DuPont's earnings for the first quarter 2004 will be about $0.95 per share, excluding the special items discussed below. This compares to the company's January outlook of $.65 to $.75 per share. The improved results reflect a strong quarter for its Agriculture & Nutrition segment and higher than expected volumes across most businesses.
The company's first quarter reported results will include a $.14 per share charge to establish a reserve in connection with DuPont Dow Elastomers litigation and a $.02 per share charge in connection with an anticipated settlement of litigation in Coatings & Color Technologies. The company noted that additional charges and credits associated with the INVISTA(TM) separation, including the recently announced price adjustment, will also impact first quarter results. Such amounts have not been finalized at this time.
The company did not update its outlook for full-year 2004 earnings including special items. However, the company's full year 2004 outlook for earnings before special items is now $2.10 to $2.30, which is $0.10 higher than its January outlook.
As announced on April 12, the company expects to record a charge of approximately $.17 to $.19 per share in the second quarter of 2004, related to its cost improvement program. Additionally, the company anticipates second quarter gains and losses associated with closing the INVISTA transaction.
