10/23/2012 07:03 EDT | Updated 12/23/2012 05:12 EST

DuPont to cut 1,500 jobs after sharp decline in 3Q profit; promises more action

DOVER, Del. - Chemical maker DuPont is cutting 1,500 jobs and says it will take other steps to increase competitiveness after a third quarter in which earnings fell sharply.

The Wilmington company reported net income of $10 million Tuesday, or a penny per share, compared with $452 million, or 48 cents per share, for the same period last year.

Excluding one-time items, DuPont earned 44 cents per share, compared with 69 cents per share for last year's third quarter.

The results fell short of the average estimate of 46 cents per share, and Dupont's stock slid 4 per cent in premarket trading.

Revenue totalled about $7.4 billion, down 9 per cent from $8.1 billion.

CEO Ellen Kullman said weaker than expected demand in titanium dioxide and photovoltaic markets contributed to the decline.