NEW YORK, N.Y. – 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 Wilmington, Del., company sells seeds, herbicides and insecticides, among many other products. The company said Wednesday that anticipates a larger decline in its earnings for 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. Wall Street estimates range from $3.75 to $4.04 per share.
The U.S. Department of Agriculture said Wednesday that farmers are expected to bring in 14 billion bushels of corn this year. That would be a record, but it’s 135 million bushels less than last month’s estimate, reflecting the impact of the rainy, cooler spring, which delayed planting in several states, including Iowa, Minnesota, Nebraska, and North and South Dakota.
Shares of DuPont lost 35 cents to close at $53.88 Thursday.