DuPont de Nemours Inc. (DD) - Get Report posted stronger-than-expected second quarter earnings Thursday, and boosted its full-year profit guidance, as margins improved thanks to cost cuts and stronger pricing.
DuPont said earnings for the three months ending in June came in at 97 cents per share, down 29% from the same period last year but firmly ahead of the Street consensus forecast of 83 cents per share. Group revenues, the company said, fell 7% from last year to $5.5 billion, narrowly missing the consensus estimate of $5.63 billion.
Looking into 2019, DuPont said it sees adjusted earnings in the range of $3.75 to $3.85 per share, compared to a Refinitiv forecast of $3.77 per share, but said organic sales would be down "slightly" from last year.
"We delivered these results by continuing to realize the benefits from our cost synergy initiatives, enacting new productivity programs in the face of challenged end markets, and driving higher pricing based on the value-added solutions we deliver," said CEO Marc Doyle.
"We saw strength in probiotics, water, safety, aerospace and healthcare end markets where we were able to capitalize on our strong customer relationships and innovative solutions," he added. "However, our portfolio is diverse, and our top-line results were impacted by the on-going softness in our short-cycle businesses."
Dupont shares were marked 1% higher following the earnings release to change hands at $72.91 each, a move that would extend the stock's year-to-date gain to around 6%.