Dupont net off 0.8%; volume down, prices up : Report

DuPont Co.'s  fourth-quarter profit fell 0.8% as the chemicals giant posted weaker volume but was aided by higher pricing, which it used to offset higher raw material costs.
DuPont, a diversified U.S. manufacturer, repeatedly warned of a weaker fourth quarter and recently lowered its profit guidance for 2011, citing nagging uncertainty in the global economy forcing its customers to work down their inventories instead of buying more products
DuPont was among the first companies to highlight the practice, known as destocking, in the fall as customers trimmed inventories
Though the declines are far less dramatic than seen at the start of the past recession, DuPont's warnings were expected to resonate throughout the chemical sector
The company last month forecast 2012 earnings largely above market estimates, saying destocking in some key industrial markets would be relatively short-lived.
DuPont reported income of $373 million, down from $376 million a year earlier
In both periods, per-share earnings were 40 cents
Excluding special items, earnings in the latest quarter were 35 cents a share.
Net sales were up 14% to $8.43 billion
Volume dropped 10% and prices rose 14%.
Analysts surveyed by Thomson Reuters estimated a profit of 33 cents a share on revenue of $8.53 billion.
The company's performance materials segment saw 1% higher sales
Its agricultural segment rose 8% in sales and performance chemicals sales increased 12% on higher selling prices to offset raw material costs
The stock is up 7.1% over the past three months