Moody's upgraded Dupont to stable, saying the chemical maker likely will generate stronger credit metrics over the next two years than it had in 2010.
Dupont earnings fell from $409 million to $367 million for the third quarter of 2010. EPS was at 40 cents a share, beating average analyst expectations of 33 cents a share. The company also raised its 2010 financial forecast to $3.10 per share.
Oppenheimer says Dupont has a solid cyclical portfolio, offset by a large pension deficit and potential M&A risk. Dupont strengthened its outlook with $1.1 billion in fixed cost reductions in 2009.
Dupont says sales from photovoltaic materials will exceed $1 billion in 2010, a year ahead of its forecast. The company expects sales to reach $2 billion by 2014.
Dupont declared its 424th consecutive dividend since 1904 of 41 cents. The dividend is payable Sept 10 to shareholders of record August 13.
Tech stocks rallied on an upbeat sales forecast from Taiwan Semiconductor Manufacturing Co. Investors were also easing concerns on the European debt situation.
At JP Morgan's Diversified Industrials Conference, Dupont CFO Nicholas Fanandakis reaffirmed the company's 20% compound earnings growth outlook for 2009-2012.
During the first three months of 2010, DuPont's earnings increased 125% to $1.1 billion, or $1.24, well over expectations of $1.06 per share.
DuPont declared a first quarter common stock dividend of 41 cents per share, payable March 12 to shareholders of record February 12.
Morgan Stanley says it sees fiscal 2009 EPS of $2.05 versus consensus estimates of $2.01
The company said it expects sales growth in Central and Eastern Europe to exceed 20% with the "worst behind us" in terms of the economic turmoil.
DuPont announced an investment of $175 million to complete the expansion of its Tedlar PV2001 series film production line, in addition to an existing $120 investment. Tedlar film serves as a critical component in photovoltaic backsheets.
DuPont and BASF Plant Science GmbH, a German biotechnology company, settled a lawsuit in which DuPOnt claimed infringement of four patents relating to biotechnology plant traits.
Goldman Sachs made positive comments on the specialty and diversified chemical sector, lifting DuPont's price target from $35 to $41
A federal judge in Wilmington ordered a "nonbinding mock trial" between DuPont and Invista. Dupont says Invista broke an agreement to provide Dupont with chemical products. The mock trial will be used to facilitate a settlement.
The W. Virginia Supreme Court delayed a ruling on an appeal of a $400 million verdict against Dupont for polluting the town of spelter. Dupont alleges jurists have awarded excessive punitive damages in the case.
DuPont's Zytel RS nylon, found in some 2009 Toyota Camrys, was awarded the Most Innovative Use of Plastics Award in the Environment Category by the Society of Plastics Engineers (SPE) Automotive DIvision.
With aggressive cost cutting, DuPont reported net income of $409 million, or $0.45 per share, up from $367 million. Analysts had expected $0.33 on average. Revenue, however, fell 18% to $5.96 billion.
DuPont declared a dividend of $0.41 per share, payable Dec 14, 2009 to stockholders of record Nov 13, 2009.
Goldman Sachs downgrades Dupont, citing valuation, although in the previous six months DD was up 89%, significantly outperforming the S&P 500 and the Chemical group. The firm bumped their price target on DD from $31 to $32.
DuPont's Q2 quarterly net income fell 61% to $421 million (46 cents per share), with a 22% fall in net sales to $6.86 billion. However, this beat analyst expectations, causing the stock price to rise 1.7% modestly in premarket trading after the release of earnings.
Monsanto Co., the world’s biggest seed maker, sued DuPont Co. to prevent it from producing Roundup herbicide-resistant corn and soybean seeds by combining Monsanto’s genetic traits with its own.
DuPont said expects to triple its solar photovoltaic sales to more than $1 billion in 2012, based on growth in the solar energy market and the company's ability to deliver new technologies to the industry.
Dupont agreed to provide water or filtration systems to mid-Ohio valley residents whose water supplies contain levels of a chemical component of Teflon that exceed federal limits. The agreement is the latest development in an EPA investigation on DuPont's Washington Works plant near Parkersburg.
The company sold $400 million of 6-year notes priced at a yield spread of 312.5 basis points over treasury securities. It sold another $500 million of 10-years, priced at the same spread.
Dupont lowered its earnings forecast for 2009 to a range of $2 to $2.50 a share
Dupont said it expects a loss of 20-30 cents a share for Q4 2008, compared to a gain of 30-35 cents a share.
A judge dismissed a lawsuit brought forth by Koch Industries against DuPont and Rhodia. Koch Industries was claimiming that DuPont and Rhodia had worked together to steal their nylon production technology.
3Q profits for DuPont fell 30% from 2007 to $367 million. In addition to losses due to hurricanes, the North American and Western Europe markets hurt contributed to the profit decline. Subsequently, yearly earnings were cut from $3.45-3.55 a share to $3.25-$3.30 per share.Despite all of this, the company's agriculture and nutrition business managed to grow by 22%.
01/30/07 – 02/26/07: DuPont announced leadership DuPont announced its 2006 fourth Fanandaki] as vice president of planning and Gary W. Spitzer as vice president and general manager - DuPont Chemical Solutions Enterprise (DCSE), effective Feb. 1.
11/29/06 – 12/20/06: DuPont announced its 2006 fourth quarter earnings would be much higher than the equivalent quarter the previous year.
The European Commission fined Italy-based Eni SpA, U.S.-based DuPont Co. and Dow Chemical Co. and Japan-based Denka Seiken Co. and Tosoh Corp €243.2 million ($359 million) for fixing prices of chloroprene rubber.The cartel for chloroprene rubber, which is used for products such as condoms, shoe soles and diving equipment, lasted from 1993 to 2002, according to the commission, the European Union's executive arm. U.S. chemical companies DuPont and Dow, which operated a joint venture, were given a 25% reduction for cooperating with the commission and now face a fine of €59.2 million.
09/28/06 – 11/09/06: DuPont announced it opened an office in Calgary, its first office in Canada focused primarily on market and business development for the oil and gas industry, among others.
DuPont Co.'s third-quarter net income climbed 8.5% on international strength that more than offset higher ingredients costs and weakness in the U.S. housing and automotive markets.
DuPont was ordered to pay $196.2 million in punitive damages for deliberately dumping dangerous heavy metals on an industrial site, ending a complex trial involving property damage claims, long-term health screenings and corporate accountability. The lawsuit accused DuPont of deliberately dumping toxic arsenic, cadmium and lead on the site of a former zinc-smelting plant, leaving thousands of residents in and around the small town of Spelter in fear for their health.