DuPont earnings fall sharply on weak TiO2 and electronics; Company to cut 1,500 jobs

摘要

DuPont reported net income of $13 million, down from $460 million in the year-ago quarter. Sales from continuing operations were $7.4 billion, 9% below last year, refecting volume declines in electronics and communications and performance chemicals, particularly in Asia, the company says. Reported third-quarter earnings from continuing operations excluding signifcant items were 32 cts/share, versus 60 cts/share in the prior year, and 30% below the median analyst estimate of 46 cts/share, as reported by Thomson Reuters (New York). Third-quarter results included charges of $519 million, compared with charges of $296 million in the year-ago quarter. The company also sharply cut its fourth- quarter 2012 and 2013 earnings outlook.