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Disappointing year for DuPont

Citing weak demand for agricultural products and a strong dollar, DuPont cut its full-year earnings forecast on Tuesday. In April the company projected earnings of $4.00 to $4.20 per share, they now predict about $3.10. About 60 cents of that decline is credited to negative currency impact.

For the second quarter ending June 30; DuPont reports earnings of just over $1 billion or $1.18 per share on sales of $8.6 billion. Agricultural sales were down 11 percent from a year ago at $3.2 billion. Quarterly earnings for agriculture were down 7 percent at $778 million.

DuPont’s agricultural business including Pioneer Seeds and DuPont Crop Protection products accounts for about 37 percent of total sales.  The company says lower soybean volumes in the U.S., reduced corn farming in Latin America and weaker global demand for crop protection products all contributed to the decline.

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