DuPont Updates Fourth Quarter Reported Earnings Outlook

DuPont updated its fourth quarter 2006 earnings outlook for significant items yesterday. The company previously announced that 2006 reported earnings were expected to be about USD 2.86, including the net benefit of USD .01 per share from previously reported significant items.

Today, the company said additional items will be included in its fourth quarter 2006 reported earnings, providing a net benefit of approximately USD 370 million to net income, or USD 0.39 per share. Including these fourth quarter significant items, the company anticipates 2006 reported earnings per share will be about USD 3.25 per share. The net cash flow benefit from these items is expected to be about USD 25 million in the fourth quarter.

Based on preliminary estimates, the following items are expected to be recorded in the fourth quarter:

A charge of about USD 200 million, pre-tax, related to today’s separately announced Agriculture & Nutrition investment and streamlining plan.

A charge of about USD 50 million, pre-tax, related to an underperforming industrial chemicals asset held for sale within the company’s Safety & Protection segment.

An estimated benefit of about USD 60 million, pre-tax, resulting from insurance recoveries related to asbestos litigation expenses incurred by the company in prior periods and additional Hurricane Katrina insurance recoveries.

An estimated net benefit of about USD 500 million, after-tax, for the reversal of accruals related to tax settlements and related interest, reversal of tax valuation allowances, and the finalization of taxes related to the company’s repatriation of foreign earnings under the American Jobs Creation Act.

“We are shifting capital and resources to our most attractive growth opportunities,” said Jeff Keefer, DuPont executive vice president and chief financial officer. “In addition to the recently announced divestitures in the Coatings & Color Technologies segment, several of these items are the result of executing our strategy to increase return on invested capital.”

The company is scheduled to report its fourth quarter and full-year 2006 financial results on Jan. 23, 2007.

600450 DuPont Updates Fourth Quarter Reported Earnings Outlook

See more news about:

Others also read

DowDuPont™ today announced the members of the future boards of directors of Dow, DuPont, and Corteva Agriscience™, establishing strong governance structures that will support the long-term value creation of each independent company.
After 25 years of operation, the DuPont™ Tedlar® PVF film-based TPT backsheets on solar panels at the Mont-Soleil solar array remain in pristine condition.
Glass canopies are a great way to make any outdoor area or lobby entrance stand out.
Mark the Date for “Everlam Laminated Architectural Glass Event” on 22- 23 Sept 2015 in Hamm-Uentrop, Germany.   Everlam is organizing a customer-only event in its manufacturing facility in Germany.
DuPont announced on July 23, 2015 that it has named Marc Doyle senior vice president for its Safety & Protection businesses, reporting to Ellen Kullman, chair and CEO. Matthew L.
JA Solar and DuPont held a strategic cooperation signing ceremony at the DuPont China R&D Center in Shanghai on December 9, 2014, in support of further collaboration on solar technology and the use of advanced materials from DuPont to help improve the power output, durability and return on investment for solar energy systems.  Yong Liu, chief operating officer, JA Solar (left front), Chuck Xu, global business director, DuPont Photovoltaic Solutions (right front), Matthew Trerotola, DuPont executive vice president (back row, fourth from right) and Tony Su, president of DuPont Greater China (Back row, third from right) were among those who attended the ceremony.

Add new comment