|
DuPont 4Q sinks
|
 |
January 23, 2002: 7:38 a.m. ET
But No. 1 chemical manufacturer still tops Wall St. forecasts.
|
NEW YORK (CNN/Money) - DuPont's profits tumbled 77 percent in the fourth quarter as sales got hurt by sluggish demand for chemicals and plastics, but the nation's No. 1 maker of chemicals still managed to top Wall Street forecasts.
DuPont (DD: Research, Estimates) said it earned 12 cents a share excluding one-time items in the quarter, down from 47 cents a share a year earlier. Analysts on average anticipated a profit of 11 cents a share, according to earnings tracker First Call.
Sales tumbled 17 percent to $5.2 billion from $6.3 billion.
The company forecast that earnings in the current quarter would be down from a year earlier but said full-year results would rise.
"In 2001, we restructured to meet current and future challenges," said Chief Executive Charles Holliday Jr. "Clearly, more remains to be done."
The chemical industry has been battered by a manufacturing recession and excess inventory.
Including gains from the sale of DuPont Pharmaceuticals, the company earned $3.82 a share in the fourth quarter.
DuPont said it expects 2002 earnings per share, before unusual items, to be up from 2001, despite tough economic conditions lasting through at least the current quarter. Analysts' consensus earnings forecast for 2002 is $1.65 a share. Excluding one-time items, DuPont earned $1.19 a share in 2001.
DuPont stock fell 24 cents to $40.44 Tuesday. 
Reuters contributed to this report.
|
|
|
|
|
|
|
