Heavy winter storms weigh on DuPont during 1Q

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Associated Press

Posted on April 17, 2014 at 5:34 AM

Updated Thursday, Apr 17 at 6:33 AM

DOVER, Del. (AP) — DuPont says that lost sales and increased operating costs from adverse weather conditions dragged on first-quarter earnings.

The Wilmington, Del., chemical maker reported net income Thursday of $1.4 billion, or $1.54 per share, for the quarter ended March 31. That's down from $3.35 billion, or $3.58 per share, for the same quarter a year ago, which included a one-time gain from completion of the sale of DuPont's performance coatings unit.

Excluding one-time items, The DuPont Co. had operating earnings of $1.58 per share, up from $1.56 per share on an adjusted basis in last year's first quarter, but slightly off the consensus Wall Street estimate of $1.59 per share.

Sales declined 3 percent to $10.1 billion for the quarter. Analysts were expecting revenue of $10.4 billion.

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