Chemical giant E.I. du Pont de Nemours & Co. (NYSE: DD) today announced that it expects full year EPS to be $3.87-$3.95. That is substantially lower than the previous estimate of $3.97-$4.05.
The company’s CEO said in a press release,
We are seeing slower growth in certain segments during the fourth quarter, driven by global economic uncertainty. This uncertainty is contributing to ongoing conservative cash management in some supply chains.
The company expects 2012 earnings to be higher, and will present its 2012 estimates next week.
DuPont laid the blame for the revision on lack of demand:
The earnings revision reflects destocking across polymers and certain industrial supply chains that has accelerated during the fourth quarter. Consumer electronics demand has further softened, and housing and construction markets remain weak.
The company noted that its agriculture and food business remain strong, and that sales in Latin America are showing “solid volume growth.”
Shares are getting hammered in pre-open trading, down more than -5%, at $44.24 in a 52-week range of $37.10-$57.00.
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