Track the companies that matter to you. It's FREE! Click one of these fan favorites to get started: Apple; Google; Ford.



DuPont Cutting 1,500 Jobs After Q3 Miss

Don't let it get away!

Keep track of the stocks that matter to you.

Help yourself with the Fool's FREE and easy new watchlist service today.

Earnings season continued to inflict pain as chemical giant DuPont (NYSE: DD  ) this morning announced its intention to cut 1,500 jobs. The company reported a weak third quarter this morning, with total company reported earnings at $0.01 per share versus $0.48 per share in the prior year.

Total company third-quarter 2012 earnings, excluding significant items, were $0.44 per share versus $0.69 per share in the prior year, the company announced in a press release

The announced job cuts amount to around 2% of DuPont's work force and will happen over the next 12 to 18 months. The company didn't disclose details of where the cuts would occur. They are part of a restructuring plan to "increase productivity, enhance competitiveness and accelerate growth."

Reuters reports that half the layoffs are due to the weak economy and half would stem from the $4.9 billion sale of the company's car paint business to the Carlyle Group in August.

Declining revenue and one-time items slammed DuPont's quarterly earnings, particularly as demand fell in Europe and Asia. Sales fell far below analyst expectations, plummeting 9% for the quarter. DuPont CEO Ellen Kullman said the company is "addressing these challenges now to position ourselves for improved performance."

Even without one-time items, earnings per  share of $0.32 still fell far below analyst expectations of $0.46 a share. DuPont shares plunged more than 7% in early trading.

Dan Carroll has no positions in the stocks mentioned above. The Motley Fool has no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2070638, ~/Articles/ArticleHandler.aspx, 10/28/2016 8:50:51 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated 11 hours ago Sponsored by:
DOW 18,169.68 -29.65 0.00%
S&P 500 2,133.04 -6.39 0.00%
NASD 5,215.97 -34.29 0.00%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

10/27/2016 4:03 PM
DD $69.84 Up +1.16 +0.00%
DuPont CAPS Rating: ****