DuPont Earnings Fall on Charges

Dupont reported third-quarter earnings below a year earlier on hurricane-related charges.

Author:: Joseph Woelfel
Publish date:: Oct 21, 2008 6:46 AM EDT

DuPont

reported third-quarter earnings, including a hurricane-related charge of 16 cents a share, of $367 million, or 40 cents a share, below year-earlier earnings of $526 million, or 56 cents a share.

Excluding the charges, earnings in the quarter were 56 cents a share, topping the estimate of analysts of 51 cents a share.

Sales in the quarter rose 9% to $7.3 billion. Continuing growth in emerging markets, where sales increased 25%, contributed to 16% sales growth outside the U.S., the company said in a press release Tuesday.

DuPont said higher selling prices more than offset a 16% increase in raw material, energy and freight costs.

The company said it expects fourth-quarter earnings of 20 cents to 25 cents a share, which reflects hurricane-related charges of 10 cents a share and expected weakening demand in North American and Western European markets. DuPont also revised its full-year 2008 earnings outlook to a range of $3.25 to $3.30 a share, excluding items. The company previously provided a full-year earnings outlook of $3.45 to $3.55 a share.