DuPont profit surges on big agriculture push
Dubai, January 29, 2014
DuPont's quarterly profit doubled, beating market estimates, as its strong push into agriculture paid off, and the chemical maker said it would buy back $5 billion in stock.
Strong insecticide sales in Latin America and the earlier-than-usual shipment of seeds to farmers in Brazil and North America helped the company's agriculture unit buck seasonal weakness and post its first profitable fourth quarter in four years.
"Our $5bn share repurchase programme reflects ongoing confidence in our plan to continue increasing the value of DuPont for shareholders in 2014 and beyond," chief executive Ellen Kullman said yesterday.
DuPont said it expects full-year operating earnings to rise eight to 15 per cent to $4.20-$4.45 per share. The company expects 2014 sales to inch up 4 per cent to about $37 billion.-Reuters