Updated from 6:19 a.m. EDT
DuPont
(DD) - Get DuPont de Nemours, Inc. Report
said first-quarter earnings fell 59% to $489 million, or 54 cents a share, as strong results in agriculture and nutrition, and its pharmaceuticals division, were partially offset by a "severe decline" in global industrial demand.
Sales at the chemicals company in the quarter fell 17% to $7.27 billion from $8.77 billion.
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Analysts surveyed by Thomson Reuters expected Dupont to earn 52 cents a share in the first quarter.
The company said it revised its earnings outlook lower to a range of $1.70 to $2.10 a share on expectations of continuing difficult market conditions "with the exception of global agriculture markets." It previously expected to earn $2 to $2.50 a share.
Analysts expect 2009 earnings of $1.88 a share.
DuPont also said it plans to increase its efforts to cut fixed costs by $1 billion, up from $730 million.
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