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Sep 30, 2023
DuPont Q3 2023 Earnings Report
DuPont's Q3 2023 earnings were released, showcasing a mix of challenges and strategic progress.
Key Takeaways
DuPont reported a decrease in net sales by 8% to $3.1 billion, with organic sales declining by 10%. Despite volume headwinds, the company demonstrated operating execution with a 5% sequential operating EBITDA growth and margin improvement. Strong cash generation was highlighted, and the sale of the Delrin® business was completed.
Net sales decreased by 8%, with a 10% decline in organic sales due to lower volume in semiconductor and construction end-markets.
GAAP EPS from continuing operations was $0.62, while adjusted EPS was $0.92.
Cash provided by operating activities from continuing operations reached $740 million, with adjusted free cash flow of $621 million.
The company is taking additional restructuring actions to drive operational performance in response to ongoing volume headwinds.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
DuPont revised its 2023 full year net sales and operating EBITDA guidance to reflect near-term volume headwinds and are also planning additional restructuring actions with realization of savings expected to begin later in the first quarter of 2024.
Positive Outlook
- Underlying consumer electronics demand is expected to be similar with the third quarter and reflected by stable order rates from our customers
- Some sequential sales lift expected in Semiconductor Technologies
- Teams continue to successfully execute in a constrained volume environment through strong internal discipline
- Focus on operational excellence
- Pleased with sequential margin improvement despite volume headwinds and by our strong cash performance during the third quarter
Challenges Ahead
- Seeing additional channel inventory destocking
- Slower industrial water demand in China
- Revising our 2023 full year net sales guidance to reflect near-term volume headwinds
Historical Earnings Impact
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Avg. Return Before/After Earnings
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