Dec. 9 (Bloomberg) -- DuPont Co., the most valuable U.S. chemical maker, said it cut its 2011 earnings forecast amid lower demand for consumer electronics and “weak” housing and construction markets.
Profit will be $3.87 to $3.95 a share, the Wilmington, Delaware-based company said today in a statement. DuPont forecast last month full-year earnings of $3.97 to $4.05 a share. The average of 18 analysts’ estimates compiled by Bloomberg is for profit excluding one-time items of $4.04.
DuPont also said the reduced forecast reflected an acceleration in cutbacks in inventories in polymers and certain other industrial supply chains.
“We are seeing slower growth in certain segments during the fourth quarter, driven by global economic uncertainty,” Chief Executive Officer Ellen Kullman said in the statement. “This uncertainty is contributing to ongoing conservative cash management in some supply chains.”
DuPont will hold its annual investor meeting in Wilmington on Dec. 12 and Dec. 13.
DuPont fell 5.2 percent to $44.09 at 8:25 a.m. before the open of regular trading in New York.
--Editors: Steven Frank, Jessica Resnick-Ault
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