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DuPont profit tumbles; plans to cut 1,500 jobs

FRANKFURT (MarketWatch)
Chemicals firm E.I. DuPont de Nemours & Co. on Tuesday cut its full-year outlook and said it aims to eliminate around 1,500 jobs after reporting a drop in third-quarter profit
The company posted third-quarter net income of $10 million, or 1 cent a share, versus $452 million, or 48 cents a share, in the same period a year ago
The Dow component posted adjusted earnings of 44 cents a share, matching the consensus forecast produced by a FactSet survey of Wall Street analysts
Total sales fell 11.6% to $7.34 billion
The company said it has launched a restructuring plan "to increase productivity, enhance competitiveness and accelerate growth."
The plan, which includes cutting around 1,500 positions globally in the next 12 to 18 months, will deliver pre-tax cost savings of around $450 million, including $300 million in 2013, by eliminating corporate costs supporting its performance coatings business
DuPont said it expects adjusted 2012 full-year earnigns from continuing operations in a range of $3.25 to $3.30 a share
The company in July said it expected full-year earnings at the lower end of its outlook range of $4.20 to $4.40 a share

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United Technologies Corp.'s third-quarter profit rose 6.9% as the industrial conglomerate posted stronger sales on its recent Goodrich acquisition, though expenses rose.

The company narrowed its full-year sales guidance, citing a lack of recovery in the commercial aerospace aftermarket and continued uncertainty in the global economy, now seeing sales of $58 billion, down from its previous view of $58 billion to $59 billion. The company affirmed its earnings guidance.

United Technologies also said it is increasing this year's restructuring effort to $600 million from $500 million, but added it now expects dilution in 2012 from its Goodrich acquisition to be 10 cents a share, down from 20 cents.

The maker of Otis elevators, Pratt & Whitney aircraft engines and Carrier air-conditioning systems recently has made deals to increase its exposure to commercial aviation. It sold a handful of businesses to fund its $16.5 billion acquisition of aircraft-component maker Goodrich Corp., which closed in late July.

Last month, United Technologies delivered a cautiously upbeat outlook for 2013, expecting to benefit from a recovery in sales of aircraft parts and its restructuring to focus on aerospace, building and security systems.

For the third quarter, United Technologies reported a profit of $1.42 billion, or $1.56 a share, up from $1.32 billion, or $1.47 a share. The company's per-share earnings from continuing operations fell to $1.37 from $1.43. Revenue improved 5.7% to $15.04 billion.

Analysts surveyed by Thomson Reuters recently expected a per-share profit from continuing operations of $1.18 on revenue of $15.51 billion.

Revenue from Pratt & Whitney rose 16%, but profit shrank 18%, and revenue at the Otis unit was down 6.4%, while profit fell 11%. UTC Aerospace Systems, a new unit that includes Goodrich and Hamilton Sundstrand, saw its revenue more than double and its earnings rise 33%.

Total costs and expenses rose 7.3% to $13.21 billion.