E.I. du Pont de Nemours and Co. (NYSE: DD) reported its third-quarter results after the market close on Monday as $0.54 in earnings per share and $7.5 billion in revenue. That was against Thomson Reuters consensus estimates of $0.53 in earnings per share and $7.95 billion in revenue. In the third-quarter of the previous year, DuPont had earnings of $0.45 per share and revenue of $7.74 billion.
The company gave guidance for the fourth quarter of a 20% growth in earnings, which would put it in-line with the previous fourth quarter’s earnings of $0.59 per share but below the consensus estimate of $0.70 per share. DuPont’s outlook on the full year falls in the range of $4.00 to $4.10 in earnings per share against a consensus estimate of $4.00.
Net income for the third quarter was $434 million, compared to the same period last year of $288 million.
The sales in only two segments grew in this quarter: Industrial Biosciences and Nutrition & Health. However the highest revenue for a segment came in at Performance Chemicals, which was $1.64 billion.
Across the global segments sales came in as:
- U.S. and Canada, $2.41 billion
- Europe, Middle East and Africa, $1.74 billion
- Asia Pacific, $1.95 billion
- Latin America, $1.40 billion
ALSO READ: BP Earnings Hurt by Russian Sanctions
DuPont Chair and CEO Ellen Kullman said:
In the third quarter, we improved our operating margins in five of seven segments and grew operating earnings per share 20 percent, despite a weaker Ag environment and sluggish economic growth in most of the world. Our increase in margins in a slow growth environment reflects the momentum we are building as we execute our plan, which is driving new products, portfolio enhancements and a broad initiative to redesign our operating model with a smaller cost base and a simplified support structure. We are positioning DuPont for our next stage of growth, while increasing returns to our shareholders.
On October 10, Jefferies upgraded DuPont to a Buy rating from Hold and raised its price target to $84 from $72.
Shares of Du Pont closed Monday down 1.6% at $67.88. Following the earnings report, the initial reaction in the premarket has been positive and shares were up less than 1% at $68.00.
The stock has a consensus analyst price target of $71.88 and a 52-week trading range of $59.35 to $72.92. The market cap is $62 billion.
Essential Tips for Investing (Sponsored)
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
