| 6:14AM DuPont beats by $0.02, beats on revs; raises FY11 EPS above consensus ( DD) 52.28 : Reports Q2 (Jun) earnings of $1.37 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $1.35; revenues rose 19.1% year/year to $10.26 bln vs the $9.9 bln consensus. Co issues upside guidance for FY11, raises EPS to $3.90-4.05, excluding non-recurring items, from $3.65-6.85 vs. $3.84 Capital IQ Consensus Estimate, with 11 percent higher local prices, 2 percent higher sales volume, 3 percent currency benefit and a 3 percent net increase from portfolio changes. Sales in developing markets grew 29 percent and represent 30 percent of total sales. The co's estimate for the impact of the Danisco acquisition on full-year reported earnings is now a reduction of $.18 to $.29 per share, versus the previous estimate of a $.30 to $.45 per share reduction. The current view is based on anticipated full-year Danisco operating earnings of about $.05 per share and significant item charges related to the acquisition estimated to be $0.23-.34 per share. In addition to these Danisco charges, the company expects a $.03 per share significant item charge in the third quarter associated with a licensing agreement. "Our strong second-quarter sales growth across all segments and regions resulted from consistent global execution and customer-focused innovation." |
