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DuPont posts 4Q loss, lowers 2009 forecast

Post Time:Jan 28,2009Classify:Industry NewsView:126

Chemical maker DuPont Co. reported a $629 million loss for the fourth-quarter Tuesday due to lower sales and a hefty restructuring charge, and cut its earnings forecast for 2009.

The Wilmington-based company said its loss for the quarter amounted to 70 cents per share, compared with a profit of $545 million, or 60 cents per share, a year ago. Excluding a charge of $380 million, or 42 cents per share, from a previously announced restructuring program, the fourth quarter loss was $249 million, or 28 cents per share. Analysts surveyed by Thomson Reuters, on average, expected a smaller loss of 24 cents a share. The analyst estimates typically exclude one-time items.

Net sales in the quarter dropped 17 percent to $5.8 billion from $6.98 billion, as the company reported a 20 percent decline in volume. Higher prices in all regions and across all business segments were more than offset by volume declines and negative currency effects, according to a Jan. 27 AP report.

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