DuPont reports third-quarter profit

Tuesday, October 26th 2004, 9:19 am
By: News On 6

WILMINGTON, Del. (AP) _ DuPont Co. reported a third-quarter profit Tuesday, saying higher sales volumes and local selling prices offset a sharp increase in the cost of energy and raw materials.

The Wilmington-based chemical giant reported net income of $331 million, or 33 cents per share, compared to a loss of $873 million, or 88 cents, in the third quarter of 2003.

Excluding special items, the company posted earnings of $253 million, or 25 cents per share.

The consensus estimate of analysts surveyed by Thomson First Call was 24 cents per share.

The company said net sales dropped 7 percent to $5.7 billion from $6.1 billion because of portfolio changes, including the divestiture of its Invista textiles and interiors unit after the consolidation of DuPont Dow Elastomers.

For the nine-month period ending Sept. 30, Dupont reported net income of $1.5 billion, or $1.49 per share, up from $337 million, or 33 cents per share, for the corresponding period last year. Revenue for the nine months rose to $21.3 billion from $20.5 billion.

The company reaffirmed its full-year earnings outlook of $2.25 to $2.35 per share, excluding special items.

``For the third consecutive quarter, DuPont has achieved strong growth in revenue, earnings and cash despite the sharp rise in energy and raw material costs,'' said chairman and chief executive officer Charles Holliday Jr. ``The employees of DuPont delivered solid results, and I am very pleased with the progress we are making.''