DuPont beats analysts' expectations in fourth quarter

23 Jan 2013

Profit at chemical and bioscience company DuPont took a dive in the fourth quarter, the company said yesterday, amid weakness in its performance chemicals and electronics and communications businesses, coupled with costs associated with attempts to jumpstart growth.

However, the results still beat analysts expectations triggering a 91 cents, or 1.9 per cent rise in share price  to $47.90 in pre market trading.

The company yesterday posted net income of $111 million for the quarter ending 31 December, or 12 cents per share, excluding significant items, as against a net income of $373 million, or 40 cents per share, for the fourth quarter of 2011.

Net sales for the quarter were at the same level as the prior month at $7.3 billion, offset partly by a negative currency impact as also a small reduction in shifts in DuPont's portfolio, according to the company.

The company also provided a 2013 earnings forecast that exceeded market expectations. The company added 2013 earnings per share would be between $3.85 and $4.05 with revenue expected at $36 billion.

The rosier guidance notwithstanding, DuPont chairman and CEO Ellen Kullman told CNBC, that 2013 was setting up to be a cautious year.