Vladimír Urbánek (Kurzy.cz)
World markets  |  October 23, 2012 14:18:20

DuPont 3Q results to meet expectations, the company will lay off


American chemical industry leader, DuPont, 3Q of this year saw nearly 100 percent year on year decline in net profit of 452 million U.S. dollars to 10 or from 48 to 1 cent per share. Profit excluding some one-off items reached 32 cents compared to the expectations set in this regard, to 47 cents per share.
Total revenues in Q3 declined by 9.2% to 7.39 mld.USD when sales volume rose by 5% but realized prices fell by 1%. Currency effects reduced the final sales by 4%.

The deterioration was mainly due to decline in demand for color pigments for the automotive industry. Among other things, in this context, management announced that it plans to lay off about 1,500 employees per year, saving the cost of around 450 mill.USD. One half of this amount should cover automotive division dyes.Also contributed to the deterioration of general lower demand for one of the key ingredients in the form of white color pigment known as titanium dioxide.

Profitability of active chemicals division fell to 372 mill.USD, profit in the electronics division fell by 60% to 40 mill.USD.

The management estimates the new year's earnings from ongoing activities in the range of 3.25 to 3.30 per share compared to the originally estimated range at 4.2 to 4.4 per share. Average current market expectations moved at $ 3.91.

Shares of DuPont in response to the report fell by 4%. Since the beginning of the end to yesterday attributed the title 8 /, 7procentní evaluation.
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