DuPont products are shown for sale in a hardware store in National City, California, December 9, 2015.
Mike Blake | Reuters
Industrial materials maker DuPont on Tuesday doubled its annual cost-savings target and slashed its capital expenditure by about $500 million, as it looks to weather the global trade uncertainties brought on by the coronavirus outbreak.
As spread of the coronavirus across some of the biggest economies upended global trade, companies are increasingly axing costs and delaying non-essential expenses.
DuPont now expects to save $180 million this year, compared to $90 million from steps announced in January to take out stranded costs.
The industrial giant had earlier suspended its full-year forecast, citing the pandemic.
The company’s adjusted earnings, in line with preliminary results released earlier, came in at 84 cents per share for the first quarter, beating analysts’ estimates of 75 cents, according to Refinitiv IBES.
Net sales fell 4% to $5.2 billion.
Published at Tue, 05 May 2020 12:03:38 +0000-DuPont doubles cost-savings target, slashes capital expenses