DuPont revises full-year e.p.s. to $3.87 to $3.95
by Eric Schroeder
WILMINGTON, DEL. — E.I. du Pont de Nemours and Co. has revised its 2011 full-year earnings outlook to a range of $3.87 to $3.95 earnings per share, excluding significant items, which represents an 18% to 20% increase from 2010 earnings. The new earnings outlook compares to an Oct. 25 outlook when the company said it expected full-year 2011 earnings in a range of $3.97 to $4.05 per share, excluding significant items.
“We are seeing slower growth in certain segments during the fourth quarter, driven by global economic uncertainty,” said Ellen Kullman, chairman and chief executive officer. “This uncertainty is contributing to ongoing conservative cash management in some supply chains.”
DuPont said the earnings revision reflects destocking across polymers and certain industrial supply chains that has accelerated during the fourth quarter. Additionally, consumer electronics demand has softened, housing and construction markets remain weak, and other markets remain as expected, the company said.
“We continue to drive our aggressive productivity initiatives, and, with customer inventories at very low levels, we are staying close to our customers to assure that we are ready to respond when demand returns,” Ms. Kullman said.
DuPont also issued guidance for fiscal 2012. At a projected range of $4.20 to $4.40 per share, e.p.s. would be up 7% to 12% versus the 2011 guidance midpoint.