Get 40% Off
💰 Ray Dalio just increased his holdings in Google by 162.61% - See the full portfolio with InvestingPro’s free Stock Ideas toolCopy Portfolios

DuPont stock up 3% on strong Q1 earnings, upbeat outlook

EditorRachael Rajan
Published 05/01/2024, 07:12 AM
© Reuters.
DD
-

WILMINGTON, Del. - DuPont (NYSE: NYSE:DD) has surpassed analyst expectations for the first quarter, reporting an adjusted EPS of $0.79, which is $0.14 higher than the analyst estimate of $0.65.

The company's revenue also exceeded forecasts, coming in at $2.9 billion against the consensus estimate of $2.81 billion. In premarket trading Wednesday, the DD stock was up 3.04%.

The chemical giant has also raised its full-year 2024 guidance for EPS and net sales. DuPont now projects an adjusted EPS range of $3.45 to $3.75, with the midpoint of $3.60 exceeding the analyst consensus of $3.45. For full-year revenue, the company anticipates $12.1 to $12.4 billion, with the midpoint of $12.25 billion slightly above the consensus estimate of $12.12 billion.

DuPont's CEO Ed Breen attributed the strong first-quarter performance to better-than-expected volumes and operational execution, particularly noting an 11% year-over-year volume growth in Semiconductor Technologies. The company also experienced a significant year-over-year cash flow improvement, driven by a focus on working capital improvement.

Despite the positive results, DuPont's net sales saw a 3% decline compared to the same period last year, with organic sales dropping by 6%. This was partly due to channel inventory destocking within industrial-based businesses. However, the electronics market showed signs of recovery, which contributed to the company's overall positive performance.

Operating EBITDA for the quarter was $682 million, a slight decrease from the previous year's $714 million. Adjusted free cash flow was reported at $286 million, marking a substantial 65% increase from last year.

Looking ahead, DuPont's CFO Lori Koch expressed confidence in the company's updated guidance, citing expected sequential sales and earnings improvement in the second quarter of 2024. The anticipated growth is driven by favorable seasonality, continued electronics market recovery, and reduced channel inventory destocking in industrial-based end-markets.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.