The DuPont Co. said Tuesday that it will cut about 1,500 jobs and take other steps to increase competitiveness after weak demand for a key industrial pigment and uncertainty in the solar panel market led to a sharp drop in third-quarter earnings.
The chemical company, based in Wilmington, Del., reported net income of $10 million, or a penny per share, compared with $452 million, or 48 cents per share, for the same period last year. Excluding one-time items, DuPont earned 44 cents per share, compared with 69 cents per share for last year’s third quarter. Revenue from continuing operations totaled about $7.4 billion, down 9 percent from $8.1 billion.
The results fell short of analysts’ estimate of 46 cents per share, according to FactSet.
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