NEW YORK (AP) — Chemicals maker DuPont on Tuesday forecasted that profit will rise 7 to 12 percent in 2012, compared with what it expects to earn this year, as international sales increase.
Last Friday, DuPont cut its 2011 earnings forecast due to weaker demand in several sectors, including electronics and industrial supplies. DuPont predicted an adjusted 2011 profit of $3.87 to $3.95 per share in 2011, down 10 cents from its October guidance and below what analysts had expected.
But DuPont, whose products are used in electronics, cars, paint, plastics, agriculture and other industries, expects that international expansion, new products and a recent acquisition will boost future growth. The Wilmington, Delaware, company on Tuesday predicted 2012 profit of $4.20 to $4.40 per share on revenue of $40 billion to $42 billion.
That's in line with Wall Street expectations. Analysts estimate 2012 profit of $4.30 per share on sales of $41.5 billion, according to FactSet.
The company said it expects increased sales and higher profit margins next year in many of its businesses. DuPont bought Danish food additives maker Danisco for more than $6 billion in May to broaden the company's food business.
Shares fell 42 cents, nearly 1 percent, to close at $43.49. Broader markets closed lower, with the Standard & Poor's 500 index falling 1.3 percent.