Summary
E. I. du Pont de Nemours and Company (DuPont) filed an 8-K on June 26, 2002, announcing an upward revision to its second-quarter earnings outlook. The company now estimates underlying earnings per share to be between $0.64 and $0.67, a significant improvement from the prior estimate of approximately $0.55 and the prior year's second quarter earnings of $0.41 per share. This positive revision is attributed to higher sales across most of DuPont's reporting segments. In addition to the improved earnings forecast, DuPont also indicated that it expects to complete its evaluation of goodwill in accordance with SFAS 142 and will announce a non-cash impairment charge with its second-quarter earnings report. Investors should note that further details regarding these results will be provided on July 24, 2002, through a quarterly earnings release, website postings, and an investor conference call.
Key Highlights
- 1DuPont raises its Q2 2002 underlying earnings per share (EPS) outlook to $0.64-$0.67, up from a previous estimate of $0.55.
- 2The revised outlook represents a substantial increase compared to Q2 2001 underlying EPS of $0.41.
- 3Improved sales across most DuPont reporting segments are the primary driver for the enhanced earnings forecast.
- 4The company expects to announce a non-cash goodwill impairment charge in accordance with SFAS 142 with its Q2 earnings.
- 5First Call consensus estimate for Q2 EPS was $0.56 prior to this announcement.
- 6DuPont will provide full details on Q2 results on July 24, 2002.