DuPont (DD) - Get Report warned that its earnings for the year will miss estimates. The company said it now expects earnings to be $2.85 to $2.95 a share before items, falling below the First Call/Thomson Financial 16-analyst estimate of $3.01. It blamed the shortfall on substantially higher-than-expected increases in energy and raw materials costs.
The revised earnings outlook follows guidance in April stating expected underlying EPS growth of 17% to 20% for fiscal 2000. In July, the company warned that high raw material costs would cuts second-half earnings by 20 to 25 cents a share.
In preopen trading, the stock was down $4.50 to $42.50, after closing yesterday at $47 in the regular trading session.