DuPont doubles cost-savings target, slashes capital expenses

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 slashed its capital expenditure by about $500 million and raised its annual cost-savings target to counter global trade uncertainties brought on by the coronavirus outbreak.

The industrial giant now expects to save $180 million this year from incremental actions it had announced earlier.

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’ raised estimates of 75 cents, according to Refinitiv IBES.

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