DuPont Co. said profit nearly halved in the latest quarter, as the chemical giant remained under pressure from weakness in agricultural markets and from adverse exchange rates.

"We are not pleased with our results this quarter," said Chief Financial Officer Nick Fanandakis. "We saw significant negative impacts from currency as well as market weakness in agriculture, emerging market industrial production, and oil and gas."

Amid those headwinds, interim Chief Executive Ed Breen said DuPont is taking a fresh look at its cost structure and capital allocation strategy. Earlier this year, DuPont raised its cost-cutting targets and said it would reach its goal of slashing $1 billion in expenses by the end of 2015, ahead of schedule. In the most recent period, the company said cost cuts added 10 cents to per-share operating earnings.

The maker of Pioneer corn seeds and Kevlar fibers earlier this year defeated a campaign by activist investor Nelson Peltz and his Trian Fund Management L.P. to secure seats on DuPont's board. Trian, which has maintained its 2.7% stake, has expressed dissatisfaction over DuPont's progress in meeting financial targets.

DuPont has slashed its full-year earnings projection several times this year, and on Tuesday the company said it still expects to report $2.75 a share this year, the estimate it gave earlier this month. Adverse currency rates are expected to shave 72 cents a share off the bottom line this year, and the outlook also reflects a further weakening of agricultural markets, primarily in Brazil.

In the latest quarter, sales in Latin America dropped 33% to $769 million. Revenue from each of DuPont's geographic segments declined. The company's Ag segment saw sales slide 30% to $1.09 billion.

Overall, DuPont reported a profit of $235 million, or 26 cents a share, down from $434 million, or 47 cents, a year earlier. Excluding certain items, earnings fell to 13 cents from 39 cents. Revenue declined 17% to $4.87 billion.

Analysts projected 10 cents in per-share earnings on $5.30 billion in revenue, according to Thomson Reuters.

Shares in the company, down about 14% this year, were inactive premarket.

Write to Lisa Beilfuss at lisa.beilfuss@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

October 27, 2015 07:15 ET (11:15 GMT)

Copyright (c) 2015 Dow Jones & Company, Inc.
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