DuPont and Dow Pushing for Merger to Close in August; Maintaining Our FVE
DuPont reported first-quarter results that generally met our expectations. Segment operating earnings jumped 16% year over year, driven by a continued cost focus and operating leverage from a 5% gain in companywide sales. We've maintained our $65 per share fair value estimate and narrow moat rating.The agriculture business performed well, but a significant portion of the improvement was related to timing issues. We expect the DuPont agriculture business will face headwinds this year, with U.S. ...
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