E.I. du Pont de Nemours and Co. (NYSE: DD) reported first-quarter 2015 earnings Tuesday before markets opened. The chemical giant posted adjusted operating earnings per share (EPS) of $1.34 on revenues of $9.17 billion. In the first quarter of 2014, the company reported EPS of $1.58 on revenues of $10.13 billion. Consensus estimates from Thomson Reuters called for EPS of $1.31 on revenues of $9.41 billion.

EPS includes a $0.25 per share negative impact from the effects of currency exchange rates. On a GAAP basis, DuPont’s first quarter EPS was $1.13 compared with $1.54 in the first quarter a year ago.

The company’s board approved a 4% increase in the quarterly dividend from $0.47 per share to $0.49 effective in the second quarter.

CEO Ellen Kullman said:

The spin-off of Chemours is on track for the middle of this year, and we expect to return to shareholders substantially all of the approximately $4 billion of one-time dividend proceeds within 12 to 18 months of the separation, a portion of which will occur before the end of 2015. Following the separation, DuPont will be fully focused on three highly attractive strategic focus areas where our science and engineering capabilities can deliver the greatest value for shareholders.

DuPont estimates an approximately $0.80 per share negative currency impact in 2015, up from the January 23 estimate of $0.60 per share. The company also now anticipates that the “operational redesign” will deliver savings of approximately $0.40 per share in 2015.

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DuPont now expects to be at the low end of its previously communicated outlook range of $4.00 to$4.20 operating earnings per share for 2015. The outlook does not include the planned separation of the company’s performance chemicals division (Chemours) or the impact of the expected return of capital related to the separation.

Analysts are calling for second-quarter EPS of $1.36 on revenues of $9.54 billion. The current full-year EPS estimate is $4.05. Full-year revenue is estimated to come in at $34.17 billion.

Shares closed at $72.84 on Monday evening, up 1.8% for the day in a range of $63.70 to $80.65. Thomson Reuters had a consensus analyst price target of $75.00 before the report.

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