DuPont to Slash 1,500 Jobs; Q3 Results Miss the Mark (DD)

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Chemicals maker E.I. DuPont de Nemours & Co. ( DD ), commonly known as DuPont, on Tuesday posted disappointing third quarter earnings results and unveiled plans to cut about 1,500 jobs.

The Wilmington, DE-based company reported third quarter net income of $10 million or 1 cent per share, compared with $452 million, or 48 cents per share, in the year-ago period. Excluding special items, adjusted profit was 44 cents per share.

Revenue fell 9% from last year to $7.4 billion.

On average, Wall Street analysts expected a higher profit of 46 cents per share, on much larger revenue of $8.15 billion.

Looking ahead, DD forecast full-year 2012 earnings to range from $3.25 to $3.30 per share.

In a separate announcement, the company released plans to eliminate 1,500 workers within the next year and a half. DuPont will also discontinue its Performance Coatings segment and take other actions aimed at significantly cutting costs.

The Bottom Line
Shares of DuPont ( DD ) have a 3.46% dividend yield, based on last night's closing stock price of $49.76. The stock has technical support in the $46-$47 price area. If the shares can firm up, we see overheard resistance around the $52 price level.

E.I. DuPont de Nemours & Co. ( DD ) is not recommended at this time, holding a DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Stocks

Referenced Stocks: DD

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