DuPont dampens 2013 net income expectations

Thursday, June 13th, 2013 | Finance News

NEW YORK (AP) — Chemicals maker DuPont says it will reach only the low end of its net income forecast in 2013 because of the cool, wet spring weather, which is expected to reduce farmers' harvests.

The Dover, Del., company anticipates a larger decline in its earnings in the first half of the year. DuPont has forecast net income of $3.85 to $4.05 per share and now says it will reach the low end of that range.

Analysts, on average, expect $3.89 per share, according to FactSet.

The U.S. Department of Agriculture said Wednesday that farmers are expected to bring in 14 billion bushels of corn this year. That's a record, but it's 135 million bushels less than last month's estimate, reflecting the impact of the cooler spring.