News Summary: DuPont reports sharp decline in 3Q

Associated Press Published: October 23, 2012

DOVER, Del. (AP) — BIG DROP: DuPont Co. reported a big decline in its third-quarter net income to $10 million, or a penny per share, from $452 million, or 48 cents per share, a year ago. Excluding one-time items, DuPont earned 44 cents per share. Revenue from continuing operations fell 9 percent to about $7.4 billion.

WHITEOUT: After enjoying record demand for its industrial whitening pigment titanium dioxide a year ago, the performance chemicals unit saw sales decline by 19 percent in the latest quarter on lower demand. It also cited weak demand for solar panels amid disputes between China and the U.S. and a European investigation of alleged dumping by Chinese manufacturers.

JOBS CUTS: DuPont said it will cut about 1,500 jobs over the next 12 to 18 months as part of a restructuring expected to result in pretax savings of $450 million. The restructuring involves eliminating residual costs tied to its performance coatings unit, which is being sold to a private equity firm, and cutting other costs to improve competitiveness.

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