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DuPont tops estimates
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April 27, 1999: 10:03 a.m. ET
1Q earnings of 66 cents a share drop slightly from year-ago record
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NEW YORK (CNNfn) - DuPont Co. said Tuesday its operating profit slipped slightly in the first quarter after setting a record in the year-ago period, but the results easily beat Wall Street expectations nevertheless.
The chemical company said operating earnings totaled $628 million, or 66 cents per diluted share, for the quarter ended March 31. Earnings tracker First Call Corp. had predicted profit of 60 cents per share.
In the year-ago period, Wilmington, Del.-based DuPont (DD) earned $637 million, or a record 68 cents per share.
"Based upon our first quarter results, we believe that 1999 could be slightly stronger than expected, reinforcing our confidence that DuPont will return to our stated objective of double-digit earnings growth next year," Chairman and CEO Charles O. Holliday Jr. said.
The latest results don't include charges associated with DuPont's $1.89 billion purchase of Herberts, Hoechst AG's automotive coatings business, which was announced last fall and completed during the quarter, or income from discontinued operations at former energy subsidiary, Conoco (COC). DuPont has reduced its stake in Conoco to 70 percent.
Factoring in these figures, net income totaled $663 million, or 58 cents per share, compared with $96 million, or 79 cents per share, a year ago.
Sales for the three months totaled $6.3 billion, up 2 percent from a year ago.
U.S. volume was little changed from last year's first quarter, as prices were down 3 percent on a drop in polyester fiber prices. In Europe, volume dropped 8 percent while prices were generally flat. In the Asia Pacific, volume was up 6 percent and prices were down 2 percent. 
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DuPont
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