January 30, 2020 / 1:57 PM / a month ago

DuPont forecasts profit below estimates on weak nylon prices

(Reuters) - Industrial materials maker DuPontforecast current-quarter profit below Wall Street expectations on Thursday, citing weaker nylon prices, and said it plans to keep a tight lid on costs through the year.

Industrial companies with heavy exposure to China have been striving to cut costs as they try to ride out the impact of a protracted trade war on their businesses.

DuPont’s sales in transportation and industrial (T&I) business fell 9%, primarily hit by lower prices for nylon, a stiff plastic used in making auto parts and industrial equipment.

Overall volumes declined 3%, while prices rose 1%.

The company forecast first-quarter profit of 70 cents to 74 cents per share, compared with analysts’ estimate of $1.01, according to IBES data from Refinitiv.

Its full-year profit forecast of $3.70 to $3.90 per share also fell short of $4.11 estimated by analysts. Adjusted profit came in at 95 cents per share, in line with analysts’ estimates according to IBES data from Refinitiv.

Net sales fell 5% to $5.2 billion.

Reporting by Taru Jain in Bengaluru; Editing by Saumyadeb Chakrabarty and Anil D'Silva

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below