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.
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