Wet weather in the farm belt is expected to reduce earnings at DuPont Co.
At the Deutsche Bank Global Industrial and Basic Materials conference, DuPont Chief Financial Officer Nicholas C. Fanandakis reported that unseasonably cool, wet weather across North America and Europe is impacting our Agriculture and Nutrition & Health segments’ second-quarter revenues and costs. March to May 2013 has been the wettest spring in nearly 120 years across the farm belt states of Iowa, Illinois and Indiana.”
Seed giant DuPont Pioneer has been a major driver of DuPont earnings.
The company now expects its first half operating earnings per share to be about 10 percent below last year versus the 7-9 percent figure reported on April 23.
For the full-year 2013, DuPont expects operating earnings per share to be at the low end of its previously issued guidance range of $3.85 – $4.05 per share, based on anticipated improvement in industrial market demand. DuPont will report its second-quarter earnings on July 23.
In looking at the overall outlook, Fanandakis said, “we are on track with our three operational priorities: increasing return on innovation, expanding our global reach and continuing to deliver significant productivity gains.
