Investors have activist investor Nelson Peltz to thank for DuPont's earnings beat, analyst Mark Connelly said Tuesday.
The chemical company is in the middle of a proxy war with investors represented by Peltz's investment management firm Trian Partners, which owned 24.6 million DuPont shares in February.
"At the end of the day DuPont is doing everything they possibly can, and it's because Nelson Peltz is here. I doubt these numbers would be as good if he weren't," said Connelly, managing director at equity broker CLSA. He spoke in an interview on CNBC's "Squawk Box."
DuPont on Tuesday delivered quarterly earnings that topped analysts' expectations, but revenue, hurt by a stronger dollar, was lighter than forecast.
The chemical company posted fiscal first quarter adjusted earnings of $1.34 per share, down from $1.58 a share in the year-earlier period.
Revenue fell to $9.2 billion from $10.13 billion a year ago.
Wall Street had expected the company to deliver quarterly earnings per share of $1.31 on $9.42 billion in revenue, according to a consensus estimate from Thomson Reuters.
The stock was down in premarket trading. (Click here to track its share price)
DuPont also boosted its quarterly dividend to 49 cents a share from 47 cents a share.
The company estimated that the negative currency impact for the year has increased to about 80 cents a share, up from 60 cents per share previously forecast. DuPont now expects to be at the low end of the previous guidance range of $4 to $4.20 operating earnings per share for the year.