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DuPont earnings fall sharply on weak TiO2 and solar; company to cut 1,500 jobs (updated)
3:23 PM MDT | October 23, 2012 | Robert Westervelt
DuPont reported net income of $10 million, down from $452 million in the year-ago quarter. Sales from continuing operations were $7.4 billion, 9% below last year, reflecting sharp volume declines in solar and titanium dioxide (TiO2), particularly in Asia, the company says. DuPont says it will eliminate 1,500 positions globally, roughly 2% of its workforce, over the next 12–18 months. The company's shares fell 9% Tuesday, to close at $45.25/share, following the earnings report....
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