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DuPont expects costs to balloon in 2022

Stock Markets Aug 02, 2022 11:25AM ET
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© Reuters. FILE PHOTO: A logo is pictured outside of Dupont offices in Geneva, Switzerland, April 15, 2021. REUTERS/Denis Balibouse/File Photo

By Rithika Krishna

(Reuters) -DuPont de Nemours is expecting to take a bigger hit from costs related to logistics, raw materials and energy for the year, although price increases helped the industrial materials maker battle inflationary pressures in the latest quarter.

A host of factors ranging from the supply-chain crisis to the Ukraine war has sent inflation to levels not seen in decades, driving companies to reassess their sales and production strategies and keep a close watch on costs.

Expenses are likely to balloon to about $700 million from its previous projection of $600 million, Chief Financial Officer Lori Koch said on a post-earnings call, with its unit that provides water treatment and purification technologies expected to see the biggest surge.

Dupont also said net sales and core operating earnings in the current quarter would be slightly weaker than in the second, due to currency headwinds and the absence of sales contribution of biomaterials unit, which was hived off in June.

Shares of the company fell 1% after it also trimmed its full-year earnings estimates.

It now expects adjusted profit of $3.27-$3.43 per share, compared with its previous forecast of up to $3.5 per share, and revenue of $13 billion-$13.4 billion, compared with up to $13.7 billion estimated earlier.

Sales from electronics and industrial business, one of the company's highest revenue generating segments, rose 16% from a year earlier, while sales at its water and protection segment were up 6%.

The company's quarterly adjusted profit of 88 cents per share came above market estimates of 75 cents per share, according to Refinitiv IBES data.

Total sales jumped 7% to $3.32 billion, beating estimates of $3.25 billion.

DuPont expects costs to balloon in 2022
 

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W M
W M Aug 02, 2022 7:33AM ET
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I chose DuPontbstock because they make Kevlar for ballistic vests etc etc ....if anyone remembers the pre election hysteria of 2020 they will remember the mad rush for guns, ammo and bullet proof vests (Kevlar)..I'm sure the next round of elections will once again give rise to the publics insane demand for body armor material etc
Warren Wesley
Warren Wesley Aug 02, 2022 6:27AM ET
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chose Dow over DuPont. both companies beat earnings estimates. Dow dividend 70 cents versus 33 cents.
 
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