DD Plans to Streamline; Projects Loss – Zacks Tale of the Tape
Source: http://www.zacks.com/stock/news/16236/DD+Plans+to+Streamline%3B+Projects+Loss++-+Zacks+Tale+of+the+TapePosted on Thursday, December 4th, 2008 | In Stocks to Watch
Contributed by: Zacks Market Commentaries (http://www.zacks.com/) -
DuPont Co. (DD) declared today that it will cut back on its financial targets to fight the dwindling world economy.
The Wilmington-based company is also planning to eliminate 2,500 jobs and reduce capital spending budget by 10% to 20% as part of its restructuring efforts worth $600 million.
The company expects a fourth-quarter loss of 20 cents to 30 cents a share, excluding a likely restructuring charge of $500 million. Earlier in October, DuPont projected a profit. Analysts have made a profit forecast of 25 cents per share.
DuPont’s earnings estimate for 2009 stands in the range of $2.25 to $2.75 a share, compared to analysts’ forecast of $3.27.
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