E.I. du Pont de Nemours & Company (NYSE:DD) has reported its third trimester results recently. It has reported a total income of $7.74 billion for the period which is a bit lower than the market expectation just reported Q3 results yesterday tempting me to take a look at its recent performance of $7.77 billion.
Though it must be said that it bettered the general market estimate in the earning per share category where the market expected it to report an earnings of $0.41 while the company earned $0.45. Its working income for the period was also 5 per cent higher in the trimester compared to the same period last year. Its total sales went up by 5 percent to $7.74 billion which was due to higher sales volume. Its YTD income also went up by 2 per cent to $28 billion when compared to the last year’s figures.
The company has improved its financial status also, where its total loans to be paid went down $3.8 billion compared to last year. The companies working output was better in all businesses, except the Performance Chemicals business where the working income went down by $159 million as compared to last year and removed all the increases that all the other businesses had made.
In other news out today, Citigroup researcher P.J. Juvekar has promoted the company share from a Neutral to a Buy rating and raised its target price $61 to $70. The research note released has
The report has centered its primary focus on the split of the performance chemicals division of the company and how that will create more value for it and allow the two companies to concentrate on their main areas. The new company when formed will have a $3 billion debt with it, reducing the E.I. du Pont de Nemours & Company loan burden.