DuPont Stock Drops 10% on Preliminary Results, Soft Guidance

StreetInsider01-24

DuPont de Nemours provided today a preliminary outlook for the first quarter, which sent shares lower by nearly 12%.The company is forecasting net sales of approximately $2.8 billion, significantly ...

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The company also anticipates adjusted earnings per share (EPS) in the range of 63 cents to 65 cents, contrasting with the estimated 88 cents.Factors contributing to the less favorable outlook include additional channel inventory destocking within industrial businesses and continued weak demand in China. DuPont de Nemours expects these trends to persist, anticipating sequential sales and earnings declines in the first quarter of 2024.The projected operating EBITDA is approximately $610 million, below the consensus of $746.6 million.\"As we finished 2023, we saw additional channel inventory destocking within our industrial businesses as well as continued weak demand in China. We are seeing similar trends continue and expect sequential sales and earnings to decline in the first quarter of 2024, driven by these factors and the absence of certain discrete items which benefited fourth quarter operating EBITDA,” said Ed Breen, DuPont Executive Chairman and Chief Executive Officer.In the preliminary fourth-quarter results, DuPont de Nemours expects adjusted EPS to be in the range of 85 cents to 87 cents, in line with the consensus. However, preliminary net sales are projected to be around $2.90 billion, slightly below the estimated $3 billion.Moreover, the preliminary operating EBITDA is anticipated to be about $715 million, slightly lower than the estimated $744.9 million.DuPont de Nemours said it identified a triggering event as of December 31 and plans to record an impairment charge in the range of $750 million to $850 million. The company conducted an impairment analysis of its Protection Unit.On a more positive note, the company saw signs of stabilization within Semiconductor Technologies, with a slight sequential sales lift expected in the fourth quarter.\"Our current expectation for full year 2024 financial performance includes expected sequential improvement in sales and an approximate ten percent operating EBITDA increase in the second quarter from first quarter, as well as a return to year-over-year sales and earnings growth in the second half of the year.\"\"We are seeing similar trends continue and expect sequential sales and earnings to decline in the first quarter of 2024, driven by these factors and the absence of certain discrete items which benefited fourth quarter operating EBITDA,\" the company also said.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2405741297"}