The stock market is taking it on the chin today after multiple earnings disappointed investors. DuPont saw one of the biggest drop today after reporting their earnings. DuPont saw its profit fall short of estimates and announced they will be cutting 1,500 jobs as part of a cost cutting move. DuPont shares have been down as much as 9% today. 3M reported earnings that met expectations, but revenue was a bit lighter than expected sending shares down more than 3%. [Read more...]
DuPont (NYSE:DD) revised its full-year 2011 outlook to $3.87 to $3.95 a share from a range of $3.97 to $4.05, excluding one-time items.
“We are seeing slower growth in certain segments during the fourth quarter, driven by global economic uncertainty. This uncertainty is contributing to ongoing conservative cash management in some supply chains,” said DuPont Chair and CEO Ellen Kullman.
The earnings revision reflects de-stocking across polymers and certain industrial supply chains that has accelerated during the fourth quarter. Consumer electronics demand has further softened, and housing and construction markets remain weak. Other markets remain as expected. Markets for DuPont’s agriculture and food businesses continue to be strong, including solid volume growth during the current Latin America summer season.
The conglomerate blamed the move on a host of factors, including softening demand for consumer electronics and a weak construction and housing market. The move follows Texas Instruments (NYSE:TXN), which cut its fourth-quarter sales and profit guidance after the close of trading on Thursday.
Founded in 1802 in Wilmington, Del., DuPont first produced high-grade black powder for explosives. DuPont has more than 8,500 scientists and engineers working across more than 75 research and development centers globally. Dupont employs approximately 67,000 workers worldwide. To date, DuPont has been awarded patents for more than 35,000 inventions.
DuPont’s shares were trading at 43.95, down 5.52% at 9:18 am ET today.