DuPont earnings down year-on-year

By Alex McNally

- Last updated on GMT

Related tags: Dupont

DuPont's fourth quarter earnings per share slipped from 94 cents to
60 cents, despite reporting sales of $7bn.

However, the agriculture firm said today that excluding one-off payments, the share price actually increased from 2006's 45 cents to 57 cents. Sales were recorded at an 11 percent rise to $7bn. This reflects a three percent volume growth, DuPont said. Sales in emerging markets including Brazil, China and India grew by 20 percent, while in the US sales were up by five percent despite the weak housing and automotive markets. Net income for fourth quarter was $545m. Although all of the firm's five segments recorded increased growth, sales in the agriculture and nutrition arm rose the most - some 23 percent - to $1.3bn. Coatings and color technologies reported a sales rise, increasing to $1.7bn. Sunny outlook ​ DuPont said it is still committed to the 2008 full year outlook of $3.35 to $3.55 per share. Full year earnings for 2007 were $3.22 per share, down from 2006's $3.38. Chief executive Charles Holliday said in a letter to shareholders that the company hopes to achieve "higher profitability" this year. He said: "We are confident we can deliver attractive growth in earnings in 2008, and see even stronger growth in the years to follow, continuing our improvement of the last three years. "We recognize these are challenging times, as the macroecomic and global political environment creates concerns among investors about the outlook for business profitability." ​At the end of last February, DuPont announced it is to begin executing its $100m reinvestment plan, which includes the addition of more than 400 positions, mainly in research and development in DuPont's subsidiary Pioneer Hi-Bred International. The reinvestment was designed to boost the company's plant genetics and biotechnology platforms.

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