DuPont Electronics Sales Lift Adjusted Profit Ahead of Estimates

DuPont tallies stronger-than-expected third-quarter adjusted earnings amid buoyant demand for electronics and imaging products.
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DuPont  (DD) - Get Report tallied stronger-than-expected third-quarter earnings amid buoyant demand for electronics and imaging products.

The Wilmington, Del., company posted a net loss of $79 million, or 11 cents a share, for the latest quarter, swinging from profit of $372 million, or 50 cents a share, in the year-earlier quarter. 

Adjusted earnings per share fell to 88 cents from 96 cents. The FactSet analyst consensus called for 75 cents in the latest quarter.

Revenue slid 6.1% to $5.1 billion from $5.43 billion in the year-earlier quarter. The analyst consensus called for $5.01 billion.

Sales climbed 7% for electronics and imaging. Revenue fell 4% for nutrition and biosciences, 14% for transportation and industrial sectors and 6% for construction, hurt by the coronavirus pandemic.

The results show the value that DuPont's technology provides "in key end markets such as semiconductors, smartphones, water filtration, probiotics, and personal protective equipment,” Chief Executive Ed Breen said in a statement. 

“The actions we have taken to right-size our cost structure and generate significant cash flow are delivering results.”

As for the outlook for all of 2020, DuPont expects adjusted EPS of $3.17 to $3.21 and sales of $20.1 billion to $20.2 billion. That compares with the analyst consensus of $3.03 for adjusted EPS and $20.12 billion for revenue.

He highlighted the company’s sales of its trichlorosilane business and its stake in the Hemlock Semiconductor joint venture and its agreement to sell the biomaterials business.

DuPont shares closed Wednesday at $55.91, down 2.5%. They'd fallen 13% year to date through Wednesday. At last check they were up 1.3% at $56.63.

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