DuPont Profit Tumbles Despite Growth

By Tess Stynes 

DuPont Co. said its first-quarter earnings fell 57% as the chemicals and agricultural-products company reported that growth in most of its businesses was offset by harsh weather and shifts in agriculture.

DuPont said that in the latest quarter, adverse weather reduced per-share earnings by an estimated seven cents owing to increased operating costs and lost sales.

In its agriculture business, volume growth in the Americas was constrained by shifts in the timing and planted area as well as harsh weather. However, volume improved in each of DuPont's industrial related segments.

In the latest quarter, the agricultural business reported sales fell 6% to $4.39 billion.

The Wilmington, Del.-based company is shifting away from lower-growth commodity businesses toward higher-growth areas, such as nutritional products and agriculture. As part of the effort, DuPont last year said it plans to spin off its performance chemicals segment--best known for materials in nonstick frying pans and house paints.

DuPont reported a profit of $1.44 billion, or $1.54 a share, down from $3.35 billion, or $3.58 a share, a year earlier. Excluding expenses related to the separation of the performance-chemical business, year-earlier customer-claims-related charges, tax impacts and other items, adjusted earnings rose to $1.58 from $1.56. Revenue decreased 2.7% to $10.1 billion.

Analysts polled by Thomson Reuters expected per-share profit of $1.59 and revenue of $10.45 billion.

The company also affirmed its 2014 earnings outlook.

Write to Tess Stynes at [e-mail]

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