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As predicted: DuPont’s Q2 was down

As predicted, DuPont reports earnings per share for their second quarter were down moderately from a year ago at $1.17.  Revenue for the quarter was $9.7 billion compared to $9.8 billion for the same period in 2013.

The Agriculture sector reported earnings of $836 million for the second quarter compared to $941 million a year ago.

On June 26th, Du Pont warned that earnings would be lower for the quarter because of the amount of U.S. acreage shifted from corn to soybeans this year.  As a result, seed corn and herbicide sales were down while seed inventory write-downs increased.  Soybean sales were higher but not enough to offset the loss in corn.

The company projects full-year earnings for 2014 of $4 to $4.10 per share compared to $3.88 in 2013.

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