Reuters: Global Markets: DuPont says wet spring to hit operating profit

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DuPont says wet spring to hit operating profit Jun 13th 2013, 13:39 Tweet Share this Email Print Related News Guess forecasts strong sales this quarter; shares rise Thu, May 30 2013 UPDATE 4-Deere lowers sales outlook; shares fall Wed, May 15 2013 Related Topics Hot Stocks » Asian Markets » A view of the Dupont logo on a sign at the Dupont Chestnut Run Plaza facility near Wilmington, Delaware, April 17, 2012. Credit: Reuters/Tim Shaffer Thu Jun 13, 2013 9:39am EDT (Reuters) - Chemical maker DuPont (DD.N) said its operating profit would fall more than it expected in the first half of the year as a wet spring in North America and Europe hurt its agriculture business, sending its shares down 1.5 percent. Dupont is focusing on food and agricultural products to cut its dependence on a weakening market for paint pigments. The company expects its first-half operating earnings per share to be about 10 percent below last year, Chief Financial Officer Nicholas Fanandakis said in a statement on Thursday. The company had forecast a 7 to 9 percent fall in April. "Unseasonably cool, wet weather across North America and Europe is impacting our agriculture and nutrition and health segments' second-quarter revenues and costs," Fanandakis said. The company also expects full-year operating earnings to be at the low end of its forecast of $3.85 to $4.05 per share. DuPont's agricultural business accounted for 45 percent of its first-quarter revenue of $10.4 billion. The company will report second-quarter results on July 23. The stock was trading at $53.43 on the New York Stock Exchange on Thursday morning. (Reporting by Swetha Gopinath in Bangalore; Editing by Don Sebastian) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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