DuPont says first-quarter net income soars

Associated Press SHARE

By RANDALL CHASE, Associated Press

DOVER, Del. (AP) — The DuPont Co. says its net income more than doubled in the first quarter on strong results by its agricultural unit.

Du Pont, based in Wilmington, Delaware, reported net income of $3.35 billion or $3.58 per share for the quarter ended March 31. That's up from $1.49 billion, or $1.58 per share, a year ago.

Its operating earnings fell 6 percent to $1.46 billion, or $1.56 per share. Analysts surveyed by FactSet expected $1.53 per share.

Revenue increased 2 percent to $10.4 billion — matching Wall Street expectations — with 4 percent volume growth in North American and Latin America.

Agriculture operating earnings increased 13 percent to a record $1.5 billion.

DuPont also announced a 5 percent increase in its quarterly cash dividend.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.