DuPont Cuts FY23 Earnings, Revenue View - Update

(RTTNews) - DuPont De Nemours & Co. (DD), while reporting weak results in its third quarter, on Wednesday trimmed its forecast for fiscal 2023 earnings and sales.

For the year, the company now projects adjusted earnings per share of around $3.45, net sales of around $12.17 billion, and operating EBITDA of around $2.98 billion.

The company previously projected adjusted earnings per share between $3.40 and $3.50 per share, and net sales between $12.45 billion and $12.55 billion.

Lori Koch, Chief Financial Officer of DuPont, said, "As we look at the fourth quarter, underlying consumer electronics demand is expected to be similar with the third quarter and reflected by stable order rates from our customers, with some sequential sales lift expected in Semiconductor Technologies. However, versus our prior guidance, we are seeing additional channel inventory destocking and slower industrial water demand in China."

Koch said the guidnace revision reflects near-term volume headwinds. The company is also planning additional restructuring actions with realization of savings expected to begin later in the first quarter of 2024.

In its third quarter, DuPont reported a profit that decreased from the same period last year

The company's bottom line totaled $319 million, or $0.70 per share, compared with $367 million, or $0.73 per share, in last year's third quarter.

Adjusted earnings were $415 million or $0.92 per share for the period.

The company's revenue for the quarter fell 7.8 percent to $3.06 billion from $3.32 billion last year.

In pre-market activity on the NYSE, the shares were losing around 1.5 percent to trade at $71.80.

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