DuPont Lifts FY24 Outlook Above Market View After Q2 Turns To Profit

(RTTNews) - Specialty chemicals firm DuPont de Nemours, Inc. (DD) on Wednesday raised its forecast for fiscal 2024 adjusted earnings and net sales above market estimates, citing its continued focus on operational execution and the better-than-expected second-quarter results.

In pre-market activity on the Nasdaq, DuPont shares were gaining around 1.6 percent to trade at $81.71.

For the third quarter, the company expects adjusted earnings per share of $1.03, and net sales of $3.20 billion.

Analysts on average expect the company to report earnings of $1.01 per share on sales of $3.20 billion, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

For the full year 2024, adjusted earnings per share, at the mid-point of updated guidance ranges, are now expected to be $3.75, higher than previously expected $3.60. The new outlook range is $3.70 to $3.80.

Analysts expect earnings of $3.63 per share for the year.

Operating EBITDA for the year is now expected to be about $3.085 billion, higher than earlier estimated about $2.975 billion.

The company now estimates net sales of about $12.45 billion, up from previous view of about $12.25 billion. The Street is looking for sales of $12.26 billion.

The new sales outlook range is $12.40 billion to $12.50 billion.

In its second quarter, DuPont's earnings were $178 million or $0.42 per share, compared to last year's loss of $131 million or $0.28 per share.

Adjusted earnings were $408 million or $0.97 per share for the period.

Revenue increased to $3.171 billion from $3.094 billion in the same period last year.

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