DuPont has reported net sales of $5.4 billion for the third quarter of the year, down 5 percent versus the same quarter last year.

On an organic basis, net sales were down 2 percent with 1 percent higher price being more than offset by 3 percent lower volume. Currency and portfolio headwinds decreased sales by 2 percent and 1 percent, respectively.
 
GAAP Income from continuing operations totalled $372 million, versus pro forma GAAP Income from continuing operations of $88 million in the year-ago period. Operating EBITDA was $1.4 billion, down 4 percent versus pro forma operating EBITDA in the prior year. Operating EBITDA margins improved 20 basis points to 25.8 percent versus prior year driven by pricing gains, benefits from portfolio actions and disciplined cost control.
 
GAAP EPS from continuing operations totalled $0.49 versus pro forma GAAP EPS from continuing operations in the year-ago period of $0.09; the improvement is mostly attributable to the absence of costs historically allocated to Dow and Corteva of $0.24 per share and lower integration and separation costs of $0.23 per share partially offset by higher restructuring and asset related charges of $0.08 per share.

Adjusted EPS increased 2 percent to $0.96, compared with pro forma adjusted EPS in the year-ago period of $0.94 primarily driven by lower depreciation and amortization and a lower share count partially offset by currency headwinds and slightly lower segment results.

DuPont has reiterated its full-year guidance for organic revenue of slightly down versus prior year and narrows the range of pro forma adjusted EPS to $3.77 to $3.82 versus the prior range of $3.75 to $3.85, maintaining the midpoint of the guide.

“Amid ongoing challenged market conditions and currency headwinds, we delivered earnings per share growth and expanded margins through continued price improvement, cost discipline and portfolio actions,” said Marc Doyle, DuPont chief executive officer.

“We saw continued strength in high-growth areas such as Water Solutions, where we recently announced agreements to make two strategic acquisitions and are encouraged by a second consecutive quarter of improving China sales and a strong start to the second half in our electronics business.”
 
“We are confident that our ongoing investments in innovation and the actions we are taking to set up each of our businesses with a best-in-class cost structure will allow for significant growth acceleration over the long term,” Doyle stated.

“I remain impressed with our team’s ability to deliver in a tough macro environment,” said Ed Breen, executive chairman of DuPont. “With the entire organization aligned and focused on our strategic priorities, I am confident that we will continue to unlock the value-creating opportunities this portfolio offers.” – TradeArabia News Service