DuPont Q2 Earnings Meet Estimates

reported in-line earnings for its second quarter. The Wilmington, Delaware-based company posted quarterly net income of $940 million, or $1.03 per share, compared to $1.07 billion, or $1.15 per share, in the year-ago period. Its operating earnings rose to $1.18 per share from $1.17 per share. Its net sales declined 11.5 percent to $8.60 billion. However, analysts were expecting earnings of $1.18 per share on revenue of $8.75 billion. The average estimate among 21 Estimize users was for earnings of $1.21 per share and revenue of $9.18 billion. Agriculture segment operating earnings slipped 7 percent to $778 million in the recent quarter, while Electronics & Communications segment operating earnings rose 4 percent to $93 million. Industrial Biosciences segment operating earnings dropped 15 percent to $50 million, while Performance Chemicals operating earnings tumbled 55 percent to $113 million. Operating earnings for Performance Materials segment rose 8 percent year-over-year to $311 million, while Safety & Protection segment operating earnings declined 7 percent to $195 million. Nutrition & Health operating earnings fell 2 percent to $103 million in the quarter. "We continued to improve margins across most of our ongoing businesses through our constant focus on productivity, even as we address industrywide challenges in agriculture and ongoing currency headwinds," said Ellen Kullman, DuPont Chair and CEO. "With the separation of our Performance Chemicals segment now complete, the next generation DuPont is leveraging our innovation platform to drive greater growth and value, with a continued emphasis on cost productivity, actively managing our portfolio, and the disciplined return of capital." The company's board approved a Q3 dividend of $0.38 per share. On a continuing operations basis, the company projects full-year operating earnings of $3.10 per share, excluding $0.80 per share in expected earnings from the Performance Chemicals unit. DuPont shares fell 0.37 percent to close at $56.73 yesterday.