DuPont (DD) Tops Q2 EPS by 9c, Sales Beat

DuPont (NYSE: DD) reported Q2 EPS of $1.38, $0.09 better than the analyst estimate of $1.29. Revenue for the quarter came in at $7.42 billion versus the consensus estimate of $7.29 billion.

• GAAP1 earnings per share decreased 16 percent to $0.97 from $1.16 in prior year. Operating earnings2 per share increased 11 percent to $1.38 from $1.24 in prior year.
• Sales of $7.4 billion increased 5 percent on a 6-percent benefit from volume partially offset by a 1-percent decline in local price. Volume grew in all reportable segments, primarily led by Agriculture, Electronics & Communications and Protection Solutions.
• Segment operating margins expanded by about 80 basis points, led by improvements in Electronics & Communications, Industrial Biosciences and Agriculture.

"Our increased operating earnings per share and strong sales growth of 5 percent were driven by volume growth from our highly productive innovation pipeline," said Ed Breen, chairman and CEO of DuPont. "We continue to see the results of the focus, efficiency and productivity our teams are delivering as we move toward the expected August closing of the merger with Dow. Our integration planning will enable us to begin implementation quickly, including launching the projects to achieve our $3 billion cost synergies target, and move toward standing up the strong, independent companies we intend to create."

For earnings history and earnings-related data on DuPont (DD) click here.

You May Also Be Interested In

• BofA lists top 5 themes driving next $1tn in incremental semi sales
• LQR House in talks with ByteDance on AI partnership
• AMC Entertainment prices $200M stock offering to redeem senior notes