DuPont reports sales down 5.5 percent on strong dollar
DOVER, Delaware (AP) — DuPont Co. says its sales fell 5.5 percent from a year earlier in the first quarter to $7.4 billion, as the strong dollar and lower volumes weighed on its earnings.
The Wilmington, Delaware, chemical company reported a $1.23 billion profit, or $1.39 per share, up from $1.03 billion, or $1.11 a share, for the same period in 2015.
DuPont revised upward its earnings forecast for 2016, saying it anticipates less impact from currency fluctuations in coming months. It now anticipates earnings of $3.05-$3.20 per share, versus its earlier outlook of $2.95-$3.10 per share.
The company is ratcheting up spending cuts ahead of a merger with Dow Chemical. DuPont expects the deal to close in the second half of this year, but it faces a significant review from regulators.