Du Pont Records 18% Drop; America West Narrows Loss

Du Pont reported an 18% drop in first-quarter earnings Wednesday because of weaker petroleum prices, but the chemical company’s other key businesses performed well, cushioning the fall. The results were better than had been expected.

The nation’s biggest chemical maker and eighth-largest industrial corporation earned $482 million, or 71 cents a share, in the three months ended March 31, down from $590 million, or 88 cents a share, the year earlier. Revenue totaled $9.2 billion compared to $9.7 billion, down 5%.

The company attributed the decline to lower worldwide prices for crude oil and refined products, which resulted in a 63% profit drop from Du Pont’s petroleum operations.

Earnings, D7