Dupont (DD) turned in another good quarter.
Consolidated net sales increased 6 percent to $6.7 billion in the quarter driven by strength in Europe and Latin America.
Net income for the third quarter 2007 was $526 million, or $0.56 per share, including a $0.03 per share litigation charge. Third quarter 2006 net income was $485 million, or $0.52 per share, including a $0.03 per share benefit for insurance recoveries. The company’s Agriculture & Nutrition segments did especially well.
DuPont updated its outlook for full-year 2007 earnings per share from about $3.15 to a range of $3.15 to $3.20, excluding the $0.09 per share charge for significant items in the year-to-date results. For the fourth quarter 2007, the company expects strong sales growth outside the United States will continue to exceed the effect of lower demand from U.S. housing and auto markets.
DuPont’s 2008 outlook is positive. The company’s current outlook is to grow 2008 earnings per share about 5 to 10 percent from its anticipated 2007 earnings of $3.15 to $3.20 per share before significant items.
Guidance for 2008 seems light, but we will see how the market likes it.
Douglas A. McIntyre