DuPont cuts profit forecast on corn seed sales

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Associated Press

Posted on June 26, 2014 at 3:01 PM

Updated Thursday, Jun 26 at 3:01 PM

NEW YORK (AP) — DuPont is cutting its profit forecast because of weaker sales of corn seeds.

The Wilmington, Delaware, company says corn seed sales fell, and added that herbicide sales and lower selling prices for refrigerants were also hurting its business.

The company now expects adjusted annual income of $4 to $4.10 per share, down from $4.20 to $4.45 per share. FactSet says analysts expect $4.28 per share.

The company says its second-quarter income will be lower than last year's quarterly total of $1.28 per share. Analysts expect $1.46 per share, on average.

Shares of The DuPont Co. fell $1.25 to $66.45 in late trading after closing at $67.70 during the day.

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