DuPont Lifts Guidance After AI Boom Powers Strong Quarter -- WSJ

Dow Jones11-05 23:24

By John Keilman

DuPont's quarterly sales and profits grew, as the artificial-intelligence boom powered a jump in its semiconductor business.

The chip-making industry is a key customer for the Delaware-based chemical and materials maker. DuPont said the segment's quarterly sales jumped more than 20%, due largely to growing demand in China.

Chief Executive Lori Koch said China hosts half of the semiconductor factories being built worldwide, and some are stocking up on DuPont products even before they open.

Total third-quarter net sales rose 4% from a year earlier to $3.2 billion, slightly less than what analysts polled by FactSet predicted. Adjusted earnings per share came in at $1.18, a 28% jump from the prior year and above analysts' expectation of $1.03.

DuPont boosted full-year earnings guidance for the third straight quarter. It now expects 2024 earnings of about $3.90 a share, up from the $3.65 ceiling it predicted at the start of the year.

Shares jumped about 5%.

-- DuPont said it could complete the spin-offs of its water and electronics businesses by the end of next year.

-- Executive Chairman Ed Breen said the teams dedicated to untangling ties between the segments have made good progress, and he expects to fill board seats for the new companies in the next few months.

-- Koch said the Federal Reserve's interest-rate cut has yet to benefit DuPont products related to building construction, but further cuts will likely lead to modest growth in that segment.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

November 05, 2024 10:24 ET (15:24 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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DuPont said the segment's quarterly sales jumped more than 20%, due largely to growing demand in China. \n\n\n     Chief Executive Lori Koch said China hosts half of the semiconductor factories being built worldwide, and some are stocking up on DuPont products even before they open. \n\n\n     Total third-quarter net sales rose 4% from a year earlier to $3.2 billion, slightly less than what analysts polled by FactSet predicted. Adjusted earnings per share came in at $1.18, a 28% jump from the prior year and above analysts' expectation of $1.03. \n\n\n     DuPont boosted full-year earnings guidance for the third straight quarter. 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