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DuPont sees 4Q net loss due to weaker currency, volumes
HOUSTON, January 26, 2016 (PCW) -– DuPont on Tuesday reported a net loss of $253 million in the fourth quarter, compared to $683 million net income seen in the year-ago period.
The company attributed the loss to negative impacts from currency and volume.
DuPont’s performance materials segment saw operating earnings of $281 million in the fourth quarter, down $45 million of 14%, due to lower ethylene prices and volumes as well as $19 million of negative currency impact.
The company also warned of further softness in 2016, largely due to “difficult global economic conditions in agriculture and slower growth in emerging markets.”
DuPont continues to reduce its employee headcount and expects the cost savings from these efforts to be felt in the second half of the year, it said. Meanwhile, its merger with Dow Chemical is on track to be completed in the second half of 2016. – Samantha Hartke