DuPont posts lower earnings

DuPont Co. reported lower fourth-quarter profit on Tuesday, as fewer one-time gains, as well as higher energy and raw material costs, offset increased selling prices and favorable exchange rates.

The nation's second-largest chemical maker said its quarterly income fell to $278 million, or 28 cents per share, from $636 million, or 63 cents per share, a year ago. Excluding items, the company earned 37 cents per share in the latest quarter, up from 29 cents in the prior-year quarter. Sales declined to $6.0 billion from $6.48 billion last year.

Analysts surveyed by Thomson First Call expected earnings per share of 33 cents on sales of $5.76 billion.

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Segment sales, excluding the divested Textiles & Interiors businesses, grew 14 percent on 5 percent volume growth and 7 percent higher U.S. dollar selling prices. Local selling price increases more than offset the impact of higher raw material costs, the company said.

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For the full year, the company posted net income of $1.78 billion, or $1.77 per share, up from $973 million, or 96 cents per share, last year. Excluding items, DuPont earned $2.38 per share in the latest period. Sales rose to $27.34 billion from $27 billion a year ago. Analysts forecast earnings per share of $2.34 on sales of $27.35 billion.

In October, the company backed its guidance for full-year earnings of $2.25 to $2.35 per share excluding charges. Looking ahead, DuPont said it expects 2005 earnings per share to range between $2.65 and $2.85, excluding items. Analysts are predicting income of $2.74 per share.