DuPont 2Q Profit Climbs 3.9%
WILMINGTON, Del. (AP) — DuPont Co. (DD) on Tuesday reported net income that climbed by 3.9 percent in its second quarter, matching analyst expectations.
Shares of the Wilmington, Delaware, company jumped before markets opened and after it released results.
DuPont said profit increased to $1.07 billion, or $1.15 per share, from $1.03 billion, or $1.11 per share, in the same quarter a year earlier.
Earnings, adjusted for non-recurring costs, were $1.17 per share. The average per-share estimate of analysts surveyed by Zacks Investment Research was for profit of $1.17.
The company said revenue decreased 1.4 percent to $9.71 billion from $9.84 billion in the same quarter a year earlier, and missed Wall Street forecasts. Analysts expected $10.02 billion, according to Zacks.
The chemical giant booked a $263 million charge in the quarter tied to severance payments and other costs from the separation of its performance chemicals segment and a push to improve productivity. It also recorded a $391 million gain from the sale of a business.
DuPont said its board approved a 2-cent increase in the quarterly dividend it pays shareholders. The new payout of 47 cents per share is payable Sept. 12 to shareholders of record on Aug. 15.
Company shares rose more than 4 percent, or $2.78, to $68.32 in premarket trading. The stock had climbed only 57 cents, or less than 1 percent, to $65.54 since the beginning of the year, as of Monday's market close. The Standard & Poor's 500 index has climbed 6.8 percent over the same span.