DuPont Quarterly Sales Fall 5.5% Due To Strong Dollar

Chemicals and seed producer DuPont reported a 5.5 percent fall in first-quarter sales mainly due to the strong dollar.

The company raised its 2016 guidance as it expects lower currency impact than expected. It now expects operating earnings of $3.05-$3.20 per share, up from $2.95-$3.10 per share it expected earlier.

DuPont also said its global cost savings and restructuring plan was on track and still expects savings of $730 million this year.

Net income attributable to the company rose to $1.23 billion, or $1.39 per share, in the first quarter, from $1.03 billion, or $1.13 per share, a year earlier.

Net sales fell to $7.41 billion from $7.84 billion.

DuPont said last month that U.S. regulators needed more time to review materials related to its merger with Dow Chemical Co.

The company said it will hold a conference call at 0800 ET Tuesday to discuss the results, which were released earlier than expected.