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DuPont
🇺🇸 NYSE:DD
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•
Mar 31, 2023

DuPont Q1 2023 Earnings Report

DuPont's first quarter earnings aligned with expectations, demonstrating strong execution despite lower volumes in electronics and construction end markets.

Key Takeaways

DuPont reported net sales of $3.0 billion, an 8% decrease from the previous year, with organic sales down by 3%. GAAP income from continuing operations was $273 million, with an operating EBITDA of $714 million. The company's GAAP EPS from continuing operations was $0.58, and adjusted EPS was $0.84. Operating cash flow was $343 million, and adjusted free cash flow was $102 million.

Net sales decreased by 8%, with organic sales declining by 3% due to currency headwinds and unfavorable portfolio impact.

Operating EBITDA decreased primarily due to volume declines, offset by pricing and cost control measures.

Electronics & Industrial sales decreased by 16%, while Water & Protection sales increased by 1%.

Company announced a definitive agreement to acquire Spectrum Plastics Group to strengthen its position in healthcare end-markets.

Total Revenue
$3.02B
Previous year: $3.27B
-7.8%
EPS
$0.84
Previous year: $0.82
+2.4%
Operating EBITDA
$714M
Previous year: $818M
-12.7%
Gross Profit
$1.04B
Previous year: $1.16B
-11.1%
Cash and Equivalents
$3.53B
Previous year: $1.67B
+110.8%
Free Cash Flow
$102M
Total Assets
$41.2B
Previous year: $45.4B
-9.2%

DuPont

DuPont

DuPont Revenue by Segment

DuPont Revenue by Geographic Location

Forward Guidance

DuPont expects ongoing strength in areas such as water, automotive, aerospace and healthcare throughout the year. They anticipate customer utilization rates to bottom relatively near-term and to improve during the third quarter. Due to the delay in electronics recovery, they are adjusting the high-end of their existing guidance ranges for full year net sales, operating EBITDA and adjusted EPS. For the second quarter 2023, they expect similar results to the first quarter as overall market conditions are anticipated to be generally the same.

Positive Outlook

  • Ongoing strength expected in water.
  • Ongoing strength expected in automotive.
  • Ongoing strength expected in aerospace.
  • Ongoing strength expected in healthcare.
  • Customer utilization rates expected to bottom relatively near-term.

Challenges Ahead

  • Select volume pressure with lower volumes in electronics.
  • Select volume pressure with lower volumes in construction.
  • Delay in electronics recovery.
  • Adjusting the high-end of our existing guidance ranges for full year net sales.
  • Adjusting the high-end of our existing guidance ranges for operating EBITDA and adjusted EPS.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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