DuPont Upbeat on Earnings, Plans $1 Billion Stock Buyback

Tuesday, 11 Dec 2012 05:24 PM

 

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Chemicals giant DuPont Co. says it should reach the high end of its net income guidance in 2012 and its profit will grow in the low- to mid-single digits in 2013.

With its stock trading near annual lows, DuPont also said Tuesday that it plans to buy back up to $1 billion of its shares next year.

DuPont has forecast net income of $3.25 to $3.30 per share from continuing operations in 2012. The Wilmington, Del., company says sales will grow in the low single digits next year. DuPont expects weaker results from its performance chemicals unit and solid growth from other businesses.

Analysts expect DuPont to post adjusted net income of $3.37 per share in 2012 and $3.67 per share in 2013, according to FactSet. That implies growth of 9 percent. Analysts expect sales to rise about 2 percent.

DuPont had 932.5 million shares on the market as of Oct. 15. The shares have traded between $41.67 and $53.98 in the last year and closed at $43.69 Tuesday. In after-hours trading the stock rose 83 cents, or 2 percent, to $44.52.

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