E.I. du Pont de Nemours and Company (NYSE: DD), commonly known as DuPont, reported fourth-quarter and full-year 2013 results before markets opened Tuesday. For the quarter, the diversified chemicals company posted diluted earnings per share (EPS) of $0.59 on revenues of $7.84 billion. In the same period a year ago, the company reported adjusted EPS of $0.11 on revenues of $7.32 billion. Fourth-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.55 and $7.78 billion in revenues. Operating margins improved across most segments.
For the full year, DuPont posted EPS of $3.88 on revenues of $35.70 billion, compared with consensus estimates calling for EPS of $3.84 on revenues of $35.85 billion. Revenues rose more than 5% year-over-year and EPS were up by 3%.
The company’s CEO said:
For the year, we delivered double-digit operating earnings growth and higher margins, aside from the substantial decline in Performance Chemicals. The improvement was driven by higher volumes, new innovative products and productivity gains. … Our 2013 results and strategic actions demonstrate we are advancing our plan to build a higher growth, higher value DuPont and reinforce our decision to separate Performance Chemicals into a strong, independent company.
The company said that it expects full-year 2014 operating earnings of $4.20 to $4.45 per share, up 8% to 15% versus 2013, and revenues increasing 4% to about $37 billion. Consensus forecasts so far call for EPS of $4.31 and revenue of $38.06 billion for the full year, as well as $1.76 per share and of $11.00 billion in the current quarter.
DuPont separately announced that its board of directors has authorized a new $5 billion share repurchase program. Just $2 billion of that is expect to be spent in 2014.
DuPont shares were inactive in premarket trading Tuesday, after closing Monday at $60.24 in a 52-week range of $46.02 to $65.00. Thomson Reuters had a consensus analyst price target of around $65.12 before the report.
Cash Back Credit Cards Have Never Been This Good
Credit card companies are at war, handing out free rewards and benefits to win the best customers. A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges. See our top picks for the best credit cards today. You won’t want to miss some of these offers.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
