DuPont reports drop in second quarter earnings

AP News
Posted: Jul 23, 2013 6:45 AM

DOVER, Del. (AP) — The DuPont Co. says lower prices for titanium dioxide and volume declines in some business segments contributed to a drop in second-quarter earnings.

The company also says it is exploring possible sale or spinoff of its performance chemicals business.

The Wilmington, Del.-based company said net income totaled just over $1 billion, or $1.11 per share for the quarter ending June 30, compared to $1.16 billion, or $1.23 per share, for the same period last year.

Revenue fell 1 percent to $9.8 billion as lower selling prices and currency effect offset a 1 percent volume gain.

Wall Street analysts surveyed by FactSet were expecting income of $1.27 per share on revenue of $10.04 billion.

Last week, DuPont's share price soared to its highest point in more than 13 years after a report that activist investor Nelson Peltz had taken a significant stake in the company.