New Products to Boost DuPont's Revenue
NEW YORK (AP) — DuPont Co. expects its revenue to grow at least 15 percent this year, up from an estimate of 10 percent growth the chemical maker issued last fall.
Mark Vergnano, DuPont's executive vice president, delivered the revenue projection at an investors conference on Wednesday.
Based on sales of $26.11 billion last year, the forecast is for about $30.03 billion in sales. Analysts expect about $30.81 billion in sales, according to Thomson Reuters.
"In 2010, we are targeting 30 percent of our sales from new products introduced over the last four years," Vergnano said. "Our aggressive product launches are paying off; we're doing our market development work and we're moving faster. That's resulting in increased sales and profitability."
The company is targeting areas including: seeds, crop protection, photovoltaics and products for energy-efficient vehicles and buildings.
Vergnano noted year-to-date sales in its emerging markets are up 32 percent.
Last month, the company reported its net income nearly tripled in the second quarter as revenue surged in most of its businesses and it raised prices.
The Wilmington, Del., company also raised its earnings forecast for the year, saying it expects to continue to benefit from higher prices, growing sales and better efficiency.
DuPont shares fell $1.19, or 2.9 percent, to $40.57 in afternoon trading.