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DuPont's Q3 Earnings Top Estimates, Sales Up on Higher Volumes
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DuPont de Nemours, Inc. (DD - Free Report) registered earnings from continuing operations of $1.13 per share in the third quarter of 2024, up from earnings of 62 cents per share in the year-ago quarter. Barring one-time items, earnings came in at $1.18 per share in the reported quarter, topping the Zacks Consensus Estimate of $1.04.
Find the latest EPS estimates and surprises on Zacks Earnings Calendar.
DuPont logged net sales of $3,192 million, marking a 4% year-over-year increase. It missed the Zacks Consensus Estimate of $3,199 million. Organic sales increased 3% in the quarter, as a 5% increase in volume more than offset a 2% decline in price. The rise in volume was driven by sustained growth in the electronics market and a return of year-over-year growth in water solutions. DD saw continued semiconductor demand recovery in the quarter driven by AI technology applications and higher demand in China.
DuPont de Nemours, Inc. Price, Consensus and EPS Surprise
The company's Electronics & Industrial segment reported net sales of $1,551 million in the quarter, a 13% year-over-year increase. It was below the consensus estimate of $1,553.2 million. Organic sales grew 10%, driven by an 11% rise in volume, which was modestly offset by a 1% decrease in price.
The Water & Protection unit recorded net sales of $1,382 million, a 2% decline from the previous year, missing the consensus estimate of $1,389.5 million. The decline was due to a 2% drop in price with volumes remaining flat year over year.
DD’s Financials
DuPont had cash and cash equivalents of $1,645 million at the end of the quarter, down around 9% sequentially. Long-term debt was $7,170 million, flat sequentially.
The company generated operating cash flow from continuing operations of $737 million in the third quarter.
DuPont’s Outlook
DuPont raised its projections for operating EBITDA and adjusted earnings per share. The company anticipates full-year 2024 net sales to be around $12,365 million. Operating EBITDA is now forecast to be roughly $3,125 million (up from the prior view of $3,060-$3,110 million) while adjusted earnings are projected to be around $3.90 per share for the year (up from $3.70-$3.80 expected earlier).
For the fourth quarter of 2024, DD forecasts net sales of around $3,070 million, operating EBITDA of roughly $790 million and adjusted earnings of around 98 cents per share. The guidance assumes sales and earnings growth for both segments. The company expects normal seasonal declines in electronics and construction markets, partly offset by continued recovery in water and medical packaging markets.
DD Stock’s Price Performance
DuPont’s shares have gained 17.7% in a year compared with the Zacks Chemicals Diversified industry’s 4.3% rise.
IAMGOLD is scheduled to release third-quarter results on Nov. 7. The Zacks Consensus Estimate for IAG’s third-quarter earnings is pegged at 11 cents. IAG beat the consensus estimate in each of the last four quarters with the average surprise being 200%. Its shares have shot up roughly 111% in the past year.
Royal Gold is slated to release third-quarter results on Nov. 6. The consensus estimate for RGLD’s third-quarter earnings is pegged at $1.33. The company's shares have rallied roughly 33% in the past year.
Alamos Gold is scheduled to release third-quarter results on Nov. 6. The Zacks Consensus Estimate for AGI’s third-quarter earnings is pegged at 22 cents. AGI has rallied around 51% in the past year.
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DuPont's Q3 Earnings Top Estimates, Sales Up on Higher Volumes
DuPont de Nemours, Inc. (DD - Free Report) registered earnings from continuing operations of $1.13 per share in the third quarter of 2024, up from earnings of 62 cents per share in the year-ago quarter. Barring one-time items, earnings came in at $1.18 per share in the reported quarter, topping the Zacks Consensus Estimate of $1.04.
Find the latest EPS estimates and surprises on Zacks Earnings Calendar.
DuPont logged net sales of $3,192 million, marking a 4% year-over-year increase. It missed the Zacks Consensus Estimate of $3,199 million. Organic sales increased 3% in the quarter, as a 5% increase in volume more than offset a 2% decline in price. The rise in volume was driven by sustained growth in the electronics market and a return of year-over-year growth in water solutions. DD saw continued semiconductor demand recovery in the quarter driven by AI technology applications and higher demand in China.
DuPont de Nemours, Inc. Price, Consensus and EPS Surprise
DuPont de Nemours, Inc. price-consensus-eps-surprise-chart | DuPont de Nemours, Inc. Quote
DuPont’s Segment Highlights
The company's Electronics & Industrial segment reported net sales of $1,551 million in the quarter, a 13% year-over-year increase. It was below the consensus estimate of $1,553.2 million. Organic sales grew 10%, driven by an 11% rise in volume, which was modestly offset by a 1% decrease in price.
The Water & Protection unit recorded net sales of $1,382 million, a 2% decline from the previous year, missing the consensus estimate of $1,389.5 million. The decline was due to a 2% drop in price with volumes remaining flat year over year.
DD’s Financials
DuPont had cash and cash equivalents of $1,645 million at the end of the quarter, down around 9% sequentially. Long-term debt was $7,170 million, flat sequentially.
The company generated operating cash flow from continuing operations of $737 million in the third quarter.
DuPont’s Outlook
DuPont raised its projections for operating EBITDA and adjusted earnings per share. The company anticipates full-year 2024 net sales to be around $12,365 million. Operating EBITDA is now forecast to be roughly $3,125 million (up from the prior view of $3,060-$3,110 million) while adjusted earnings are projected to be around $3.90 per share for the year (up from $3.70-$3.80 expected earlier).
For the fourth quarter of 2024, DD forecasts net sales of around $3,070 million, operating EBITDA of roughly $790 million and adjusted earnings of around 98 cents per share. The guidance assumes sales and earnings growth for both segments. The company expects normal seasonal declines in electronics and construction markets, partly offset by continued recovery in water and medical packaging markets.
DD Stock’s Price Performance
DuPont’s shares have gained 17.7% in a year compared with the Zacks Chemicals Diversified industry’s 4.3% rise.
Image Source: Zacks Investment Research
DD’s Zacks Rank & Other Key Picks
DD currently carries a Zacks Rank #2 (Buy).
Other top-ranked stocks in the Basic Materials space are IAMGOLD Corporation (IAG - Free Report) , Royal Gold, Inc. (RGLD - Free Report) and Alamos Gold Inc. (AGI - Free Report) . While IAMGOLD sports a Zacks Rank #1 (Strong Buy), both Royal Gold and Alamos Gold carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
IAMGOLD is scheduled to release third-quarter results on Nov. 7. The Zacks Consensus Estimate for IAG’s third-quarter earnings is pegged at 11 cents. IAG beat the consensus estimate in each of the last four quarters with the average surprise being 200%. Its shares have shot up roughly 111% in the past year.
Royal Gold is slated to release third-quarter results on Nov. 6. The consensus estimate for RGLD’s third-quarter earnings is pegged at $1.33. The company's shares have rallied roughly 33% in the past year.
Alamos Gold is scheduled to release third-quarter results on Nov. 6. The Zacks Consensus Estimate for AGI’s third-quarter earnings is pegged at 22 cents. AGI has rallied around 51% in the past year.