DuPont post strong 4Q profit though strong dollar cuts into sales; big share buyback plan

MarketsAssociated Press

DuPont Co. says portfolio changes and productivity improvements contributed to an increase in fourth-quarter earnings.

The company reported net income Tuesday of $683 million, or 74 cents per share, up from $185 million, or 20 cents per share, for last year's fourth quarter.

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DuPont also boosted estimated costs savings from operational redesigns by $300 million, to at least $1.3 billion by 2017.

Adjusted earnings were 71 cents per share, up from 59 cents and meeting analyst estimates.

Sales for the quarter totaled $7.4 billion, down from $7.75 billion for the final quarter of 2013. Analysts expected revenue of $7.8 billion.

For the full year, DuPont earned $3.6 billion, or $3.92 per share on sales of $34.7 billion, down from $4.8 billion, or $5.19 per share on sales of 35.7 billion.