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DuPont profit falls on energy costs

Chemical maker DuPont Co. said Tuesday its second-quarter profit declined on higher energy costs with essentially flat sales.
/ Source: The Associated Press

Chemical maker DuPont Co. said Tuesday its second-quarter profit declined 4 percent on higher energy costs and lower revenue.

Net income dropped to $975 million, or $1.04 per share, compared with $1.02 billion, or $1.01 per share, during the same period last year. Excluding significant items, earnings were $1.01 per share in the most-recent quarter compared with 90 cents per share in the prior year.

This year’s results were hurt by higher energy and ingredient costs, the company said. Better local pricing and increased volumes offset a significant portion of increased raw material costs.

On average, analysts polled by Thomson Financial expected earnings of 93 cents per share.

Revenue dipped 3 percent to $7.84 billion from $8.12 billion in the year-ago period. Analysts expected revenue of $7.85 billion in the latest quarter.

Wilmington-based DuPont maintained its full-year earnings outlook of about $2.85 per share, excluding significant items of 2 cents per share. Analysts expect earnings of $2.86 per share.

“While we expect challenges, we are determined to deliver significantly higher earnings in the second half compared to last year,” said Charles O. Holliday Jr., DuPont’s chairman and chief executive officer. “Our first half performance provides more positive momentum for our company.”