DuPont (DD) reported quarterly results Tuesday morning, and like so many companies so far this earnings season, the third-largest U.S. chemical company beat estimates and raised its outlook.
DuPont said that its second-quarter net income rose to $1.16 billion, or $1.26 a share, from $417 million, or 46 cents a share, in the year-ago period. Excluding significant items, earnings per share totaled $1.17. Analysts had been expecting earnings of 93 cents a share, according to Thomson Reuters.
Net sales climbed 26% to $8.6 billion, from $6.9 billion last year. All segments had double-digit sales increases, with more than 25% volume growth in the Electronics & Communications, Performance Materials, and Safety & Protection segments. Agriculture & Nutrition delivered 16% sales growth, the result of both price and volume increases.
"We grew sales across every segment. Several businesses, including electronics and titanium dioxide, delivered results that far exceeded pre-recession levels. We continue to hit our productivity and cost-control targets, and remain highly disciplined in creating operating leverage to further grow the company," said CEO Ellen Kullman.
DuPont increased its full-year adjusted earnings outlook to a range of $2.90 to $3.05 per share, up from its previous range of $2.50 to $2.70 per share, to reflect strong second-quarter results and expected continuation of year-over-year gains from higher sales, further strengthening of midcycle businesses, the company said.
DuPont's shares jumped over 4% in premarket trading.
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