Diversified products maker E.I. du Pont de Nemours & Company
) , aka DuPont, said Tuesday that its second quarter profit nearly
tripled from last year, prompting the company to raise its
The Wilmington, DE-based company reported second quarter net
income of $1.16 billion, or $1.26 per share, compared with $417
million, or 46 cents per share. Excluding a one-time tax settlement
gain, adjusted profit was $1.17 per share.
Revenue jumped 26% from last year, to $8.62 billion.
On average, Wall Street analysts expected a much smaller profit
of 93 cents per share, on lower revenue of $8.27 billion.
Looking ahead, the company boosted its full-year outlook to a
range of $2.90 to $3.05 per share, up from a prior outlook of $2.50
to $2.70 per share. That new outlook would easily surpass analyst
expectations for $2.64 per share for the year.
DuPont shares rose $1.81, or +4.6%, in premarket trading
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
4.21%, based on last night's closing price of $38.99. The stock has
technical support in the $34-$36 price area. If the shares can firm
up, we see overhead resistance around the $42-$43 price levels. We
would remain on the sidelines for now.
E.I. du Pont de Nemours & Company (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.4 out of 5 stars.
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