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UPDATE: DuPont Posts In-Line Q2 Profit, Lifts Dividend

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DuPont (NYSE: DD) reported a 4% rise in its second-quarter profit and lifted its quarterly dividend by 4%.

The company's quarterly net income surged to $1.07 billion, or $1.15 per share, versus $1.03 billion, or $1.11 per share, in the year-ago period. Its operating earnings fell to $1.17 per share from $1.28 per share.

Its net sales declined around 1% to $9.71 billion. Analysts were expecting earnings of $1.17 per share on revenue of $9.86 billion.

Sales in US and Canada dropped 3% to $4.6 billion, while sales in the EMEA gained 2% to $2.12 billion.

DuPont announced its plans to pay a dividend of $0.47 per share in the third quarter, up from $0.45 per share paid in the second quarter.

Operating earnings in agriculture fell 11% to $836 million, while operating earnings in electronics & communications dropped 6% to $89 million. Operating earnings in nutrition & health segment surged 72% to $105 million, while safety & protection segment operating earnings jumped 22% to $209 million.

DuPont reaffirmed its updated forecast for full-year 2014.

DuPont Chair and CEO Ellen Kullman said, "While lower Agriculture earnings impacted our results this quarter, we continue to see strong science-driven growth in this segment over the long term. We are steadily advancing DuPont's strategy to build and strengthen world-leading positions in agriculture and nutrition, bio-based industrials and advanced materials."

DuPont shares fell 0.02% to close at $65.54 yesterday.

 

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