DuPont Revenue Rises, Boosts Profit Forecast

Chemical giant DuPont Co., looking to wrap up its merger with Dow Chemical Co., boosted its profit outlook for the year as it reported higher sales from its agriculture and performance materials segments in the latest period.

"We continue to work constructively with regulators in key jurisdictions to close the merger as soon as possible," Ed Breen, DuPont's chief executive, said in prepared remarks.

The European Union's antitrust authority earlier this month set a new date of February 2017 to complete its review of the merger.

"In the event that regulators in those jurisdictions use their full allotted time, closing would be expected to occur in the first quarter of 2017," Mr. Breen said.

The company said Tuesday it now sees adjusted earnings coming in at $3.25 a share, compared with its prior guidance range of $3.15 to $3.20.

In the September quarter, DuPont's agriculture sales rose 2% to $1.12 billion, as sales from performance materials, its largest segment, also increased 2%, to $1.33 billion. Both segments were helped by 4% higher volume.

Over all, DuPont earned $2 million, compared with $235 million a year ago. On a per-share basis, the company broke even in the quarter, compared with a 26 cent-a-share profit in the year-prior period.

Excluding certain items, the company earned 34 cents a share, up from 13 cents a year ago. Analysts surveyed by Thomson Reuters had forecast 21 cents a share.

DuPont's sales in the quarter rose 1% to $4.92 billion. Analysts projected $4.87 billion in sales.

Shares, which have risen 16% in the past three months, were unchanged premarket.

Write to Joshua Jamerson at [e-mail]

(END) Dow Jones Newswires

October 25, 2016 07:15 ET (11:15 GMT)

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