Chemical giant DuPont (DD) - Get Report on Monday revealed preliminary first-quarter results that beat analysts’ forecasts as demand for its materials used in the production of N95 masks surged during the global coronavirus pandemic.
DuPont reported preliminary first-quarter earnings of between 82 cents and 84 cents a share, well above the 68 cents a share expected by analysts polled by FactSet. Revenue is expected to come in at approximately $5.2 billion, the company said.
The company will release its final results on May 5, followed by a conference call for analysts and investors.
Strong demand for its materials used to make personal protection equipment (PPE), specifically materials used in the production of N95 masks, as well as water filtration, food and beverage, probiotics and electronics markets all helped bolster its first-quarter numbers, the company said.
DuPont also moved to bolster its balance sheet with a $1 billion revolving credit facility and an additional $2 billion in committed financing.
"Our team is meeting the unprecedented challenges presented by the Covid-19 pandemic with an unwavering commitment to the safety of our employees, our customers and the communities in which we operate, all while delivering solid financial results for the first quarter of 2020," CEO Ed Breen said in a statement.
"However, as this pandemic expands globally, the uncertainty around demand in select end-markets continues," Breen added. "In response, we continue to advance initiatives to improve our working capital and have taken steps to delay certain capital investments and idle production at several manufacturing sites.”
Other steps the company has taken including idling production at several manufacturing sites, predominantly production plants within its transportation and industrial segment, “due to the current global automotive environment.”
Shares of DuPont were up 3.38% at $39.65 in trading on Monday.