DuPont raises full-year outlook, first-quarter results beat forecast
(Reuters) - DuPont's (DD.N: Quote) first-quarter results beat Wall Street estimates and the chemicals and seed producer raised its full-year guidance as it sees lower currency impact than expected.
The company said its global cost savings and restructuring plan is on track and that it still expects savings of $730 million this year.
"Solid execution, local price and product mix gains, and higher corn area led to a strong start to the year for our Ag business," Chief Executive Ed Breen said.
The company, which plans to merge with Dow Chemical Co (DOW.N: Quote), now expects operating earnings of $3.05-$3.20 per share, up from $2.95-$3.10 per share it estimated earlier.
DuPont now expects the negative currency impact for the year to be about $0.20 per share, 10 cents lower than estimated earlier.
Net income attributable to the company rose nearly 19 percent to $1.23 billion, or $1.39 per share, in the first quarter.
On an operating basis, the company earned $1.26 per share.
Net sales fell 5.5 percent to $7.41 billion, but was above average analysts estimate of $7.19 billion, according to Thomson Reuters I/B/E/S.
DuPont and Dow Chemical agreed in December last year for a $130 billion all-stock merger, in a first step towards breaking up into three separate businesses. Continued...