DuPont shares fell 1.7% in premarket trading as the specialty materials and chemicals company reported second-quarter earnings and sales that beat expectations, but provided a bleak outlook for the third quarter.
Second-quarter net income rose to $787 million, or $1.55 per share, including 85 cents per share from discontinued operations, from $478 million, or 90 cents per share, a year ago.
Stripping out one-time items, adjusted earnings per share came in at 88 cents versus estimates of 75 cents.
Sales rose 7% to $3.32 billion, beating estimates of $3.26 billion.
The company expects Q3 sales to be slightly lower than Q2 as volume increases are expected to be offset by currency effects and the absence of Biomaterials sales contribution, as well as the non- scheduled outage at Virginia plant;
Market estimates were for third-quarter revenue of $3.39 billion, up 2.1%.
For 2022, DuPont lowered its earnings per share estimates to $3.27-$3.43 from $3.20-$3.50.
Source: Capital
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