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DuPont to Cut 1,500 Jobs as Profit Misses Estimates

DuPont Co., the most valuable U.S. chemical maker, said it will eliminate 1,500 jobs after posting a smaller-than-estimated third-quarter profit and cutting its forecast on declining demand for paint pigment and solar cells.

Net income dropped to $10 million, or 1 cent a share, from $452 million, or 48 cents, a year earlier, Wilmington, Delaware-based DuPont said today in a statement. Profit excluding earnings from the auto-paint unit and one-time items was 32 cents a share, trailing the 47-cent average of 14 analysts’ estimates compiled by Bloomberg. The shares fell.