to be toward the lower end of its range of $4.20 to $4.40 a share due to macroeconomic and currency-related uncertainty as well as a higher tax rate. DuPont, a diversified U.S. manufacturer, has received a boost from higher pricing in recent quarters, offsetting raw material expenses. The company's agricultural segment--its largest top line contributor--has also seen recent improvements. The company earlier this month reaffirmed its full-year and long-term outlook for titanium dioxide amid recent fears about weak demand in the pigment industry for the second half of the year. Australian rival Iluka Resources Ltd. (ILU.AX) had cut its full-year sales volume outlook for titanium dioxide, a key pigment used to make paints, in a move that pressured stocks across the sector. Dupont reported a profit of $1.18 billion, or $1.25 a share, down from a year-earlier profit of $1.22 billion, or $1.29 a share. Adjusted earnings were $1.48 compared with $1.37. Net sales rose 7.2% to $11 billion as volume decreased 1% though prices were 6% higher than the year before. Currency headwinds also offset sales by 3%. Analysts surveyed by Thomson Reuters expected a profit of $1.46 a share on revenue of $11.27 billion. DuPont's agricultural segment sales rose 13% on strong seed and crop protection sales. The company's performance materials segment saw a 2.6% decline in sales, while sales of performance coatings were down 1.5%. Sales in developing markets grew 11%. Shares closed Monday at $48.71 and were inactive in premarket trade. The stock is down 11% in the past year. Write to Victoria Stilwell at Victoria.Stilwell@dowjones.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Du Pont E I De Nem (DD)
DateTimeHeadline
04/24/201517:03:34Additional Proxy Soliciting Materials - Non-management (definitive...
04/24/201514:19:25Additional Proxy Soliciting Materials - Non-management (definitive...
04/23/201521:17:20Higher Prices Fail to Salvage Profits
04/23/201517:16:56Additional Proxy Soliciting Materials (definitive) (defa14a)
04/23/201513:06:03Subscribers: DuPont 1Q Earnings Already Reported
04/23/201510:45:38Current Report Filing (8-k)
04/23/201509:01:00The Chemours Company Announces Launch of Senior Notes Offering
04/23/201508:12:44Additional Proxy Soliciting Materials (definitive) (defa14a)
04/23/201508:07:00DuPont Sends Letter to Shareholders Highlighting Company's First...
04/23/201508:01:56Additional Proxy Soliciting Materials (definitive) (defa14a)
04/23/201503:22:53E I Du Pont De Nemours And Given New $69.00 Price Target at RBC...
04/22/201509:22:06Deutsche Bank Lowers E I Du Pont De Nemours And Price Target...
04/22/201507:29:50Bank of New York Mellon Results Top Expectations
04/21/201516:58:24MARKET SNAPSHOT: U.S. Stocks Close Mostly Lower After Barrage...
04/21/201513:30:24DuPont Sees Sales Slide as Proxy Fight Looms -- 3rd Update
04/21/201513:25:24U.S. Stocks Fall on Mixed Earnings
04/21/201512:36:35MARKET SNAPSHOT: S&P 500, Dow Erase Gains After Barrage Of Earnings
04/21/201510:20:44MARKET SNAPSHOT: U.S. Stocks Mixed After Earnings, Merger News
04/21/201508:48:15U.S. Stock Futures Rise, Buoyed by Strong Earnings Reports
04/21/201508:38:34DuPont Forecasts Larger Foreign Exchange Hit as Sales Slip...

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