DuPont to cut 1,500 jobs after Q3 profit slide
DOVER (AP) - Chemical maker the DuPont Co. will cut 1,500 jobs and take other steps to increase competitiveness after a third quarter in which earnings fell sharply.
The company reported net income of US$10 million (S$12.25 million) Tuesday, or a penny per share, compared with US$452 million, or 48 cents per share, for the same period last year. Excluding one-time items, DuPont earned 44 cents per share, compared with 69 cents per share for last year's third quarter.
The results fell short of the average estimate of 46 cents per share, and Dupont's stock slid 4 per cent in premarket trading.
Revenue totalled about US$7.4 billion, down 9 per cent from US$8.1 billion.