DuPont warns on earnings as weather conditions hit ag business

13 June 2013 14:39  [Source: ICIS news]

HOUSTON (ICIS)--DuPont expects its earnings per share for the first six months of 2013 to come in lower than expected as unfavourable weather conditions in North America and Europe are hurting the company’s agriculture and nutrition segments, chief financial officer Nicholas Fanandakis said on Thursday.

"Unseasonably cool, wet weather across North America and Europe is impacting our Agriculture and Nutrition & Health segments' second-quarter revenues and costs," Fanandakis said at an investor conference.

"March to May 2013 has been the wettest spring in nearly 120 years across the farm belt states of Iowa, Illinois and Indiana," Fanandakis said.

As a result, DuPont expects its 2013 first-half operating earnings per share to be about 10% below last year. In April, the company had said it expected a 7%-9% year-on-year decline for the six months ending 30 June.

For the full year of 2013, DuPont expects operating earning per share to be at the low end of its guidance range of $3.85-$4.05/share. In 2012, DuPont recorded earnings per share of $3.77.

DuPont is scheduled to report its 2013 second-quarter financial results on 23 July.

By: Stefan Baumgarten
+1 713 525 2653

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly