DuPont beats analyst estimates in second quarter
End-of-year forecast lifted by chemical maker as cost saving bolster bottom line
Updated : 12:59
Chemical maker DuPont boosted its end-of-year forecast after beating estimates for the second quarter in results released on Tuesday.
Revenue fell 1% to $7.1bn but came in ahead of the $7.01bn consensus compiled by Thomson Reuters.
Adjusted earnings per share were $1.24, ahead of analysts' forecasts of $1.10 and profit of $1.09 earned a year earlier.
Chairman and CEO of DuPont Ed Breen said in a statement said the company is "on track" to reach their target of $1bn on a run-rate basis by the end of the year.
"Our continued focus on our plan delivered strong results. Solid execution enabled volume growth of 2%, and we expanded operating margins across all reportable segments."
"Cost savings, mix enrichment from new technologies and lower product costs contributed to the margin expansion. Continued progress on our cost savings program keeps us on track to reach $1 billion on a run-rate basis by year-end," said Breen.
DuPont is currently in progress with a move to merge with Dow Chemical following shareholder approval for a $130bn combination.
DuPont shares closed on Monday at $68.88, and were rising 1.5% in premarket trading.