DuPont Issues Q3 Outlook, Cuts FY23 View - Update

(RTTNews) - DuPont De Nemours & Co. (DD), while reporting a loss in its second quarter with weak sales, on Wednesday issued third-quarter outlook and also trimmed its fiscal 2023 forecast.

For the third quarter, the company projects adjusted earnings per share of around $0.84, and net sales of around $3.15 billion.

On average, 16 analysts polled by Thomson Reuters expect earnings of $1.10 per share for the quarter on sales of $4.17 billion. Analysts' estimates typically exclude special items.

Further, for fiscal 2023, the company now projects adjusted earnings per share between $3.40 and $3.50 per share, and net sales between $12.45 billion and $12.55 billion.

The company previously expected adjusted earnings per share between $3.55 and $3.70 per share, and net sales between $12.30 billion and $12.50 billion.

The Street is looking for earnings of $4.3 per share on sales of $16.5 billion for the year.

Lori Koch, Chief Financial Officer of DuPont, said, "As we look at the current demand environment, we continue to expect fairly steady demand in most of our industrial-based end-markets within the E&I and W&P segments, although we expect sales moderation in our Water Solutions business due to slower demand in China....Our third quarter and revised 2023 full year guidance reflects these assumptions, as well as the estimated contribution from Spectrum beginning August 1."

In the second quarter, net loss available to the shareholders was $131 million, compared to profit of $787 million in the same period last year. Loss per share were $0.28, compared to profit of $1.55 in the prir year.

Adjusted earnings were $391 million or $0.85 per share for the period, compared to $446 million or $0.88 per share a year ago.

Net sales declined 7 percent to $3.09 billion from $3.32 billion in the same period last year.

Analysts expected earnings of $1.13 per share on sales of $4.2 billion.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.