DuPont Posts Upbeat Q1 Earnings, But Sales Miss Views

reported better-than-expected earnings for the first quarter, but the company's sales missed analysts' estimates. The company raised its dividend by 4 percent. The Wilmington, Delaware-based company reported a quarterly profit of $1.03 billion, or $1.13 per share, versus a year-ago profit of $1.44 billion, or $1.54 per share. Excluding items, its operating earnings, including a $0.25 per share negative currency impact, came in at $1.34 per share. Its net sales declined 9.4 percent to $9.17 billion, while total revenue dropped 7.6 percent to $9.37 billion. However, analysts were projecting earnings of $1.31 per share on revenue of $9.41 billion. Sales in the company's agricultural business dropped 10 percent to $3.94 billion, while sales in performance and chemicals business slipped 14 percent to $1.36 billion. Total expenses shrank to $7.77 billion from $8.34 billion. For 2015, DuPont now projects negative currency impact of $0.80 per share, versus the negative impact of $0.60 per share it projected in January. "DuPont delivered volume and margin improvements in the majority of our post-spin segments through intense focus on innovation, disciplined execution and ongoing efficiency improvements and cost reduction, even in the midst of challenging currency and market environments," said Ellen Kullman, DuPont Chair and CEO. "We expect performance in the remainder of the year to build on this momentum, driven by new product sales and benefits from our accelerated operational redesign." The average estimate among 18 Estimize users was for earnings of $1.39 per share and revenue of $9.73 billion. DuPont shares rose 1.80 percent to close at $72.84 yesterday.