(Reuters) – Industrial materials maker DuPont raised its full-year profit and revenue forecasts and breezed past first-quarter expectations on Tuesday, boosted by demand from chip companies as well as a recovery in automobile markets.
The company, which makes everything from brake fluid to fabric used in protective garments, is benefiting from a recovery in demand from the COVID-19 pandemic-led slump and costs cuts it implemented last year to cope with the fallout of the health crisis.
DuPont, once part of the erstwhile chemical giant DowDuPont, said it expects net sales between $15.70 billion and $15.90 billion and adjusted earnings per share in the range of $3.60 to $3.75 for the year ended December 2021.
It had previously forecast sales between $15.40 billion and $15.60 billion on earnings of $3.30 to $3.45 per share.
DuPont’s adjusted earnings per share of 91 cents for the first quarter beat estimates of 76 cents.
Sales of $4 billion also surpassed $3.85 billion estimated by analysts, partially helped by strong demand for water filtration technologies.
(Reporting by Arathy S Nair in Bengaluru; Editing by Shinjini Ganguli)
