DuPont’s Profit and Revenue Beat View; Guidance Raised (DD)

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Chemicals maker DuPont Co. ( DD ) on Tuesday said its first quarter profit more than doubled from last year, beating analyst expectations, as the company raised its full-year guidance.

The Wilmington, DE-based company reported first quarter net income of $1.14 billion, or $1.24 per share, compared with $488 million, or 54 cents per share, in the year-ago period. Revenue surged 23% from last year, to $8.48 billion.

On average, Wall Street analysts had expected a smaller profit of $1.06 per share on revenue of $8 billion.

Looking ahead, the company boosted its full-year earnings forecast to a range of $2.50 to $2.70 per share, up significantly from its prior view of $2.15 to $2.45 per share.

DuPont shares rose 75 cents, or +1.8%, in premarket trading Tuesday.

The Bottom Line
We removed DuPont from our "recommended" list last Sept. 26, at a price of $42.61. The company currently has a dividend yield of 4.00%, based on last night's closing price of $40.95. The stock has technical support in the $34-$35 price area. If the shares can firm up, we see overhead resistance around the $45 price level. We would remain on the sidelines for now

DuPont 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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Referenced Stocks: DD

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