Hurricanes Hit DuPont’s Q3 Net

Matt Hopkins Posted by Matt Hopkins|28 October 2008

With hurricane charges of US $0.16 per share offsetting increased international sales, DuPont Co. reported a 30% decrease in third-quarter net income. Reporting at $367 million, or 40 cents per share, company net income was down from $526 million, or 56 cents per share a year earlier. Consolidated net sales increased 9% to US $7.3 billion, reflecting 9% higher local selling prices, a 4% currency benefit, and 4% lower volume. Continuing growth in emerging markets, where sales increased 25%, contributed to 16% sales growth outside the US, which accounted for 68% of worldwide sales.

The company’s Agriculture & Nutrition sales grew 22%, reflecting strong demand in the southern hemisphere, and higher selling prices more than offset a 16% increase in raw material, energy, and freight costs. DuPont has lowered its full-year earnings forecast and sees profits this quarter below analysts’ expectations.

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