DuPont Co. (NYSE:DD) generated profits of $1.17 a share in the second quarter, beating the 94 cents a share analysts had been looking for. The chemical and seed company also increased its earnings guidance for the rest of the year on surging demand for their products.
Original earnings estimates of 2010 were $2.50 to $2.70, which were upwardly revised from $2.90 to $3.05 a share. Analysts were looking for $2.64 a share.
Revenue for the quarter grew to $8.62 billion, gaining 26 percent, with net income coming in at $1.16 billion or $1.26 a share. Last year in the same quarter the company generated $417 million, or 46 cents a share.
Some of the segments where demand increased were crop seeds, plastics, auto paints and solar power materials.
The largest business unit of the company, agriculture, enjoyed a 31 percent increase to $762 million, largely on surging seed sales. Corn sales enjoyed a 2 percent gain in market share in the North American market and a 4 percent gain in soybeans domestically.
Performing even better, as measured by percentages was their electronics and communications unit, which exploded in sales by five times over the same quarter last year, increasing 53 percent. Leading the division was the production of photovoltaic materials and solid growth in Asia.
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