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Non-Tech : EARNINGS REPORTING - surprises, misses & more -- Ignore unavailable to you. Want to Upgrade?

To: 2MAR$ who wrote (634)	5/23/2001 5:29:01 PM
From: 2MAR$	Read Replies (1) \| Respond to of 762

DuPont finds economic weakness spreading (Adds details, stock info) NEW YORK, May 23 (Reuters) - DuPont Co. <DD.N> is finding growing weakness in its key markets as the second quarter progresses, Chief Operating Officer Richard Goodmanson said on Wednesday. "The U.S. manufacturing sector has been in recession since late last year, and we have been very clear that we entered the second quarter of 2001 expecting an environment at least as challenging as in the first quarter," Goodmanson told industry analysts. Goodmanson pointed out that in the first quarter the big chemical and pharmaceutical companies had a 36 percent drop in earnings per share on a 9 percent sales decline. "Thus far in the second quarter, we have seen further negative developments in markets that are sensitive to discretionary spending, such as electronics, automotive, and commercial and residential remodeling markets," he said. For the first time in this downturn, Goodmanson said, demand in Europe has softened. U.S. auto manufacturing is down double digits, and the remodeling slowdown has reduced North American demand for carpet and paint, he continued. DuPont is also focusing on controlling costs and enhancing productivity, Goodmanson, said. The company is increasing consumer advertising, because of reduced media rates, accelerating some of its investments in information technology at reduced costs, and rescheduling manufacturing maintenance to take advantage of idle time. Shares of DuPont fell $1.92, or 3.9 percent, to $47.39 in New York Stock Exchange trading on Wednesday. ((--Jim Brumm, New York Equity News at 646 223-6091 or nyc.equities.newsroom@reuters.com)) REUTERS * end of story *