DuPont Posts Lower 1Q Sales, Swings to Loss
05 Mai 2020 - 12:50PM
Dow Jones News
By Dave Sebastian
DuPont de Nemours Inc. posted lower sales and swung to a loss
for the first quarter as the Covid-19 pandemic led to higher demand
for personal protective equipment but also disrupted supply
chains.
The maker of nylon and other materials for the auto industry
Tuesday posted a loss of $616 million, or 83 cents a share,
compared with a profit of $521 million, or 69 cents a share, in the
same quarter last year.
Adjusted earnings were 84 cents a share, ahead of the 73 cents a
share analysts polled by FactSet had expected.
Sales fell to $5.22 billion from $5.41 billion in the year-ago
period. Analysts were targeting $5.07 billion. The company said
sales grew in its electronics-and-imaging and
nutrition-and-biosciences segments, though declines in other
segments offset gains.
"Through April, we continue to see strength in personal
protection, water filtration, food and beverage, electronics and
probiotics," Executive Chairman and Chief Executive Ed Breen said.
"Automotive, oil and gas, and select industrial end markets
continue to suffer."
The Wilmington, Del.-based company had expected per-share losses
of 70 cents to $1, or earnings of 82 cents a share to 84 cents on
an adjusted basis, on sales of about $5.2 billion. DuPont has
withdrawn its full-year sales and adjusted-earnings guidance.
The company said it has stepped up production of personal
protective equipment. DuPont said it increased the production of
Tyvek garments by more than 9 million a month, double the amount
produced for any prior crisis, the company said.
The company in April said it idled several manufacturing sites
that serve the auto industry after major U.S. car makers halted
production. DuPont makes materials for a host of products,
including solar cells, bullet-proof vests, biofuels and
probiotics.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
May 05, 2020 06:35 ET (10:35 GMT)
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