E. I. du Pont de Nemours and Co. (NYSE: DD) reported second-quarter earnings this morning, and like many other global companies, took a hit from the strong dollar and the sorrowful global economy. DuPont posted adjusted earnings per share (EPS) of $1.48 versus a consensus estimate of $1.46. Revenue came in at $11.28 billion, compared with an estimate of $11.27 billion. Of that revenue, $11 billion came from sales and the rest from other income, including a one-time gain from an equity investment valued at $122 million.
The company’s CEO had this to say about the full fiscal year:
DuPont expects full-year earnings to be toward the lower end of its existing outlook range of $4.20 to $4.40 per share, excluding significant items, due to uncertainties associated with macros and currency as well as a higher tax rate related to earnings mix.
The current full-year EPS estimate is $4.25. Full-year revenue is estimated to come in at $41.24 billion. In the first six months of the year, DuPont has posted total revenues of $22.54 billion.
Currency exchange effects cost DuPont 3% of second-quarter sales, which the company was able to more than offset with higher prices and what DuPont called “portfolio changes,” amounting to a gain of 11% over 2011 second-quarter sales.
Shares of DuPont are down 0.4% at $48.50 in premarket trading this morning. The 52-week range is $37.10 to $57.50.
Paul Ausick
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