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Earnings from industrial chemical company Dupont were terrible.EPS of 44 was three cents behind expectations..
Revenue was well below expectations of $8.14 billion
Some bullet points:
- Third-quarter sales from continuing operations were $7.4 billion or 9 per cent below last year, primarily reflecting volume declines in Electronics & Communications and Performance Chemicals, particularly in Asia Pacific. Company sales reflect 5 per cent lower volume, 4 per cent negative currency impact and a 1 per cent net reduction from portfolio changes, which were partly offset by 1 per cent higher local prices.
- DuPont expects its full-year 2012 earnings from continuing operations, excluding significant items, to be in a range of $3.25 to $3.30 per share. Prior-year earnings were $3.55 per share on a comparable basis.
Plus there will be 1500 layoffs.
The company has commenced a restructuring plan to increase productivity, enhance competitiveness and accelerate growth. The plan will deliver pre-tax cost savings of about $450 million ($300 million in 2013) by eliminating corporate costs supporting Performance Coatings and taking additional cost-cutting actions to improve competitiveness. The restructuring plan includes eliminating about 1,500 positions globally in the next 12-18 months.
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