DuPont profit tumbles; plans to cut 1,500 jobs - MarketWatch

DuPont profit tumbles; plans to cut 1,500 jobs - MarketWatch

 Chemicals firm E.I. DuPont de Nemours & Co. on Tuesday cut its full-year outlook and said it aims to eliminate around 1,500 jobs after reporting a drop in third-quarter profit. The company posted third-quarter net income of $10 million, or 1 cent a share, versus $452 million, or 48 cents a share, in the same period a year ago. The Dow component posted adjusted earnings of 44 cents a share, matching the consensus forecast produced by a FactSet survey of Wall Street analysts. Total sales fell 11.6% to $7.34 billion. The company said it has launched a restructuring plan "to increase productivity, enhance competitiveness and accelerate growth." The plan, which includes cutting around 1,500 positions globally in the next 12 to 18 months, will deliver pre-tax cost savings of around $450 million, including $300 million in 2013, by eliminating corporate costs supporting its performance coatings business. DuPont said it expects adjusted 2012 full-year earnigns from continuing operations in a range of $3.25 to $3.30 a share. The company in July said it expected full-year earnings at the lower end of its outlook range of $4.20 to $4.40 a share.