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.
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.