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DuPont Q4 Loss

Published: 27 January 2009
 by Staff
DOVER, DE – DuPont Co. has released fourth-quarter results. It reported a loss of $629 million, compared to a $545 million profit a year ago. The company cites a $380 million restructuring charge and a decline in consumer spending for the drop in numbers.
 
Net sales for the quarter fell 17% to $5.8 billion. Overall volume dropped 20%. Year earnings were $2 billion, down from $2.9 billion in 2007.

The company has revised its full-year earnings estimate to a range of $2 to $2.50 per share, down from $2.25 to $2.74 per share.
 
To further reduce working capital and operating costs, work schedule reductions are planned. In addition, more than 400 employees will be redeployed on projects.
 
With no immediate relief for the global economic condition, DuPont predicts a continued weak demand in many of its key markets. According to CEO Ellen Kullman, the company plans to deliver nearly $730 million in fixed cost reductions and around $1 billion in reduced working capital for the year.
 
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