This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

DuPont Announces $1 Billion Share Buyback Program









WILMINGTON, Del., Dec. 11, 2012 /PRNewswire/ -- DuPont today announced that its board of directors has authorized a share repurchase program for $1 billion of the company's common stock.  This program, expected to be completed in 2013, is subject to receiving the proceeds from the Performance Coatings divestiture.  The company also updated 2012 earnings guidance to be at the high end of the previous range of $3.25 to $3.30 per share on a continuing operations basis, excluding significant items. 

"Our fourth quarter performance is as expected and at the high end of our previous guidance.  I am pleased that our board authorized a significant stock repurchase program.  This program reflects our confidence in the underlying fundamentals of our business as well as our commitment to deliver value to our shareholders.  The buyback delivers meaningful near-term value with the remaining proceeds from the divestiture providing us the ability to further strengthen our balance sheet, preserving our flexibility to invest in selective growth opportunities," said Ellen Kullman, Chair and CEO of DuPont. 

The company also announced its current outlook for 2013 earnings to grow low- to mid-single digits with sales growing in the low-single digits.  The outlook reflects the view that all of the company's segments will deliver solid earnings growth versus 2012, except for Performance Chemicals, which is expected to be down substantially with margins decreasing six to seven percentage points in 2013.  Excluding Performance Chemicals, the company would expect earnings growth of at least high-teens in 2013 versus 2012.

"While we are seeing indications that market conditions are firming up in some areas, volatility and uncertainty also persist," said Kullman.  "Our current outlook calls for our 2013 earnings to grow low- to mid-single digits over 2012 as the investments we are making in agriculture and nutrition, industrial biosciences and advanced materials continue to deliver results offset by the weakness in titanium dioxide markets.  We will provide more specific guidance with our fourth quarter earnings report."

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,098.45 +18.88 0.11%
S&P 500 2,003.37 +6.63 0.33%
NASDAQ 4,580.2710 +22.5760 0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs