DuPont reports Q4 earnings decline on slack demand, growth spending
APDOVER, Delaware--Soft demand for a key industrial pigment and solar energy products, coupled with increased spending on growth initiatives, led to a sharp drop in the DuPont Co.'s fourth-quarter income.
January 24, 2013, 12:03 am TWN
But the results reported Tuesday still beat the consensus estimate of Wall Street analysts of 7 U.S. cents per share on revenue of US$7.2 billion, according to FactSet. And the company forecast higher operating earnings for 2013.
DuPont's shares rose 83 cents, or 1.8 percent, to close at US$47.82 Tuesday. They are still down 11 percent from their high for the past year of US$53.98 set last May.
DuPont Chairwoman and CEO Ellen Kullman said the company is stronger than it was a year ago, having recorded nearly 2,300 new product introductions in 2012, an increase of 30 percent.