(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