MOSCOW (MRC) -- DuPont topped earnings expectations in second-quarter 2016, aided by its aggressive cost-reduction actions, said the company on its site.
The company saw higher profits across its operating segments in the quarter. On a reported basis, the Delaware-based company posted earnings from continuing operations of USD1.16 per share for the quarter, up from USD1.06 per share a year ago. Operating costs (as adjusted) fell 12% year over year in the quarter while adjusted corporate expenses went down 44%.
Barring one-time items, DuPont recorded adjusted earnings of USD1.24 per share in the reported quarter, topping the Zacks Consensus Estimate of USD1.10. The company saw unfavorable currency translation impact of 5 cents per share in the reported quarter.
DuPont raked in net sales of USD7,061 million in the quarter, down roughly 0.8% year over year. That beat the Zacks Consensus Estimate of USD7,048 million. Sales were affected by pricing pressure, currency headwinds (stemming from a stronger greenback) and impact of portfolio changes.
As MRC informed earlier, DuPont, on 9 June, opened its previously announced new Asean headquarters and technology center in Singapore. Yeoh Keat Chuan, Singapore Economic Development Board managing director, and Douglas Muzyka, DuPont senior v.p. and chief science & technology officer officially opened the office and technology center. The headquarters will house the administrative offices of DuPont businesses in agriculture and nutrition, biobased industrials and advanced materials, as well as nutrition and health laboratories.
DuPont is an American chemical company that was founded in July, 1802. The company manufactures a wide range of chemical products, leading extensive innovative research in this field. The company is the inventor of many unique plastics and other materials, including neoprene, nylon, Teflon, Kevlar, Mylar, Tyvek, etc. DuPont was the developer and main producer of Freon used in the production of refrigeration equipment.
MRC