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DuPont Q4 Results Top Estimates; Sees Q1, FY21 Above View

dupont feb09 lt

DuPont de Nemours Inc. (DD) Tuesday reported a profit for the fourth-quarter that increased 26.1 percent from last year. Quarterly net sales rose 1 percent.

Both adjusted earnings per share from continuing operations and quarterly net sales topped analysts' expectations.

Looking ahead for the first-quarter, the company expects adjusted earnings per share to be in the range of $0.75 to $0.77 per share and net sales of $3.75 billion - $3.85 billion. Analysts expect the company to report earnings of $0.64 per share and revenues of $3.69 billion for the first-quarter.

For 2021, the company projects adjusted earnings per share to be in the range of $3.30 to $3.45 per share, and net sales of $15.4 - $15.6 billion. Wall Street currently is looking for fiscal year 2021 earnings of $3.07 per share on annual revenues of $15.11 billion.

Net income available for common stockholders for the fourth-quarter increased 26.1 percent to $222 million from the prior year's $176 million, with earnings per share improving to $0.30 from $0.24 in the previous year. The improvement was mostly attributable to the absence of a prior year net charge associated with a joint venture, a favorable income tax benefit and lower integration and separation costs partially offset by higher depreciation and amortization and lower segment earnings.

Adjusted income from continuing operations available for common stockholders were $698 million or $0.95 per share compared to $704 million or $0.95 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.89 per share for the fourth-quarter. Analysts' estimates typically exclude special items.

Net sales were $5.25 billion, up 1 percent from $5.20 billion in the prior year. Quarterly net sales were flat with last year on an organic basis. Analysts expected revenues of $5.23 billion for the fourth-quarter.

Electronics & Imaging segment's net sales were $1.0 billion, up 9 percent from the year-ago period. Organic sales were up 8 percent driven by a 10 percent growth in volume offset by a 2 percent decline in price. Currency was a 2 percent benefit while portfolio was a 1 percent headwind.

Nutrition & Biosciences' net sales of $1.5 billion, up 3 percent from the year-ago period. Organic sales increased 2 percent with gains in both price and volume. Currency was a 1 percent tailwind and portfolio was flat.

Transportation & Industrial segment's net sales were $1.2 billion, up 1 percent from the year-ago period. Organic sales were down 1 percent as volume gains of 3 percent were more than offset by price declines of 4 percent. Currency was a 2 percent benefit and portfolio was neutral.

In Tuesday pre-market trade, DD was trading at $76.10 up $0.34 or 0.45 percent.

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