23 July 2008 14:53 [Source: ICIS news]
TORONTO (ICIS news)--JP Morgan has raised its 2008 and 2009 earnings per share (EPS) estimates for DuPont to reflect the company’s better-than-expected second-quarter results and strength in its agricultural business, it said on Wednesday.
JP Morgan raised its 2008 EPS estimate for DuPont to $3.60, from $3.55, and it raised its 2009 EPS estimate to $4.05, from $4.00 (€2.52) previously.
DuPont’s second-quarter EPS from operations of $1.11 was up 7 cents from the 2007 second quarter and beat analysts’ expectation, JP Morgan said.
The company achieved the improvement despite sharply rising raw material costs, poor domestic auto and housing markets, a near-recession in the ?xml:namespace>
An important driver was DuPont’s agricultural business which increased profits 18% on 23% sales growth, they said.
The company lost no
“DuPont’s agricultural operation is closing the gap with Monsanto,” it added.
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