Wilmington, DE, Sept. 18--Chemicals maker DuPont Co. on Wednesday warned 2003 earnings would be near the lower end of its previous forecast due to a slower than expected turnaround in industrial demand.
In pre-opening U.S. trade, its shares fell 2%. DuPont said it expected full-year earnings of about $1.60 per share.
The company saw no evidence of a "broad" turnaround in industrial demand in its July and August results but forecast a "meaningful" recovery, starting in the fourth quarter and into 2004.
It said fourth-quarter results would represent at least 75% of its second-half results. Its second-half outlook excludes estimates of special items.
The Wilmington, DE based company still sees a third-quarter gain of $25 million, or two cents a share, from insurance on a 1995 class-action lawsuit. DuPont also expects a gain of about one cent a share from a favorable arbitration ruling.
