DuPont just cut its forecast for full-year earnings, and it’s all Brazil’s fault.
In a press release after the market close on Monday, the company announced that it now expects operating earnings per share of about $US2.75, versus $US3.10 previously guided.
The company said, “The revised outlook primarily reflects continued strengthening of the U.S. dollar versus currencies in emerging markets, particularly the Brazilian Real; and a further weakening of agricultural markets, primarily in Brazil.”
DuPont also announced that chair and CEO Ellen Kullman will retire October 16.
The stock rose as much as 5% in after-hours trading.
More to come …