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Jun 30, 2023
DuPont Q2 2023 Earnings Report
DuPont's Q2 2023 performance exceeded expectations with sequential revenue and earnings growth as well as margin improvement.
Key Takeaways
DuPont reported Q2 2023 results with net sales of $3.1 billion, a 7% decrease from the previous year. However, the company's revenue and operating EBITDA exceeded expectations with sequential revenue and earnings growth and margin improvement. Strength was seen in industrial end-markets, while consumer-driven businesses within electronics experienced softness.
Net sales decreased 7% to $3.1 billion; organic sales decreased 4% versus year-ago period.
GAAP Income from continuing operations was $269 million; operating EBITDA was $738 million.
GAAP EPS from continuing operations was $0.55; adjusted EPS was $0.85.
Cash provided by operating activities from continuing operations was $400 million; adjusted free cash flow was $277 million.
DuPont
DuPont
DuPont Revenue by Segment
DuPont Revenue by Geographic Location
Revenue by Segment
ElectronicsCo Revenue
CapyFin.comRevenue by Geographic Location
U.S. & Canada Revenue
CapyFin.comEMEA Revenue
CapyFin.comAsia Pacific Revenue
CapyFin.comLatin America Revenue
CapyFin.com Forward Guidance
DuPont anticipates fairly steady demand in most industrial-based end-markets within the E&I and W&P segments. Sales moderation is expected in the Water Solutions business due to slower demand in China. Sequential sales improvement is expected in the Interconnect Solutions business, and sales in Semiconductor Technologies are expected to improve slightly in the second half of 2023.
Positive Outlook
- Expect fairly steady demand in most industrial-based end-markets within the E&I and W&P segments.
- Saw sequential sales improvement in our Interconnect Solutions business during the second quarter
- Mid-single digit sequential sales lift expected in the third quarter in Interconnect Solutions business
- Assume sales in the second half of 2023 will improve slightly in Semiconductor Technologies
- Estimated contribution from Spectrum beginning August 1
Challenges Ahead
- Expect sales moderation in our Water Solutions business due to slower demand in China
- Net sales ~$3,150 million for 3Q23
- Operating EBITDA(2) ~$755 million for 3Q23
- Adjusted EPS(2)(3) ~$0.84 for 3Q23
- Net sales $12,450 - $12,550 million for Full Year 2023