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E I Du Pont De Nemours And Co (NYSE: 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.
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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.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.