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DuPont 4Q earnings slip
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January 27, 1999: 10:21 a.m. ET
Net from continuing operations dips 8% but exceeds analysts' estimates
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NEW YORK (CNNfn) - DuPont Co. blames lower chemical prices and a negative impact from currency fluctuations for a fourth-quarter decline in operating earnings, and suggests that more tough times are ahead for the next several quarters.
The company says earnings from continuing operations declined to $682 million, or 60 cents a diluted share, from $749 million, or 65 cents, a year earlier. The earnings were 2 cents above the 58 cents a share consensus of analysts' estimates compiled by First Call.
Sales for the three months rose 6 percent to $6.46 billion.
"Our view of the global economy suggests several more quarters of low volume growth and continued price pressure," Chairman Charles Holliday says. "Lower raw material costs and more favorable currency comparison. combined with results from our productivity focus should all contribute to our ability to weather this cycle more favorably than in the past."
Including non-recurring items -- in particular, a gain in the latest quarter on the sale of its Conoco (COC) oil operations -- and discontinued operations, DuPont's fourth-quarter earnings climbed to $3.22 billion, or $2.82 a diluted share, from $262 million, or 23 cents.
For all of 1998, DuPont earned $4.48 billion, or $3.90 a diluted share, up from $2.41 billion, or $2.08. Revenue increased 3 percent to $25.75 billion.
DuPont shares were up 5/8 at 54-1/2 in early trading Wednesday. 
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DuPont
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