DuPont Projects Sequential Sales, Earnings Decline In Q1; Stock Tumbles

(RTTNews) - DuPont (DD) issued preliminary financial results for the fourth quarter and full year ended December 31, 2023. The company noted that, based on a preliminary analysis, it expects to record a non-cash goodwill impairment charge in the range of $750 million to $850 million which is included in the preliminary fourth quarter and full year 2023 GAAP ranges.

Fourth quarter GAAP loss per share from continuing operations is projected in a range of $0.88 - $0.52; adjusted EPS in a range of $0.85 - $0.87; and net sales of approximately $2.90 billion. Analysts polled by Thomson Reuters expect the company to report profit per share of $0.85 on revenue of $3 billion. Analysts' estimates typically exclude special items.

Fiscal 2023 adjusted EPS is projected in a range of $3.46 - $3.48; and net sales of approximately $12.07 billion.

Ed Breen, DuPont CEO said: "We expect sequential sales and earnings to decline in the first quarter of 2024."

For the first quarter, the company expects: net sales to be approximately $2.8 billion; operating EBITDA to be approximately $610 million; and adjusted EPS to be approximately $0.63 - $0.65. Analysts expect the company to report profit per share of $0.88.

DuPont will release its final fourth quarter and full year 2023 financial results on February 6, 2024.

Shares of DuPont are down 11% in pre-market trade on Wednesday.

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