By Tess Stynes
DuPont Co. said its first-quarter earnings fell 57% as the
chemicals and agricultural-products company reported that growth in
most of its businesses was offset by harsh weather and shifts in
agriculture.
DuPont said that in the latest quarter, adverse weather reduced
per-share earnings by an estimated seven cents owing to increased
operating costs and lost sales.
In its agriculture business, volume growth in the Americas was
constrained by shifts in the timing and planted area as well as
harsh weather. However, volume improved in each of DuPont's
industrial related segments.
In the latest quarter, the agricultural business reported sales
fell 6% to $4.39 billion.
The Wilmington, Del.-based company is shifting away from
lower-growth commodity businesses toward higher-growth areas, such
as nutritional products and agriculture. As part of the effort,
DuPont last year said it plans to spin off its performance
chemicals segment--best known for materials in nonstick frying pans
and house paints.
DuPont reported a profit of $1.44 billion, or $1.54 a share,
down from $3.35 billion, or $3.58 a share, a year earlier.
Excluding expenses related to the separation of the
performance-chemical business, year-earlier customer-claims-related
charges, tax impacts and other items, adjusted earnings rose to
$1.58 from $1.56. Revenue decreased 2.7% to $10.1 billion.
Analysts polled by Thomson Reuters expected per-share profit of
$1.59 and revenue of $10.45 billion.
The company also affirmed its 2014 earnings outlook.
Write to Tess Stynes at tess.stynes@wsj.com
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