Wilmington, Delaware
April 10, 2008
DuPont raised its first
quarter 2008 earnings estimate yesterday to about USD 1.29 per
share, compared to its previous outlook of USD 1.14 to USD 1.19
per share which was provided March 14. This represents more than
20 percent growth in earnings in the first quarter. Last year,
the company reported first quarter earnings of USD 1.01 per
share, including a USD .06 special item charge.
Higher first quarter 2008 earnings compared to last year reflect
strong growth in DuPont’s agriculture businesses combined with
rapid growth in emerging markets. The strength in the first
quarter is expected to more than offset continued weakness in
U.S. construction and automotive markets. In addition, price and
productivity gains, along with favorable currency effects, are
expected to overcome the impact of significantly higher raw
material costs.
For the first half of 2008, DuPont expects earnings growth of
about 10 percent, with second quarter earnings about equal to
2007 at USD 1.05 per share. DuPont also raised the lower end of
its full-year 2008 earnings outlook by five cents to a range of
USD 3.40 to USD 3.55 per share. The company expects that slowing
in U.S. markets, including housing and automotive, will offset
growth in agriculture and other markets outside the United
States.
“Growth in agriculture and emerging markets, along with
continued cost productivity gains, are enabling us to overcome
challenges in certain U.S. markets and higher cost ingredients,”
said DuPont Chairman & CEO Chad Holliday. “While the
macroeconomic outlook remains difficult to predict, we are
focused on our priorities to capitalize on rising global demand
for our products; further penetrate key markets in the world’s
rapidly growing geographies; and extend our productivity
improvement programs.”
DuPont will report first quarter 2008 financial results on April
22. |
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