(Adds details, CEO comment from statement, background)
April 25 (Reuters) - DuPont's DD.N first-quarter results
beat Wall Street estimates and the chemicals and seed producer
raised its full-year guidance as it sees lower currency impact
than expected.
The company said its global cost savings and restructuring
plan is on track and that it still expects savings of $730
million this year.
"Solid execution, local price and product mix gains, and
higher corn area led to a strong start to the year for our Ag
business," Chief Executive Ed Breen said.
The company, which plans to merge with Dow Chemical (NYSE:DOW) Co
DOW.N , now expects operating earnings of $3.05-$3.20 per
share, up from $2.95-$3.10 per share it estimated earlier.
DuPont (NYSE:DD) now expects the negative currency impact for the year
to be about $0.20 per share, 10 cents lower than estimated
earlier.
Net income attributable to the company rose nearly 19
percent to $1.23 billion, or $1.39 per share, in the first
quarter.
On an operating basis, the company earned $1.26 per share.
Net sales fell 5.5 percent to $7.41 billion, but was above
average analysts estimate of $7.19 billion, according to Thomson
Reuters I/B/E/S.
DuPont and Dow Chemical agreed in December last year for a
$130 billion all-stock merger, in a first step towards breaking
up into three separate businesses.
Analysts have speculated that the deal will face intense
regulatory scrutiny, especially over combining the two
companies' agricultural businesses, though both Dow and DuPont
executives have said that any asset sales required would likely
be minor.
DuPont said last month that U.S. regulators needed more time
to review materials related to its merger with Dow Chemical Co
DOW.N .
The company said it will hold a conference call at 0800 ET
Tuesday to discuss the results, which were released earlier than
expected.