DuPont raises Q1 earnings outlook once again

10 April 2008 14:37  [Source: ICIS news]

TORONTO (ICIS news)--DuPont on Thursday raised its first-quarter earnings guidance for the second time this year on strong growth in its agricultural business, and despite weak US automotive and construction markets.

 

In addition, price and productivity gains, along with favourable currency effects, were expected to overcome the impact of significantly higher raw material costs, it said.

 

DuPont now expects first-quarter earnings per share (EPS) of $1.29, up from the $1.14-1.19 guidance it provided on 14 March.

 

The new EPS estimate reflects 20% growth from the 2007 first quarter.

 

"Growth in agriculture and emerging markets, along with continued cost productivity gains, are enabling us to overcome challenges in certain US markets and higher cost ingredients," said CEO Charles Holliday.

 

For the first half of 2008, DuPont expected earnings growth of about 10%, with second quarter EPS about equal to 2007 at $1.05, it said.

 

For the full year, DuPont raised the lower end of its earnings outlook by five cents to a range of $3.40-3.55/share, the company said.

 

Slowing in US markets, including housing and automotive, were expected to offset growth in agriculture and other markets outside the US, it said.

 

DuPont is scheduled to report first quarter results on 22 April.

 

($1 = €0.63)

By: Stefan Baumgarten
+1 713 525 2653

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