DuPont says first-quarter net income soars

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Associated Press

Posted on April 23, 2013 at 7:01 AM

Updated Tuesday, Apr 23 at 7:03 AM

DOVER, Del. (AP) — The DuPont Co. says its net income more than doubled in the first quarter on strong results by its agricultural unit.

Du Pont, based in Wilmington, Delaware, reported net income of $3.35 billion or $3.58 per share for the quarter ended March 31. That's up from $1.49 billion, or $1.58 per share, a year ago.

Its operating earnings fell 6 percent to $1.46 billion, or $1.56 per share. Analysts surveyed by FactSet expected $1.53 per share.

Revenue increased 2 percent to $10.4 billion — matching Wall Street expectations — with 4 percent volume growth in North American and Latin America.

Agriculture operating earnings increased 13 percent to a record $1.5 billion.

DuPont also announced a 5 percent increase in its quarterly cash dividend.

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