) business unit, DuPont Packaging & Industrial Polymers, has
raised prices of specialty ethylene copolymer resins in North
America. The increase is for all grades of DuPont Surlyn,
Elvaloy, Appeel, Fusabond, Bexloy, Entira, Conpol and Nucrel in
North America. The price hike is in the range of $0.10/lb
($0.22/kg) to $0.15/lb ($0.33/kg) and will be effective from Dec
1, 2013, or as contracts permit.
DuPont Packaging & Industrial Polymers serves the global
packaging, safety glass and polymer compounding industries,
offering material-based solutions to help protect people, food
and the environment while reducing dependence on fossil fuels. It
makes an extensive mix of adhesive, barrier, peelable lidding and
DuPont released its third-quarter 2013 results last month. The
company topped earnings expectations in the third quarter of 2013
riding on lower tax and healthy gains across the electronics and
performance materials businesses, offsetting weakness in the
chemicals unit. The results were also backed by growth in the
agricultural business that saw a double-digit rise in sales.
The Delaware-based chemical titan logged adjusted earnings of 45
cents per share in the quarter that beat the Zacks Consensus
Estimate by four cents. The adjusted earnings exclude one-time
items including charges associated with customer claims related
to the use of an herbicide and pension-related expenses.
Including one-time items, DuPont registered earnings from
continuing operations of 28 cents per share in the quarter versus
a loss of 5 cents a share in the prior-year quarter. Consolidated
net income, as reported, surged to $285 million (or 30 cents a
share) from $5 million (break even per share) a year ago.
Net sales for the reported quarter rose roughly 5% year over year
to $7,735 million as higher sales volumes compensated for lower
selling prices and unfavorable currency impact. However, it
missed the Zacks Consensus Estimate of $7,774 million.
DuPont currently holds a Zacks Rank #2 (Buy).
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