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DuPont's (DD) Earnings and Revenues Top Estimates in Q1
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DuPont de Nemours, Inc. (DD - Free Report) logged earnings (on a reported basis) from continuing operations of 58 cents per share for first-quarter 2023, up from 42 cents per share in the year-ago quarter.
Barring one-time items, earnings came in at 84 cents per share for the reported quarter, topping the Zacks Consensus Estimate of 81 cents.
DuPont raked in net sales of $3,108 million, down 8% from the year-ago quarter. It surpassed the Zacks Consensus Estimate of $2,938.1. The company saw a 3% decline in organic sales in the quarter, hurt by 7% lower volumes that more than offset 4% higher pricing.
The company saw lower sales in Semiconductor Technologies and Interconnect Solutions in the reported quarter. However, Industrial Solutions and the Water & Protection segment recorded growth in organic sales. DuPont also witnessed continued strong demand in its automotive adhesives portfolio. It faced challenges in the electronics and construction-related end markets in the quarter.
DuPont de Nemours, Inc. Price, Consensus and EPS Surprise
The company’s Electronics & Industrial segment recorded net sales of $1,296 million in the reported quarter, down 16% on a year-over-year comparison basis. Organic sales fell 13% as higher prices were more than offset by reduced volumes. Semiconductor Technologies organic sales fell on lower volumes driven by lower semiconductor fab utilization rates. Industrial Solutions registered higher sales while organic sales declined in Interconnect Solutions on lower volumes due to reduced consumer electronics spending and destocking.
Net sales in the Water & Protection unit were $1,449 million, up 1% year over year. Organic sales rose 4% on pricing gains.
Financials
DuPont had cash and cash equivalents of $3,525 million at the end of the quarter, up around 111% year over year. Long-term debt was $7,807 million, down around 27% year over year.
The company also generated operating cash flow of $343 million during the quarter.
Outlook
The company now sees net sales for 2023 to be $12,300-$12,500 million. Adjusted earnings per share for 2023 is forecast to be $3.55-$3.70.
For second-quarter 2023, the company sees net sales of roughly $3,020 million. Adjusted earnings per share for the quarter is projected at roughly 84 cents.
DuPont also envisions sustained strength in water, automotive, aerospace and healthcare in the remainder of 2023. The company, however, sees weakness in electronics and channel inventory destocking in the near term.
The company also agreed to buy leading manufacturer of specialty medical devices and components, Spectrum Plastics Group from AEA Investors for $1.75 billion. The transaction, which is subject to regulatory approvals and other customary closing conditions, is expected to complete by the end of third-quarter 2023. The acquisition strengthens DuPont’s existing position in stable and fast-growing healthcare end-markets.
Price Performance
DuPont’s shares are up 5.2% over a year compared with 1.7% decline recorded by the industry.
Image Source: Zacks Investment Research
Zacks Rank & Other Key Picks
DuPont currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks worth considering in the basic materials space include Steel Dynamics, Inc. (STLD - Free Report) , PPG Industries, Inc. (PPG - Free Report) and Linde plc (LIN - Free Report) .
Steel Dynamics currently sports a Zacks Rank #1 (Strong Buy). The Zacks Consensus Estimate for STLD's current-year earnings has been revised 37% upward in the past 60 days. You can see the complete list of today’s Zacks #1 Rank stocks here.
Steel Dynamics’ earnings beat the Zacks Consensus Estimate in each of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 10.7%, on average. STLD has gained around 21% in a year.
PPG Industries currently carries a Zacks Rank #2 (Buy). The Zacks Consensus Estimate for PPG's current-year earnings has been revised 9.5% upward in the past 60 days.
PPG Industries’ earnings beat the Zacks Consensus Estimate in three of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 6.8%, on average. PPG has gained around 10% in a year.
Linde currently carries a Zacks Rank #2. The Zacks Consensus Estimate for LIN’s current-year earnings has been revised 2.3% upward in the past 60 days.
Linde beat Zacks Consensus Estimate in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of 5.9% on average. LIN’s shares have gained roughly 19% in the past year.
