DuPont's quarterly profit rose 27 percent due to strong sales of electronic and solar materials, leading the chemical giant to boost its earnings forecast. The company, which plans to buy Danish food additives maker Danisco, said its first-quarter earnings increased to $1.43 billion, or $1.52 per share, from $1.13 billion, or $1.24 per share, a year earlier.
Analysts expected earnings of $1.36 per share, according to Thomson Reuters I/B/E/S. Revenue rose 18 percent to $10 billion. Analysts expected $9.19 billion. DuPont said in January it would buy Danisco for $5.9 billion, a 25 percent premium to Danisco's stock price just before the deal was announced. If the deal closes, nearly half of DuPont's revenue will come from food-related sources. Earlier this month China approved the Danisco deal. Danisco has several assets in the country.
Chinese approval was the last regulatory approval needed before shareholders can vote on the deal. DuPont's finance chief, Nick Fanandakis, told Reuters he is "confident" the deal will be approved before the end of April. DuPont raised its 2011 earnings forecast to a range of $3.65 to $3.85 per share. The Delaware-based company had previously forecast $3.45 to $3.75 per share and Wall Street expects $3.71 per share for the year.
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