DuPont Slips To Loss In Q4 On Goodwill Impairment, To Buy Back $1 Bln Shares

(RTTNews) - DuPont de Nemours, Inc. (DD), a specialty chemicals company, Tuesday slipped to loss in the fourth quarter compared to profit in the same period last year, on a one-time goodwill impairment charge.

Further, the company said it will buy back $1 billion of its common stock with a $500 million accelerated share repurchase transaction to be launched shortly.

Dupont also provided its outlook for the first quarter and fiscal 2024.

The company reported loss of $22 million or $0.05 per share compared with earnings of $4,226 million or $8.83 per share last year, on a one-time goodwill impairment charge of $804 million.

Excluding items, earnings were $0.87 per share compared with $0.89 per share in the previous year.

On average, 15 analysts polled by Thomson Reuters expect earnings of $0.85 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenue declined 7 percent to $2,898 million from $3,104 million in the prior year. Organically revenue decreased by 10 percent.

Looking ahead to the next quarter, the company expects Adjusted earnings per share in the range of $0.63 - $0.65 per share and around $2800 million in revenue.

The Street view of earnings per share is $0.67 and revenue is $2.85 billion.

Looking ahead to the full year, the company expects Adjusted earnings per share in the range of $3.25 - $3.65 per share and revenue in the range of $11,900 million - $12,300 million.

Analysts' estimate was $3.59 in earnings per share and $12.3 billion in revenue.

Additionally, the company declared a quarterly dividend of $0.38 per share higher by 6 percent payable on March 15, to shareholders of record as on February 29.

In pre-market activity, DuPont shares are trading at $63, up 2.92% on the New York Stock Exchange.