DuPont to Cut 1,500 Jobs

Q3 profit drops more than expected on falling demand for paint pigment.

DuPont Co., the most valuable U.S. chemical maker, said it will eliminate about 1,500 jobs after posting a smaller third-quarter profit than analysts estimated on falling demand for paint pigment. The shares dropped.

Net income fell to $10 million, or 1 cent a share, from $452 million, or 48 cents, a year earlier, Wilmington, Delaware-based DuPont said today in a statement. Profit excluding earnings from the auto-paint unit and one-time items was 32 cents a share, trailing the 47-cent average of 14 estimates compiled by Bloomberg.

Auto-Paint Unit

The results were released before the start of regular trading in New York, where DuPont fell 4 percent to $47.75 at 6:57 a.m. The shares gained 8.7 percent this year before today.

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