The Wilmington, Del. based chemical giant announced the buyback after a strong performance in the fourth quarter.
DuPont’s board of directors has authorized the buyback that is expected to be completed next year. The company also updated its earning’s estimates to be at the high end of the previous guidance range between $3.25 to $3.50 per share.
DuPont CEO Ellen Kullman says the program reflects the company’s confidence. “The buyback delivers meaningful near-term value with the remaining proceeds from the divestiture providing us the ability to further strengthen our balance sheet, preserving our flexibility to invest in selective growth opportunities.”
The company also put out its expectations for earnings in 2013, with low-to mid-single digit growth in earnings and sales growth in the low-single digits. “While we are seeing indications that market conditions are firming up in some areas, volatility and uncertainty also persist,” said Kullman.