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DuPont Reports Third Quarter Results

 
  • 3Q19 GAAP EPS from continuing operations of $0.49; Adjusted EPS of $0.96, up 2 percent versus prior year
  • 3Q19 GAAP Income from continuing operations of $372 million; Operating EBITDA of $1.4 billion
  • Operating EBITDA margins improve 20 basis points versus prior year with pricing gains, disciplined cost control and benefits from portfolio actions more than offsetting softer volumes and currency pressure
  • Reiterates full-year guidance for organic revenue of slightly down versus prior year and narrows the guidance range for pro forma adjusted EPS to $3.77 to $3.82
  • More than $800 million returned to shareholders since June 1 including $600 million of share repurchases

November 04, 2019 - DuPont (NYSE: DD) recently announced financial results for the third quarter of 2019 and is reiterating its full-year guidance for organic revenue of slightly down versus prior year and narrows the range of pro forma adjusted EPS (1) to $3.77 to $3.82 versus the prior range of $3.75 to $3.85, maintaining the midpoint of the guide.

“Amid ongoing challenged market conditions and currency headwinds, we delivered earnings per share growth and expanded margins through continued price improvement, cost discipline and portfolio actions,” said Marc Doyle, DuPont Chief Executive Officer. “We saw continued strength in high-growth areas such as Water Solutions, where we recently announced agreements to make two strategic acquisitions and are encouraged by a second consecutive quarter of improving China sales and a strong start to the second half in our electronics business.”

“We are confident that our ongoing investments in innovation and the actions we are taking to set up each of our businesses with a best-in-class cost structure will allow for significant growth acceleration over the long term,” Doyle stated.

Third Quarter Results

Net sales for the quarter totaled $5.4 billion, down 5 percent versus the same quarter last year. On an organic basis, net sales were down 2 percent with 1 percent higher price being more than offset by 3 percent lower volume. Currency and portfolio headwinds decreased sales by 2 percent and 1 percent, respectively.

GAAP Income from continuing operations totaled $372 million, versus pro forma GAAP Income from continuing operations of $88 million in the year-ago period. Operating EBITDA(1) was $1.4 billion, down 4 percent versus pro forma operating EBITDA(1) in the prior year. Operating EBITDA margins improved 20 basis points to 25.8 percent versus prior year driven by pricing gains, benefits from portfolio actions and disciplined cost control.

GAAP EPS from continuing operations totaled $0.49 versus pro forma GAAP EPS from continuing operations in the year-ago period of $0.09; the improvement is mostly attributable to the absence of costs historically allocated to Dow and Corteva of $0.24 per share and lower integration and separation costs of $0.23 per share partially offset by higher restructuring and asset related charges of $0.08 per share. Adjusted EPS(1) increased 2 percent to $0.96, compared with pro forma adjusted EPS in the year-ago period of $0.94 primarily driven by lower depreciation and amortization and a lower share count partially offset by currency headwinds and slightly lower segment results.

“I remain impressed with our team’s ability to deliver in a tough macro environment,” said Ed Breen, Executive Chairman of DuPont. “With the entire organization aligned and focused on our strategic priorities, I am confident that we will continue to unlock the value-creating opportunities this portfolio offers.”


Posted by : DubaiPRNetwork.com Editorial Team
Viewed 20890 times
PR Category : Others
Posted on : Tuesday, November 5, 2019  8:26:00 AM UAE local time (GMT+4)
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