DuPont's CEO sees housing slump well into 2008
NEW YORK, July 24 |
NEW YORK, July 24 (Reuters) - DuPont Co. (DD.N) expects the housing slump in the United States that hurt second-quarter results to continue for several more months, Chief Executive Charles Holliday said on Tuesday.
Holliday told investors and analysts on a conference call that the company is "not assuming anything improving in North American housing until sometime well into 2008."
The company on Tuesday cited the housing downturn as one of the drags on quarterly earnings, which fell short of Wall Street expectations. The stock fell more than 5 percent to $50.46 in morning trade on the New York Stock Exchange. (Reporting by Euan Rocha)
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