Financial results in the first quarter of DuPont exceeded the forecasts of wall street, and chemicals manufacturer raised its forecast for annual financial performance, because it considers the effect of currency less strong than expected.

The company said that its plan for global cost reduction and restructuring is under active implementation, and that it still expects to save about $730 million this year.

Stable performance, local prices, profit from their product range and higher sown area of maize has led to a strong start, the agricultural business company this year, said guide DuPont.

The company, which plans to merge with Dow Chemical Co, now expects operating income at $3,05-3,20 per share compared to previously expected $2,95-3,10.

DuPont now expects negative currency impact during the year of approximately of$ 0.20 per share, 10 cents lower than previously expected.

The company's net income rose by almost 19% to $1.23 billion, or 1.39$ per share, in the first quarter.

On an operating basis the company earned 1,26$ per share.

Net sales fell 5.5% to $7,41 billion, but was above average analyst estimates of $7.19 billion

DuPont and Dow Chemical signed an agreement in December last year about the merger of all shares worth $130 billion, which at the first stage will divide into three separate companies.

Analysts reported that the agreement could face rigorous audits of regulatory bodies, particularly with regard to the unification of the agricultural divisions of the two companies, although the managers and Dow and DuPont stated that any required asset sales would be negligible.

DuPont announced last month that us regulators required more time to review the materials related to its merger with Dow Chemical Co.

The company announced that it will hold a meeting to discuss financial results that were released earlier than expected.

Source: Thomson Reuters