Antitrust authorities in Europe are requiring DuPont to sell pesticide assets, including top-selling Rynaxypyr insecticide, which past year generated $450 million in earnings on revenue of $1.4 billion. DuPont, which is merging with Dow Chemical Co., said the quarter included charges of $36 million related to the merger, while the year-ago quarter included a $160 million gain.
The seeds and chemicals maker is now focusing on selling directly to farmers in the United States, reducing its links with USA retailers and distributors.
"Agriculture came in strong as expected as strength in South America and the pulling of sales from" the fourth quarter into the first quarter countered "weakness in North America", Jonas Oxgaard, an analyst at Sanford C. Bernstein & Co. said in a note Tuesday.
The deal is yet to be approved by the United States and China, among others.
"We continue to expect to close the merger in August of this year and quickly begin working on the 500-plus projects already identified to deliver the targeted $3 billion in cost synergies", Breen said.
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They're not just there to be a fan. "Sometimes you have to let them know "I'm still the beast, I'm still the monster". I should have said, "No, I'm going to defend the British title outright, I should stay where I am".
DuPont reported an adjusted profit of $1.64 per share today, beating forecasts for $1.38 a share, on sales of $7.7 billion, ahead of analyst expectations for $7.5 billion.
First-half 2017 operating earnings per share are expected to be about $2.90, an increase of about 16% vs. prior year.
Regulatory hurdles have repeatedly delayed closing of the merger, which was announced in December 2015. That implies second quarter earnings of $1.26 a share, trailing the $1.31 average estimate.
Sales in DuPont's agriculture unit, which accounts for half of the company's revenue, rose 4 percent to $3.93 billion in the first quarter ended March 31, while operating earnings increased 12 percent.
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