NEW YORK (AP) — DuPont Co. on Tuesday reported a drop in first-quarter profit on higher costs, but still topped Wall Street expectations as seed sales boosted revenue.
The chemical and seeds company reported a 9.2 percent drop in profit to $1.11 billion, or $1.27 per share. Earnings, adjusted to account for discontinued operations and non-recurring costs, were $1.64 per share. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.38 per share.
The company is still in the process of merging with rival Dow Chemical Co. That deal, approved in July of 2016 and valued at $62 billion, is expected to close in August. The company, after merging, would split into three separate, publicly traded companies, one focusing on agriculture, one on material science, and one on the production and sale of specialty products.
Revenue rose 4.6 percent to $7.74 billion as seed sales volume increased by 4 percent.
Revenue in the key agricultural unit jumped 12.3 percent to $1.24 billion.
DuPont shares have risen 8 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 6 percent.