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News > Companies
DuPont to take 2Q charge
June 29, 2000: 9:51 a.m. ET

Dow component boosts litigation reserves to defend fungicide lawsuits
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NEW YORK (CNNfn) - DuPont disclosed Thursday that it will take a $60 million after-tax charge in the second quarter to increase litigation reserves associated with lawsuits over a recalled fungicide.

The Wilmington, Del.-based chemicals manufacturer, a component of the Dow Jones industrial average, said the one-time, non-cash charge would total 6 cents per share. The company did not release specific earnings estimates for the quarter.

Analysts polled by First Call have anticipated DuPont (DD: Research, Estimates) would earn 88 cents per diluted share in the March-June quarter, up from 78 cents per share in the year-earlier period. Those estimates generally exclude one-time charges and gains.

In early Thursday trading, DuPont shares slipped 27/32 to 45-1/4.

graphicThe company said that based on recent court rulings, plaintiffs' attorneys are seeking to reopen a number of previously settled cases related to the Benlate 50 DF fungicide, an agricultural product that ultimately was recalled.

"We will vigorously defend those cases," DuPont spokeswoman Kathy Forte said Thursday.

The company also took a 6-cent per share charge in the fourth quarter of 1997 associated with the fungicide recall.

DuPont's second-quarter earnings are scheduled for release July 26. Back to top

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