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DuPont’s earnings fall as agriculture business slows down

July 22, 2014, 1:02 PM UTC

DuPont’s earnings slowed down during the second quarter, partially due to a decrease in its agricultural business.

The Wilmington, Del.-based chemical company reported on Tuesday that earnings fell to $1.17 per share, compared with $1.28 per share a year ago. This is inline with what the company expected.

By far, agriculture is the biggest part of Dupont’s business. Operating earnings within the sector edged lower by 11% to $836 million, compared with $941 million during the same quarter last year. DuPont (DD) also saw earnings fall in its performance chemicals and performance materials businesses.

Dupont said some of the reasons for the decreased revenue from agriculture were “lower corn seed volumes, lower North America herbicide volumes and higher seed inventory write-downs.” That was partially offset, though, by “higher seed prices, higher insecticide volumes, higher soybean volumes and lower seed input costs.”

In pre-market trading, Dupont mostly held steady, down only a few cents.