DuPont Co. said Thursday its second-quarter earnings rose 5 percent as the impact of surging revenue was partly offset by acquisition costs. The chemical maker also raised its outlook for the year.
DuPont attributed its results to strong sales in its agriculture, performance chemicals and safety and protection units, as well as benefits from its acquisition of Danisco, a Danish food additives maker.
The Wilmington, Del. company said its net income rose to $1.22 billion, or $1.29 per share, in the three months ended June 30. That's up from $1.16 billion, or $1.26 per share, a year ago.
Revenue rose 19 percent to $10.26 billion from $8.62 billion a year ago. DuPont said most of that jump -- 11 percent -- can be attributed to higher prices for its products. Two percent was attributable to higher sales volume, while currency benefits and product shifts also drove revenue.
Analysts polled by FactSet expected earnings of $1.34 per share on revenue of $9.83 billion.
For all of 2011, the company now expects to earn $3.90 to $4.05 per share, compared with a projection of $3.65 to $3.85 per share previously. Analysts expect $3.88 per share.
The company's outlook includes an expected gain of 5 cents per share from the Danisco acquisition, but it excludes some one-time items. Analysts usually leave out these items from their estimates.
DuPont now the Danisco acquisition to impact full year earnings by between 18 and 29 cents per share, down from a previous estimate of between 30 and 45 cents per share.
DuPont paid almost $6 billion for Danisco earlier this year.
© Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.