Lower Corn Plantings, North American Herbicide Volumes Hit DuPont

DuPont said its agriculture profit fell 5% in the first quarter to $1.4 billion, on timing of seed shipments, lower corn planted area in Brazil’s Safrinha season and in North America and lower herbicide volumes in North America.

The 5% drop in operating earnings for the agriculture segment to $1.4 billion was partially offset by pricing gains in seeds, higher insecticide volumes in Latin America and lower seed input costs, DuPont said.

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Sales for its agriculture business totaled $4.39 billion, down 6% from a year ago.

DuPont reaffirmed its outlook for 2014 operating earnings of $4.20-$4.45 per share, an increase of 8% to 15% from 2013, based on growth in global industrial market demand.

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