UPDATE: DuPont Posts Surge In Q4 Profit

E.I. DuPont de Nemours & Co

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.