New York • DuPont is cutting its profit forecast because of weaker sales of corn seeds.
The Wilmington, Del. company said Thursday that corn seed sales are down in the second quarter, and seed inventory write-downs were larger than it expected. The company added that herbicide sales and lower selling prices for refrigerants were also hurting its business.
DuPont now expects adjusted annual income of $4 to $4.10 per share, down from its previous expected range of $4.20 to $4.45 per share. Analysts expect $4.28 per share, according to FactSet.