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DuPont's (DD) Earnings and Revenues Top Estimates in Q1
DuPont de Nemours, Inc. (DD - Free Report) logged earnings (on a reported basis) from continuing operations of 58 cents per share for first-quarter 2023, up from 42 cents per share in the year-ago quarter.
Barring one-time items, earnings came in at 84 cents per share for the reported quarter, topping the Zacks Consensus Estimate of 81 cents.
DuPont raked in net sales of $3,108 million, down 8% from the year-ago quarter. It surpassed the Zacks Consensus Estimate of $2,938.1. The company saw a 3% decline in organic sales in the quarter, hurt by 7% lower volumes that more than offset 4% higher pricing.
The company saw lower sales in Semiconductor Technologies and Interconnect Solutions in the reported quarter. However, Industrial Solutions and the Water & Protection segment recorded growth in organic sales. DuPont also witnessed continued strong demand in its automotive adhesives portfolio. It faced challenges in the electronics and construction-related end markets in the quarter.
DuPont de Nemours, Inc. Price, Consensus and EPS Surprise
DuPont de Nemours, Inc. price-consensus-eps-surprise-chart | DuPont de Nemours, Inc. Quote
Segment Highlights
The company’s Electronics & Industrial segment recorded net sales of $1,296 million in the reported quarter, down 16% on a year-over-year comparison basis. Organic sales fell 13% as higher prices were more than offset by reduced volumes. Semiconductor Technologies organic sales fell on lower volumes driven by lower semiconductor fab utilization rates. Industrial Solutions registered higher sales while organic sales declined in Interconnect Solutions on lower volumes due to reduced consumer electronics spending and destocking.
Net sales in the Water & Protection unit were $1,449 million, up 1% year over year. Organic sales rose 4% on pricing gains.
Financials
DuPont had cash and cash equivalents of $3,525 million at the end of the quarter, up around 111% year over year. Long-term debt was $7,807 million, down around 27% year over year.
The company also generated operating cash flow of $343 million during the quarter.
Outlook
The company now sees net sales for 2023 to be $12,300-$12,500 million. Adjusted earnings per share for 2023 is forecast to be $3.55-$3.70.
For second-quarter 2023, the company sees net sales of roughly $3,020 million. Adjusted earnings per share for the quarter is projected at roughly 84 cents.
DuPont also envisions sustained strength in water, automotive, aerospace and healthcare in the remainder of 2023. The company, however, sees weakness in electronics and channel inventory destocking in the near term.
The company also agreed to buy leading manufacturer of specialty medical devices and components, Spectrum Plastics Group from AEA Investors for $1.75 billion. The transaction, which is subject to regulatory approvals and other customary closing conditions, is expected to complete by the end of third-quarter 2023. The acquisition strengthens DuPont’s existing position in stable and fast-growing healthcare end-markets.
Price Performance
DuPont’s shares are up 5.2% over a year compared with 1.7% decline recorded by the industry.
Image Source: Zacks Investment Research
Zacks Rank & Other Key Picks
DuPont currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks worth considering in the basic materials space include Steel Dynamics, Inc. (STLD - Free Report) , PPG Industries, Inc. (PPG - Free Report) and Linde plc (LIN - Free Report) .
Steel Dynamics currently sports a Zacks Rank #1 (Strong Buy). The Zacks Consensus Estimate for STLD's current-year earnings has been revised 37% upward in the past 60 days. You can see the complete list of today’s Zacks #1 Rank stocks here.
Steel Dynamics’ earnings beat the Zacks Consensus Estimate in each of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 10.7%, on average. STLD has gained around 21% in a year.
PPG Industries currently carries a Zacks Rank #2 (Buy). The Zacks Consensus Estimate for PPG's current-year earnings has been revised 9.5% upward in the past 60 days.
PPG Industries’ earnings beat the Zacks Consensus Estimate in three of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 6.8%, on average. PPG has gained around 10% in a year.
Linde currently carries a Zacks Rank #2. The Zacks Consensus Estimate for LIN’s current-year earnings has been revised 2.3% upward in the past 60 days.
Linde beat Zacks Consensus Estimate in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of 5.9% on average. LIN’s shares have gained roughly 19% in the past year.