Commodities & Metals
DuPont (DD) Earnings Collapse On Flagging Demand, Firm Cuts Forecasts
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DuPont ((DD) had nothing good to say about its earnings other than that they were in line with its expectations.
The firm announced that net income for the first quarter 2009 was $488 million versus $1,191 million in the prior year. Consolidated net sales in the first quarter of $6.9 billion were 20% lower than prior year.
The company’s net income was hit especially hard in Europe and Asia. The only segment of DuPont’s business that did well was its agricultural operation. It was the only part of the company of any size that made money.
Given the size and breadth of DuPont’s businesses, it is a bad sign for the global economy that the company cut its forecasts. The company’s 2009 earnings outlook was revised downward to $1.70 to $2.10 per share, excluding any significant items. The revision anticipates that weak demand across key markets will continue throughout 2009.
Douglas A. McIntyre
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