DuPont Q3 Net Profit Spikes; Backs 2013 Operating EPS View - Quick Facts

(RTTNews) - Chemicals giant EI DuPont De Nemours & Co. (DD) reported a sharp surge in third-quarter 2013 net income attributable to the company to $285 million, from $5 million last year, with earnings per share amounting to $0.30 in the recent period. On a per share basis, GAAP earnings from continuing operations were $0.28, versus a loss of $0.05 for the third quarter 2012.

For the tri-monthly period, operating earnings stood at $0.45 per share. On average, 20 analysts polled by Thomson Reuters expected earnings per share of $0.41 for the quarter. Analysts' estimates typically exclude one-time items.

The company clocked net sales of $7.74 billion in the quarter, up 5 percent, compared with the prior-year figure of $7.39 billion, reflecting 9 percent higher volume, partly offset by 3 percent lower local selling prices and 1 percent negative currency impact. Analysts estimated revenues of $7.78 billion for the quarter.

Excluding Performance Chemicals, all operating divisions of the company posted increased operating earnings versus last year. Performance Materials, Electronics & Communications, Safety & Protection and Industrial Biosciences had double-digit earnings growth reflecting higher volumes and improved margins, according to the company.

Looking ahead, the company still expects full-year operating earnings of around $3.85 per share, with some changes in underlying assumptions. Analysts project earnings of $3.80 per share for 2013.