DuPont Backs Bipartisan TSCA Reform
DuPont (DD) has announced its support for the bipartisan Chemical Safety Improvement Act introduced by Senators Frank R. Lautenberg and David Vitter along with other republican and democrat co-sponsors.
Environmentalists as well as different consumer and industry groups have long argued that the existing Toxic Substances Control Act (TSCAF), which is administered by the U.S. Environmental Protection Agency (:EPA), is outdated and needs an overhaul.
Recently, Sen. Frank Lautenberg along with other co-sponsors introduced the Chemical Safety Improvement Act of 2013, which is designed to limit the use of toxic chemicals linked to a broad range of diseases and place the burden on chemical makers to make sure that their chemicals are safe.
According to the Act, all chemicals will be screened to ensure safety for the public and the environment while also creating an atmosphere where manufacturers can continue to innovate, grow and create jobs. The Act offers a sound basis for legislation which can pass the U.S. Senate and also bring about the required modifications in the U.S. chemicals management system.
DuPont is a global chemical and life sciences company and provides innovative products, materials, and services to the global market. Last month, the company released its first quarter 2013 results. DuPont posted adjusted earnings from continuing operations of $1.56 per share for the quarter, topping the Zacks Consensus Estimate of $1.54. The adjusted earnings exclude one-time items including charges of $35 million associated with customer claims related to the use of an herbicide and a tax-related gain.
Including one-time items, DuPont recorded earnings from continuing operation of $1.47 per share in the quarter compared with $1.48 per share earned in the prior-year quarter.
Net sales rose 2% year over year to $10,408 million, as higher sales volumes and pricing were offset by a negative currency impact. Sales beat the Zacks Consensus Estimate of $10,378 million. Including other income, total revenues were $10,500 million.
DuPont currently retains a Zacks Rank #3 (hold).
Other companies in the chemical industry that are worth considering include Shin-Etsu Chemical Co., Ltd. (SHECF), Celanese Corporation (CE) and Methanex Corp. (MEOH). All of them retain a Zacks Rank #1 (Strong Buy).
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