MOSCOW (MRC) -- DuPont Co. said its first-quarter earnings fell 57% as the chemicals and agricultural-products company reported that growth in most of its businesses was offset by harsh weather and shifts in agriculture, said The Wall Street Journal.
The bottom line also was impacted by the sale of its performance coatings business last year, which had contributed nearly USD2 billion of income for the year-earlier period. In the latest quarter, earnings from the company's remaining operations rose 4.2%.
DuPont said that in the latest period, adverse weather reduced per-share earnings by an estimated seven cents owing to increased operating costs and lost sales.
In its agriculture business, volume growth in the Americas was constrained by shifts in the timing and planted area as well as harsh weather. However, volume improved in each of DuPont's industrial-related segments.
In the latest quarter, the agricultural business reported sales fell 6% to USD4.39 billion.
The Wilmington, Del.-based company is shifting away from lower-growth commodity businesses toward higher-growth areas, such as nutritional products and agriculture. As part of the effort, DuPont last year said it plans to spin off its performance chemicals segment - best known for materials in nonstick frying pans and house paints.
DuPont reported a profit of USD1.44 billion, down from USD3.35 billion, a year earlier. Excluding expenses related to the separation of the performance-chemical business, year-earlier customer-claims-related charges, tax impacts and other items, adjusted earnings rose to USD1.58 from USD1.56. Revenue decreased 2.7% to USD10.1 billion.
DuPont, is an American chemical company that was founded in July 1802. DuPont developed many polymers such as Vespel, neoprene, nylon, Corian, Teflon, Mylar, Kevlar, Zemdrain, M5 fiber, Nomex, Tyvek, Sorona and Lycra. DuPont developed Freon (chlorofluorocarbons) for the refrigerant industry, and later more environmentally friendly refrigerants. It developed synthetic pigments and paints including ChromaFlair.
MRC