DuPont Blows Past Estimates (DD)

Wilmington, Delaware based E.I. du Pont de Nemours and Company (NYSE: DD) released financial results on Tuesday morning that easily beat Wall Street estimates, as the company reported that all of its business segments enjoyed double digit growth.

E.I. du Pont de Nemours and Company (DD) announced that its 2nd quarter net income jumped to $1.16 billion, or $1.26 per share, up from $417 million, or 46 cents per share, a year earlier.

Excluding special items, DuPont reported earnings of $1.17 per share.

DuPont reported that its revenue surged 26% to $8.6 billion.

According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 93 cents per share, on revenue of $8.23 billion.

Chair and CEO Ellen Kullman said, "DuPont's global team worked closely with customers, applying the breadth and depth of our science capabilities to meet market needs. We grew sales across every segment. Several businesses, including electronics and titanium dioxide, delivered results that far exceeded pre-recession levels. We continue to hit our productivity and cost-control targets, and remain highly disciplined in creating operating leverage to further grow the company."

DuPont raised its full year adjusted earnings forecast to a range of $2.90 to $3.05 per share, up from its previous forecast of $2.50 to $2.70 per share.

E.I. du Pont de Nemours and Company closed the previous trading day at $38.99 per share. The consensus price target of analysts covering the company's stock is $43.21 per share.

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