DuPont 2Q Sales, Profit Grow on Broad Industrial Recovery
03 August 2021 - 12:41PM
Dow Jones News
By Matt Grossman
DuPont de Nemours Inc. Tuesday recorded greater sales and
earnings in its latest quarter as greater demand in the end markets
it serves pushed revenue higher.
The Wilmington, Del.-based chemicals company posted earnings of
90 cents a share, an improvement from a loss of $3.37 a share 12
months earlier. The net income available for common shareholders
was $478 million, rebounding from a loss of $2.48 billion in 2020's
second quarter.
Stripping out one-time items, DuPont's adjusted earnings were
$1.06 a share. Analysts polled by FactSet were forecasting adjusted
earnings of 94 cents a share.
Revenue rose 26% to $4.14 billion. Analysts were anticipating
revenue of $3.99 billion.
Stronger demand from end-market industries such as
semiconductors, smartphones, cars and residential construction
contributed to the rise in sales, Chairman and chief Executive Ed
Breen said.
Demand from areas such as displays, electronics and healthcare
helped boost DuPont's electronics and industrial segment, where
sales climbed 19% year over year to $1.3 billion. Residential
construction and do-it-yourself project activity by consumers
lifted DuPont's water and protection segment to sales of $1.4
billion, a 14% increase.
The recovery of the automotive market compared with earlier
stages of the Covid-19 pandemic helped DuPont's mobility and
materials sales rise 61% to $1.3 billion.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
August 03, 2021 06:29 ET (10:29 GMT)
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