DuPont (DD) Tuesday reported lower profits for Q1 ended March 31, albeit better than analysts’ forecast, as sales dropped year-over-year due to impacts from currency, portfolio changes, and near-term industry-wide challenges in agriculture and performance chemicals.
The chemical company said operating earnings were $1.2 billion, or $1.34 per share, a decrease from last year’s $1.5 billion, or $1.58 per share, but came in ahead of the mean estimate of $1.31 provided by Capital IQ. Income on a GAAP basis stood at $1 billion, or $1.13 per share, also down from $1.4 billion, or $1.54 per share, in 2014.
Sales for the quarter totaled $9.2 billion, down 9% versus the prior year and reflective of sharp decreases in the firm’s operations in the EMEA region and Latin America. The average analyst estimate was for $9.4 billion, according to the Capital IQ survey.
Given a weak quarter, the company expects to be at the low end of its previously provided 2015 operating EPS guidance range of $4.00-$4.20.
The firm will be paying a quarterly dividend of $0.49 per common share, up 4% from the prior quarter’s payout, on June 12 to stockholders of record at the close of business on May 15.
The stock was inactive in the pre-market session on Tuesday but was moderately lower Monday after market hours, in a 52-week range of $63.70 - $80.65.
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