New York, NY, United States (4E) – DuPont reported Tuesday that third-quarter profits topped analysts’ forecasts as the chemicals giant benefited from broad-based growth in volume.
Profit was at $285mn, or 30 cents per share, in the previous quarter, from a $5mn profit, or break-even per share, in the previous year. Last year’s earnings were hit by restructuring and other charges.
Excluding some items, DuPont earned 45 cents per share, beating the average estimate of 41 cents by 19 analysts in a survey by Bloomberg News.
Among the entries that DuPont excluded from its adjusted earnings per share include expenses to settle an antitrust claim related to titanium dioxide, reimbursement costs for affected customers whose trees were damaged by Imprelis herbicide and some costs linked to employee retirement.
Revenue rose 4.7 percent to $7.74bn, narrowly missing analysts’ forecast of $7.78bn. Overall volumes climbed 9 percent, although the company said the data was up against a weak comparison.
Sales in the U.S. and Canada rose 3 percent to $2.55bn, while Asia-Pacific sales climbed 3 percent to $1.94bn, according to the company. Revenue in Europe, Middle East and Africa region jumped 10 percent to $1.81bn and sales in Latin American advanced 4 percent to $1.43bn.
DuPont affirmed its operating earnings forecast for the full year of around $3.85 per share, meaning per-share earnings in the fourth quarter would be around 56 cents per share, one cent higher than the average estimate of 19 analysts polled by Bloomberg.