The DuPont Co. says strong performance in its nutrition and health unit and lower raw material costs contributed to an increase in third-quarter earnings.
The company on Tuesday reported net income of $433 million, or 47 cents per share, up from $285 million, or 30 cents per share in last year's quarter. Net sales totaled $7.5 billion, down from $7.8 billion last year. The company attributed the drop in revenue to portfolio changes. Volumes were up across all business segments except agriculture, which saw lower corn seed sales.
Removing one-time charges related to pension costs and separation of DuPont's performance chemicals unit, earnings were 54 cents per share, up from 45 cents per share last year and topping the 53 cents Wall Street analysts were expecting, according to a FactSet poll.