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Dec 31, 2023
DuPont Q4 2023 Earnings Report
DuPont's Q4 2023 performance was impacted by inventory destocking and economic softness, but the company maintained focus on operational execution and cost discipline.
Key Takeaways
DuPont reported Q4 2023 net sales of $2.9 billion, a 7% decrease year-over-year, with a GAAP loss from continuing operations of $(300) million. Adjusted EPS was $0.87. The company completed a $2 billion accelerated share repurchase and announced a new $1 billion share repurchase program.
Net sales decreased by 7% to $2.9 billion; organic sales decreased 10% year-over-year.
GAAP loss from continuing operations was $(300) million, including an ~$800 million non-cash goodwill impairment charge; operating EBITDA was $715 million.
GAAP EPS from continuing operations was $(0.72); adjusted EPS was $0.87.
Cash provided by operating activities from continuing operations was $646 million; adjusted free cash flow was $501 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
DuPont anticipates sequential sales improvement and an approximate ten percent increase in operating EBITDA in the second quarter of 2024 from first quarter driven by some inventory destocking abatement, seasonality factors and realization of cost savings.
Positive Outlook
- Anticipated electronics market recovery.
- Improvement in semiconductor fab utilization rates.
- Improved orders within industrial markets as customer inventory levels normalize.
- Sequential sales improvement expected in Q2 2024.
- Operating EBITDA expected to increase by approximately ten percent in Q2 2024.
Challenges Ahead
- Sequential sales and earnings decline expected in Q1 2024.
- Additional channel inventory destocking within industrial-based businesses.
- Continued weak demand in China.
- Absence of about $40 million of certain discrete items which benefited fourth quarter operating EBITDA.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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