UPDATE: DuPont Posts Surge In Q4 Profit
E.I. DuPont de Nemours & Co (NYSE: DD) reported a strong rise in its net profit for the fourth quarter and announced its plans to initiate a $5 billion share-buyback program.
DuPont's quarterly profit surged to $185 million, or $0.20 per share, versus a year-ago profit of $92 million, or $0.09 per share. Its adjusted profit rose to $0.59 per share from $0.20 per share.
Its revenue gained to $7.84 billion from $7.57 billion. However, analysts were estimating adjusted earnings of $0.55 per share on revenue of $7.81 billion.
For 2014, DuPont projects operating earnings of $4.20 to $4.45 per share.
DuPont shares closed at $60.24 yesterday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.