Industrial materials maker DuPont on Monday estimated first-quarter profit above Wall Street’s expectations, as the coronavirus outbreak lifted demand for its products used in personal protection and water filtration.
The company, however, suspended its forecast for full-year sales and adjusted earnings, citing uncertainty caused by the COVID-19 pandemic.
DuPont, which makes everything from brake fluid to fabric used in protective garments, is expected to have mixed impact from the virus outbreak.
Demand for the company’s products such as Tyvek, used in protective garments has risen, while one of its key end markets - the automotive sector - has been among the hardest hit as the pandemic hampered global travel.
DuPont also said it had delayed some capital investment and idled production at several manufacturing sites, mainly production plants that fall under its the transportation and industrial business.
Shares of the company were up 4.3 per cent at $40 in pre-market trading.
DuPont said it expects first-quarter adjusted earnings per share between 82 cents and 84 cents on net sales of about $5.2 billion.
Analysts on average had estimated profit of 68 cents per share on revenue of $5.01 billion, according to Refinitiv Eikon data.
Dupont said in March it expected full-year adjusted earnings of $3.70 per share to $3.90 per share on sales of $21.3 billion to $21.8 billion.
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