Chemical maker DuPont Co. reported Tuesday a loss of $629 million in the fourth quarter, as declines in construction, motor vehicle sales and consumer spending caused a steep decline in global industrial production and diminished demand and the volume of the company's sales to more than 20 percent in the quarter.
DuPont said in a statement Tuesday its loss amounted to 70 cents per share, compared with a profit of $545 million, or 60 cents per share, a year ago. Excluding a charge of $380 million, or 42 cents per share, from a previously announced restructuring program, the loss in the period was $249 million, or 28 cents per share above analysts' expectations, which on average estimated a loss of 24 cents per share, according to a poll by Thomson Reuters.
As its volume of products declined in the quarter, net sales also dropped 17 percent to $5.8 billion from $6.98 billion.
For 2009, DuPont forecast full-year earnings of $2 to $2.50 per share, down from a previous estimated range of $2.25 to $2.75. The range is higher than analysts average estimate of$2.22.
We will deliver about $730 million in fixed cost reductions and about $1 billion in reduced working capital, Chief Executive Ellen Kullman said of 2009 in a statement today.