25 October 2011 17:08 [Source: ICIS news]
HOUSTON (ICIS)--DuPont sees a slow recovery continuing in ?xml:namespace>
“While there are issues of unemployment and weak consumer confidence, there are also some positive signs, such as rising retail and automotive sales,” she told analysts during the US-based chemical company’s third-quarter results conference call.
US personal savings rates have normalised, and industrial production in the manufacturing sector is growing, Kullman added.
Meanwhile, DuPont’s expectations for
Overall, the recovery in Europe is slow, with parts of the region “in or near recession”, she said, noting the exception of
“Our own results for the third quarter indicate a very mixed bag,” Kullman added.
DuPont’s sales volumes in western Europe were down, but its volumes in “developing Europe”, as well as in the Middle East and
Finally, DuPont remains “positive on
“We expect a soft landing in
“There are certainly pockets of concern, such as inflation and currency effects, although these are outweighed by the positive impact of growing local demand,” Kullman added.
Earlier on Tuesday, DuPont reported that its third-quarter net income increased by 23% year on year to $452m (€325m).
DuPont’s third-quarter sales were up 32%, to $9.2bn, compared with the same period last year. However, on a sequential comparison, third-quarter sales were down from $10.3bn in the second quarter of this year, and from $10.0bn in the first quarter of 2011.
Hassan Ahmed, head of research at New York-based equity research firm Alembic Global Advisors, said DuPont’s third-quarter volume growth appeared to be relatively weak.
“The company managed to grow volumes by a meagre 1% with volume declines in the
He pointed out that pricing across the company was up 15%: “Tepid volumes, in our view, were not offset by stellar pricing gains.”
DuPont’s share price was down marginally 0.02% to $46.08/share in Tuesday morning trading on the New York Stock Exchange at 11:02 local time.
($1 = €0.72)
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