DuPont swings to fourth quarter loss

Delaware-based chemicals company DuPont posted earnings per share of $0.27 for the fourth quarter, down from $0.57 the year before but a touch better than analysts’ expectations for $0.26.

However, including restructuring costs and other charges, it reported a loss of $253m, or $0.29 a share, compared with a profit of $683m in the same period a year earlier.

Quarterly revenue, meanwhile, dropped 9% from the previous year to $5.3bn mostly due to negative currency movements, just missing consensus expectations.

The company, which is currently in the process of merging with Dow Chemical, forecast full year operating earnings of $2.95 to $3.10 per share, including an expected benefit of $0.64 per share from its global cost savings and restructuring plan.

Still, this fell short of analysts’ expectations for around $3.15 a share.

Chair and chief executive Ed Breen said: “We are making progress on key initiatives, including further improving our cost structure and restructuring our organisation to enhance our competitiveness.

"In this pivotal year for DuPont we have three priorities: deliver operating earnings growth while positioning our businesses to compete successfully over the long term; continue to improve our capital allocation and working capital performance; and complete the proposed merger of equals with Dow.”