DuPont Beats Targets

DuPont (DD Quote) beat first-quarter targets and reaffirmed full-year guidance.

The Wilmington, Del., chemicals giant made $945 million, or $1.01 a share, for the quarter ended March 31, up from the year-ago $817 million, or 88 cents a share. Excluding certain items, latest-quarter earnings were $1.07 a share. Sales rose 6% from a year ago to $7.85 billion.

Analysts surveyed by Thomson Financial were looking for a profit of $1.03 a share on sales of $7.77 billion.

DuPont said strong seed sales and growth internationally more than offset lower volumes in the U.S. housing and automotive markets.

"We're off to a solid start in 2007," said CEO Charles O. Holliday Jr. "We continue to improve operating margin and return on capital as we deliver on our growth strategies and productivity initiatives. Our results highlight the benefits of our global presence and diversified businesses."

The company said it expects to make $3.15 a share for the year, in line with the $3.18 analyst estimate.