DuPont’s Profit Falls 3.4% on Weak Demand
DuPont Co.’s first-quarter profit fell 3.4% as the second-largest U.S. chemical maker cut prices and sold less paint, fibers and plastics.
Net income fell to $479 million, or 48 cents a share. Sales fell 10% to $6.14 billion, the seventh consecutive quarterly decline.
DuPont has eliminated thousands of jobs over the last year as sales of its chemicals, paints and fibers were hurt by slow consumer demand for cars, electronics, clothing and durable goods. First-quarter sales fell in DuPont’s divisions that make automobile paint and chemicals used in electronics, packaging and carpet fibers.
DuPont shares fell $1.51 cents to $44.84 in New York Stock Exchange trading, after earnings were released.
DuPont, based in Wilmington, Del., said it will restate results later this year, writing down the value of acquisitions, including its Pioneer Hi-Bred International seed business, by as much as $2.9 billion.
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