DuPont says wet spring hit its first half year's operating profit
summary：Chemical maker DuPont said its operating profit would fall more than it expected in the first half of the year as a wet spring in North America and Europe hurt its agriculture business....
Dupont is focusing on food and agricultural products to cut its dependence on a weakening market for paint pigments.The company expects its first-half operating earnings per share to be about 10 percent below last year, Chief Financial Officer Nicholas Fanandakis said in a statement on Thursday. The company had forecast a 7 to 9 percent fall in April.
"Unseasonably cool, wet weather across North America and Europe is impacting our agriculture and nutrition and health segments' second-quarter revenues and costs," Fanandakis said.
The company also expects full-year operating earnings to be at the low end of its forecast of $3.85 to $4.05 per share.
DuPont's agricultural business accounted for 45 percent of its first-quarter revenue of $10.4 billion.
The company will report second-quarter results on July 23.
The stock was trading at $53.43 on the New York Stock Exchange on Thursday morning.