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DuPont lowers 2000 target
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October 25, 2000: 8:09 a.m. ET
Hits lowered 3Q profit forecast; Viacom posts surprising profit
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NEW YORK (CNNfn) - Chemical maker DuPont Co. met lowered earnings estimates for the third quarter Wednesday, although the company issued another earnings warning, this one about the full year results. Separately entertainment conglomerate Viacom Inc. posted an unexpected profit for the third quarter.
DuPont earned $727 million, or 51 cents a share, in line with First Call's forecast but down from the 59 cents a share from continuing operations in the year-earlier period. But it said it now believes the best it can do for the full year is $2.85 a share, compared with the $2.88 a share forecast from analysts surveyed by First Call.
The company issued a warning Sept. 7 that lowered its 2000 forecast from a $3.01 a share estimate.
Viacom, which bought television network CBS earlier this year, saw a profit of $33 million, or 2 cents a share, due principally to higher amortization of goodwill resulting from the merger. Analysts surveyed by First Call had forecast a loss of 2 cents a share in the period. The latest quarter compared with net earnings of $97 million, or 14 cents a share, a year earlier.
The entertainment conglomerate said it had record revenue of $6 billion, up from pre-merger revenue of $3.3 billion in the year earlier period, with ad sales from the hit CBS summer show "Survivor" contributing to the growth.
Shares of DuPont (DD: Research, Estimates) gained $2.44 to $43.13 Tuesday, while shares of Viacom (VIA.B: Research, Estimates) slipped 6 cents to $56.38. 
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