Du Pont Provides Upbeat Outlook After Delivering Strong Q2 Numbers

E I Du Pont De Nemours And Co DD announced upbeat forecast for the full year following the second quarter results announcement. Both the quarterly numbers and outlook were better than the Street predicted.

In the pre-market on Tuesday, the stock traded up by 1.26 percent to $69.75.

Du Pont reported GAAP earnings $1.16 a share, up from $1.06 in the prior year. Its operating earnings grew 14 percent to $1.24 per share, including $0.05 per share of negative impact from currency. This was better than the Street analysts' estimations of $1.10 a share.

The company's sales were $7.1 billion for the three-month period reflecting 2 percent volume growth, due to Agriculture, Performance Materials and Nutrition & Health. The company added that local price, currency and portfolio in aggregate negatively impacted its sales by 3 percent. As a result, its total sales fell 1 percent.

Chairman and CEO, Ed Breen, commented on the results, "Cost savings, mix enrichment from new technologies and lower product costs contributed to the margin expansion. Continued progress on our cost savings program keeps us on track to reach $1 billion on a run-rate basis by year-end."

Moving ahead for the year 2016, DuPont said it expects to achieve GAAP earnings of $2.70-$2.75 a share and operating earnings of $3.15-$3.20 a share. The company added that the revised outlook reflected an increase of $0.10 a share from the low-end of its earlier forecast. Street analysts are looking for earnings of $3.16 a share.

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Posted In: EarningsNewsGuidanceGeneral
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