Investing.com - U.S. chemicals giant DuPont (NYSE:DD) reported better-than-expected first quarter earnings ahead of Tuesday’s opening bell, despite missing slightly on revenue figures.
DuPont said that earnings per share came in at $1.34 in the three months ended March 31, beating expectations for earnings of $1.32 per share.
Cost reductions from operational redesign contributed 10 cents per share to first quarter operating earnings. The results also included a 25 cent per share negative impact from currency movements.
The company’s first quarter revenue totaled $9.17 billion, below expectations for revenue of $9.42 billion and down 9% from the same period a year earlier primarily due to impacts from currency (6%), portfolio changes (2%) and expected near-term industry-wide challenges in Agriculture and Performance Chemicals.
Estimated negative currency impact in 2015 increased to approximately $0.80 per share, up from the $0.60 per share we previously communicated.
DuPont now expects to be at the low end of the previously communicated outlook range of $4.00-$4.20 operating earnings per share.
DuPont also announced that its board of directors approved a second quarter dividend of 49 cents per share, a 4% increase over the 47 cents paid last quarter.
"DuPont delivered volume and margin improvements in the majority of our post-spin segments through intense focus on innovation, disciplined execution and ongoing efficiency improvements and cost reduction, even in the midst of challenging currency and market environments," said DuPont Chair and CEO Ellen Kullman.
Following the release of the report, DuPont shares slipped 0.04% in pre-market trade to $72.81 from a closing price of $72.84 on Monday.
Meanwhile, the outlook for U.S. equity markets was upbeat. The Dow futures pointed to a gain of 0.35% at the open, the S&P 500 futures indicated a rise of 0.4%, while the Nasdaq 100 futures signaled an increase of 0.45%.