DuPont (DD) Tops Q3 EPS by 14c; Boosts FY16 EPS Outlook; Says Continuing to Work with Regulators
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DuPont (NYSE: DD) reported Q3 EPS of $0.34, $0.14 better than the analyst estimate of $0.20. Revenue for the quarter came in at $4.9 billion versus the consensus estimate of $4.86 billion.
"This quarter we continued the strong momentum from the first half of the year. We increased segment operating earnings 40 percent, expanded operating margins in each reportable segment, reduced costs, grew volumes and improved free cash flow. As a result of our continued performance and progress against strategic initiatives, we are raising our operating earnings guidance for the year," said Ed Breen, chairman and CEO of DuPont. "We also are making progress preparing for the merger with Dow. We developed an organizational design that fosters innovation and takes advantage of our market connections to drive growth. In addition, we have finalized plans to realize our cost synergies. We continue to work constructively with regulators in key jurisdictions to close the merger as soon as possible. In the event that regulators in those jurisdictions use their full allotted time, closing would be expected to occur in the first quarter of 2017. We expect the intended spins to occur about 18 months after closing."
DuPont sees FY2016 EPS of $3.25, versus prior guidance of $3.15-$3.20 and the consensus of $3.20.
For earnings history and earnings-related data on DuPont (DD) click here.
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