April 25 (Reuters) - Chemicals and seeds producer DuPont
, which is merging with Dow Chemical Co, reported
a better-than-expected profit for the seventh straight quarter,
helped by a rise in seed sales.
, which is merging with Dow Chemical Co, reported
a better-than-expected profit for the seventh straight quarter,
helped by a rise in seed sales.
DuPont has moved from selling its farm products to retailers
and distributors, focusing instead on selling directly to
farmers in the United States.
and distributors, focusing instead on selling directly to
farmers in the United States.
This pushed the timing of some seed sales to the first
quarter from the fourth.
quarter from the fourth.
Demand was also propelled by late-season seed demand in
South America and the planting of the largest combined corn and
soybean acres on record in the United States.
South America and the planting of the largest combined corn and
soybean acres on record in the United States.
Operating earnings at DuPont's agriculture business rose 12
percent to $1.24 billion in the first quarter ended March 31.
percent to $1.24 billion in the first quarter ended March 31.
Net income attributable to DuPont fell to $1.11 billion, or
$1.27 per share, in the first quarter, from $1.23 billion, or
$1.39 per share, a year earlier.
$1.27 per share, in the first quarter, from $1.23 billion, or
$1.39 per share, a year earlier.
The latest quarter included charges of $36 million, while
the year-ago quarter included a $160 million gain.
the year-ago quarter included a $160 million gain.
Excluding items, operating profit in the latest quarter was
$1.64, above analysts' estimate of $1.39, according to Thomson
Reuters I/B/E/S. NEWS FROM AROUND THE WORLD.
$1.64, above analysts' estimate of $1.39, according to Thomson
Reuters I/B/E/S. NEWS FROM AROUND THE WORLD.
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