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DuPont raises 3Q guidance
Chemical maker says lower tax bill will allow it to beat top analysts forecasts for period.
October 3, 2002: 9:00 AM EDT

NEW YORK (CNN/Money) - DuPont Co. said Thursday it will top the most optimistic Wall Street forecasts for the third quarter earnings, citing lower-than-expected taxes for most of the improvement.

The chemical maker said it expects to earn 35 cents to 37 cents a share excluding special items, up from 12 cents on the same basis a year earlier. Analysts surveyed by First Call had a consensus EPS forecast of 28 cents, ranging from 24 cents to 33 cents.

The company had previously said it expected to earn 24 cents a share in the period.

The nation's No. 2 chemical company said a lower provision for income taxes is the reason for most of the upward change in guidance. It said it is also seeing a modest improvement in pre-tax operating results.

Shares of DuPont (DD: Research, Estimates), a component of the Dow Jones industrial average, were up 98 cents to $38.33 in pre-market trading on Instinet following the announcement. Shares lost $2.32, or 6 percent, Wednesday following an earnings warning from No. 1 chemical company Dow Chemical (DOW: Research, Estimates).  Top of page




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