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DuPont Lowers Earnings Projections

September 08, 2000|Reuters

DuPont Co., the world's largest chemical company, warned that its earnings for the year would fall below analyst expectations because of substantially higher-than-forecast energy costs and a declining euro. The company said it now expects earnings of $2.85 to $2.95 a share for 2000, contrasted with the $3.01-a-share consensus of analysts' estimates. The Wilmington, Del.-based company earned $2.58 a share last year. Shares in DuPont, a component of the Dow Jones industrial average, fell $4.88, or 10%, to close at $42.13 on the NYSE. The company, which makes products used in food and electronics production, health care, auto finishes and fabrics, said it has seen some volume growth weakening, particularly in apparel. DuPont said it expects to offset rising costs of raw materials and increase earnings in part by raising prices.

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