DuPont Reduces Outlook And Announces Departure Of CEO, Shares Rally

Shares of DuPont jumped more than 4% in after-hours trade on Monday after the company reduced its full-year outlook and announced the retirement of long-time CEO Ellen Kullman, effective Oct. 16. The company said board member Edward Breen will serve as interim CEO until a full-time replacement is found. The company lowered its full-year earnings per share estimate to $2.75 from $3.10 previously, which it blamed on a strengthening U.S. dollar, as well as increased competition and macroeconomic issues in Brazil. Analysts on Wall Street are forecasting fiscal 2015 earnings per share of $3.19.

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